Alerts

Illinois Condominium Property Act Imposes Additional Step on Foreclosure Sale Purchasers

December 9, 2015      |      Casey B. Hicks, Esq.   

Merely naming a condominium association in a foreclosure complaint is no longer sufficient to terminate an association’s lien for unpaid assessments. The payment of post foreclosure sale condominium assessments formally approves and makes certain a condominium association’s lien is extinguished....

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Ohio's Proposed Foreclosure Fast-Track Legislation

November 19, 2015      |      Larry R. Rothenberg, Esq.   

On November 17, 2015, the Ohio House passed Ohio's proposed foreclosure fast-track legislation (H.B. 134), and the bill now moves to the Ohio Senate for consideration. The primary objective of the bill is to allow a mortgagee to bring an expedited foreclosure action against vacant and abandoned residential property. The bill would also modify some procedures that generally apply to foreclosure sales of Ohio properties....

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Bankruptcy Forms to Change December 1st

November 17, 2015      |      Keri P. Ebeck, Esq.   

As of December 1, 2015, the United States Bankruptcy Courts will mandate usage and filing of the forms approved at the Judicial Conference in September 2015. Although many of the official bankruptcy forms will change, those effecting lenders and creditors directly include: proof of claims, mortgage attachment (also known as 410A form), notice of payment change, notice of post petition expenses and the reaffirmation agreement cover page....

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Michigan's Proposed Legislation to Create a Single, State-Wide Court Electronic Filing System

October 07, 2015      |      Jennifer T. Dillow, Esq.   

Currently, only a handful of courts throughout the State of Michigan allow for the electronic filing of documents pursuant to Michigan Supreme Court Orders, and the courts that do allow for electronic filing, do not use a single system for electronic filings. On September 30, 2015, Senate Bills 531, 532, and 533 were introduced into the Michigan legislature, proposing the creation and funding of a single, state-wide court electronic filing system....

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CFPB Takes First Step Toward Banning Arbitration Agreements in Consumer Contracts

October 07, 2015

The Consumer Financial Protection Bureau (CFPB) announced today that it is proposing rules which would limit arbitration clauses in consumer contracts such as credit card agreements, private student loans, and payday loans, among others. The CFPB is publishing an outline of the proposals under consideration in preparation for a Small Business Review Panel, which will gather feedback from small industry stakeholders. This is the first step in the process of a potential rulemaking on this issue....

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Update to Illinois Grace Period Notice Needed for Residential Foreclosures

October 06, 2015      |      Casey B. Hicks, Esq.   

Illinois law requires a Grace Period Notice (GPN) be sent to the mortgagor(s) prior to commencing an action to foreclose a mortgage secured by residential real estate....

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