Kentucky Law Modification Cuts Statutory Interest Rates by Half (Updated June 9, 2017)

April 20, 2017      |      James T. Hart, Esq.   

On March 16, 2017, Kentucky Governor Matt Bevin signed Kentucky House Bill 223 into law - bringing about significant changes to Kentucky's statutory interest provisions....

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Kentucky Supreme Court Case Adopts 6th Circuit's Prohibition of Pre-Judgment Interest on Open-end Credit Accounts

April 5, 2017      |      James T. Hart, Esq.   

A debt-collector seeking contractual or statutory pre-judgment interest on a credit card account after the account has been charged-off may be in violation of the Federal Fair Debt Collection Practices Act (FDCPA), according to a Kentucky Supreme Court decision made on February 16, 2017 in the case of Unifund CCR Partners v. Harrell, 2015-SC-000117-DG....

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Amendments to Wisconsin Foreclosure Law Shorten Redemption Periods and Modify Procedures for Abandoned Properties

February 23, 2017      |      Charles A. Walgreen, Esq.   

Significant changes have been made to redemption periods for Wisconsin non-commercial mortgages executed on or after April 27, 2016, in addition to modifications to the procedures for the sale of abandoned properties. The impacted area of state law went into effect on the same date in 2016 through enactment of 2015 Wisconsin Act 376....

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Lending Institution Hit with $375,000 Penalty for Violating Federal Bankruptcy Rule

December 7, 2016      |      Milos Gvozdenovic, Esq.   

According to Federal Bankruptcy Rule 3002.1, holders of secured claims on a Chapter 13 debtor's primary residence are required to file a detailed notice with the court for recovery of all post-petition fees, expenses and charges it seeks to recover from the debtor. The purpose of this requirement is "to promote further transparency and more emphatically safeguard debtors' fresh starts."...

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Lenders May Recover Excess Bid Money Following Michigan Appellate Court Decision

October 25, 2016      |      Daniel E. Best, Esq.,    Stuart A. Best, Esq.   

Typically when a property is entering foreclosure, it is sold at auction at a sheriff's sale. Lending institutions, such as banks, hope to recover money lost when the borrower stopped making payments on their mortgage. Usually the lender will set the opening bid at either the balance of the loan, or the fair market value of the property, whichever is less....

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D.O.L.L.A.R. Deed Program Presents New Alternative to Ohio Foreclosures

September 21, 2016

Starting this fall, a new foreclosure law will help Ohio borrowers in default on their residential mortgages by allowing them to rent the property for a period of time with a purchase option. The foreclosure alternative is called the D.O.L.L.A.R. Deed Program, and was created following the passage of House Bill 303. The program goes into effect September 28, 2016 and is meant to combat neighborhood blight and preserve home ownership....

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