The U.S. Court of Appeals for the Fourth Circuit recently reversed the dismissal of a borrower’s claims that the servicer of his mortgage loan violated the federal Real Estate Settlement Procedures Act (RESPA) by failing to timely make his tax payment from the loan’s escrow account.
Posts tagged as “Mortgage Law”
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 COVID-19 pandemic has turned nearly every facet of American life on its head, and the long-term social changes it will bring about remain up in the air. Even after the economy recovers from the disease’s current impact, many employers could permanently enact far-reaching changes to how — and where — people work. As more employers discover that employees can adequately perform their duties remotely, they may reevaluate the need for expensive office space, which could lead to increased Chapter 11 filings by the owners of office buildings, office parks, and single-asset real estate debtors.
In an unpublished opinion, the U.S. Court of Appeals for the Sixth Circuit recently held that a mortgage lender’s reliance upon the borrower’s representations concerning the amount of his future spousal support and rental income without proper verifiable documentation were insufficient to satisfy the “ability to repay” income verification requirements arising under the federal Truth in Lending Act and its implementing regulation (“Regulation Z”).
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 Seventh Circuit recently reversed summary judgment in favor of an insurer and against a mortgagee in an action involving state tort claims arising from a deadly fire in the collateral property, holding that an issue of fact existed regarding who was in possession of the property when the fire occurred.
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 Court of Appeal of the State of California, Second Appellate District, recently held that an alleged oral agreement to refinance a home equity loan is subject to the statute of frauds and is unenforceable.
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.