The New York Court of Appeals, the state’s highest court, recently held that (1) a notice of default sent before a foreclosure did not accelerate the mortgage debt for statute of limitation purposes; and (2) in most circumstances, a lender decelerates mortgage debt when it voluntarily dismisses a foreclosure complaint.
Posts published in “Foreclosure”
The Appellate Court of Illinois, Second District, recently affirmed a trial court order dismissing a borrower's attempt to vacate a default foreclosure judgment as untimely because the borrower's first attempt to undo the foreclosure, which was withdrawn without prejudice, did not toll the time to file the petition within 60 days from the borrower's first appearance in the case.
In a per curiam ruling, the Supreme Court of Texas recently held that the holder of a deed of trust was entitled to foreclose through equitable subrogation, even after it had failed to timely foreclose on its deed of trust.
The Massachusetts Supreme Judicial Court recently held a "hybrid notice" related to foreclosure was neither inaccurate nor deceptive where the notice included overlapping reinstatement periods required by both the mortgage instrument and state statute.
The Court of Appeals of Illinois, First District, recently held that a homeowner’s attempt to vacate a foreclosure sale was barred by the Illinois foreclosure statute where title to the property had vested by deed to a third party.
The Appellate Court of Illinois, First District, recently affirmed a trial court order confirming the sale of a foreclosed property, holding that a public notice of sale stating that the property contained a “single family residence” complied with the Illinois Foreclosure Law’s requirement to sufficiently describe “improvements on the real estate.”
The Texas Supreme Court recently held that a claim made by a bankruptcy trustee did not fall within a special warranty clause that limited the grantor’s liability to claims asserted by individuals "by, through and under" the grantor.
The U.S. Court of Appeals for the Second Circuit recently held that two plaintiff consumers failed to state a claim under the Fair Credit Reporting Act (FCRA) because the plaintiffs did not allege that they reported the alleged errors to a consumer credit reporting agency or that any such agency notified them of the alleged errors; and there is no private right of action arising from a direct dispute of credit reporting with only the furnisher.
The U.S. Court of Appeals for the Ninth Circuit recently affirmed the dismissal of claims brought by borrowers on a residential mortgage loan alleging contractual and tortious breaches of the implied covenant of good faith and fair dealing against the loan’s owner, trustee and servicer for purported failure to adequately participate in the state’s foreclosure mediation program.
The Court of Appeals of Illinois, First District, recently held that the successful bidder at a foreclosure sale must "strictly comply" with the Keep Chicago Renting Ordinance and that the tenant’s acceptance of a mortgagee’s untimely lease extension offer did not waive her rights under the KCRO.
The Illinois Appellate Court, First District, recently held that a homeowner was barred from challenging a foreclosure where the deed to the property had vested to a third party.
The U.S. Court of Appeals for the Ninth Circuit recently held that, under the federal Housing and Economic Recovery Act (HERA) statute of limitations provisions, a quiet title action brought by Freddie Mac or Fannie Mae is a "contract" claim with a six-year statute of limitations, and not a "tort" claim subject to a three-year statute of limitations.