Alerts

Loss Mitigation Agreements and the Statute of Frauds

January 6, 2016      |      Larry R. Rothenberg, Esq.   

Getting an agreement in writing is a sure way to avoid misunderstandings regarding the terms of the agreement, or whether there actually was an agreement. In the real estate loan loss mitigation context, various types of agreements, such as loan modifications, short sales, and forbearance agreements, are common. The case of U.S. Bank vs. Stewart decided by Ohio's Seventh District Court of Appeals on December 28, 2015, illustrates the importance for both borrowers and loan servicers, of ensuring that loss mitigation agreements are in writing and signed by the other party, in order for the agreement to be enforceable under the Statute of Frauds....

Read More

Death of an Ohio Survivorship Owner, and Due Diligence by the Mortgage Holder

December 29, 2015      |      Larry R. Rothenberg, Esq.   

The Court of Appeals for Hamilton County, Ohio, issued a decision on December 23, 2015, in direct contradiction to a decision rendered by the Court of Appeals for the adjacent Butler County a year earlier, on virtually identical facts. Both cases dealt with a mortgage holder's right to foreclose after the death of the sole signer of a mortgage on property owned jointly with a right of survivorship....

Read More

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....

Read More

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....

Read More

Bankruptcy Forms to Change December 1st

November 17, 2015

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....

Read More

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....

Read More