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Payments During Foreclosure: Requesting Payment, Show Cause Hearing, Payment Terms, and Eligibility

May 21, 2021 Banking & Financial Services Industry Legal Blog

Except in cases of an owner-occupied residence, lenders are entitled under Florida law to receive payments during the pendency of a foreclosure proceeding. The rules and procedure for obtaining payments are provided in Section 702.10(2), Florida Statutes. Lenders must pay careful attention to this Florida Statute to ensure they preserve […]

Dealing with Deceased Borrowers Since the 2016 Mortgage Servicing Rule

May 12, 2021 Banking & Financial Services Industry Legal Blog

When a borrower dies, lenders are often left wondering what to do. In 2016, the Consumer Financial Protection Bureau (“CFPB”) issued a final rule—referred to as the 2016 Mortgage Servicing Rule—that clarified, revised, and amended several provisions in the 2013 Mortgage Servicing Rules. Provisions regarding potential or confirmed “successors in […]

Bankruptcy is Not the Defense to Mortgage Foreclosures it Once Was: What Lenders Need to Know about § 702.12 Actions in Foreclosure

May 11, 2021 Banking & Financial Services Industry Legal Blog

Almost inevitably, on the eve of the foreclosure sale, borrowers file a chapter 7 or chapter 13 bankruptcy petition. Borrowers have two incentives to do so. First, borrowers may want to have the unsecured mortgage debt discharged so that they are not liable for any deficiency judgment. Second, borrowers often […]

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