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Posts tagged as “Mortgage Law”

Arizona Supreme Court Holds Notice of Trustee’s Sale Does Not Accelerate Debt, Foreclosure Not Time-Barred

The Supreme Court of Arizona recently held that recording a notice of trustee's sale, by itself, is not an affirmative act that accelerates the debt. Therefore, the Court held, the foreclosure at issue in the notice of trustee's sale in this case was not time-barred.

3rd Cir. Excludes Home from Bankruptcy When Seller in Installment Sale Contract Obtained Possession Pre-Petition

The U.S. Court of Appeals for the Third Circuit recently held that, because the home seller in an installment sale contract received a judgment of possession before the buyer filed for bankruptcy, the home was not part of the buyer’s bankruptcy estate.

Massachusetts SJC Limits MPHLPA and 93A Counterclaims in Eviction Proceedings

In an appeal attracting amicus briefs from the AARP, the National Consumer Law Center, the Massachusetts Attorney General, and others, the Massachusetts Supreme Judicial Court, the state’s highest court, recently reversed in part and affirmed in part a trial court's grant of summary judgment in favor of a mortgagee on counterclaims brought by the borrowers in summary process eviction proceedings following a non-judicial foreclosure.

Illinois App. Court (1st Dist) Rejects Challenge to Foreclosure Based on Supposedly Unapplied Payments

The Appellate Court of Illinois, First District, recently affirmed a trial court’s order confirming a judicial sale of real property collateral following a mortgage foreclosure, as well as the trial court’s denial of the borrower’s motion to reconsider that order. 

8th Cir. Holds Future Advances Clause Applied to Separate Business Loans to Co-Mortgagor

The U.S. Court of Appeals for the Eighth Circuit recently held that the language of a future advances clause entitled the foreclosing mortgagee to the surplus proceeds of a condominium sale where there was an outstanding balance owed to same mortgagee on separate business loans extended to a different co-mortgagor.

5th Cir. Holds TPP Allowed for ‘Grace Period,’ Servicer Breached TPP by Not Providing Permanent Mod

The U.S. Court of Appeals for the Fifth Circuit recently reversed a trial court’s judgment in favor of a mortgage servicer ruling that the servicer had violated its obligations under a Trial Period Plan in connection with a proposed loan modification when the servicer failed to offer a permanent loan modification after the borrower made payments in compliance with the “grace period” provisions of the TPP.

Illinois App. Court (2nd Dist) Holds February 2020 Foreclosure Judgment Not Affected by COVID Moratoria

The Appellate Court of Illinois, Second District, recently affirmed a trial court’s order denying a borrower’s motions to vacate a foreclosure judgment and for leave to file an untimely answer and counterclaims, and the subsequent motion to reconsider, finding the trial court’s decision did not result in substantial injustice.