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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 […]

What Lenders Need to Know About Providing Adequate Protection for a Lost Note under § 702.11 in Connection with a Mortgage Foreclosure

May 10, 2021 Banking & Financial Services Industry Legal Blog

Section 673.3091, Florida Statutes, permits lenders to enforce lost, destroyed, or stolen instruments, but only upon certain conditions. One of those conditions is that “the person required to pay the instrument is adequately protected against loss that might occur by reason of a claim by another person to enforce the […]

What Lenders Need to Know about Expediting Foreclosures Through § 702.10 Orders to Show Cause

May 5, 2021 Banking & Financial Services Industry Legal Blog

Lenders can often expedite a foreclosure by moving for an order to show cause under Section 702.10, Florida Statutes. There are two types of orders to show cause. The first directs the defendants to show why a foreclosure judgment should not be entered. § 702.10(1), Fla. Stat. (2020). If the defendants […]

Foreclosure Alternatives for Lenders: Considering Modification, Short Sale, Deed In Lieu of Foreclosure, and Consent Judgment

May 4, 2021 Banking & Financial Services Industry Legal Blog

Foreclosures can be a lengthy, expensive process for both lenders and borrowers. There are several foreclosure alternatives lenders can consider that often achieve more effective resolutions, which are acceptable to both parties. When both the lender and borrower believe the borrower should remain in possession of the property, modification is […]

Lenders Beware: Be Sure to Foreclose Subordinate Liens and Encumbrances

April 2, 2021 Banking & Financial Services Industry Legal Blog

Lenders must pay particular attention to subordinate liens and encumbrances prior to initiating any foreclosure action. Lenders can discover whether subordinate liens and encumbrances exist on a property by performing a title examination prior to initiating foreclosure. Failure to discover subordinate liens and encumbrances will cause lenders to mistakenly exclude […]

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