On November 29, 2018, the Illinois Supreme Court issued its much-anticipated opinion in First Midwest Bank v. Cobo, 2018 IL 123038. The Cobo case focused on the single refiling rule set forth in Section 13-217 of the Illinois Code of Civil Procedure, which prohibits a plaintiff from refiling the same cause of action. The Cobo decision has important compliance and procedural implications for servicers and holders of secured and unsecured loans that commence suit in Illinois....Read More
On February 23, 2018, Representative Alexander Mooney (R-WV) and Representative Vicente Gonzalez (D-TX) introduced H.R.5082 – Practice of Law Technical Clarification Act of 2018, which proposes to remove attorneys from Consumer Financial Protection Bureau (CFPB) supervisory and enforcement authority and from the definition of a debt collector under the Fair Debt Collection Practices Act (FDCPA) when engaged in legal proceedings....Read More
Occasionally, some courts require parties to prove their damages at a hearing. This is sometimes the case when actions are resolved through motions for default judgment. These hearings usually involve simple presentations of evidence after liability has already been established. However, they can cause a great deal of frustration, especially when judgment as to liability was entered through default, as they require creditor and attorney time, preparation, review, and attendance in court. Some courts also view these damages hearings as another "chance" for a previously disinterested defendant to appear and litigate the matter....Read More
A question I often encounter from credit unions concerning bankrupt members with delinquent accounts is whether they can setoff the debtor's funds on deposit to apply to unpaid loans. The simplest answer is often "no."...Read More
Has anyone not heard about the so-called "student loan crisis?" Americans owe more than $1.48 trillion in student loan debt. That's $620 billion more than the national credit card debt. Those with student loans carry an average debt of $37,172.1 Students, parents and politicians are clamoring for relief. But has anything changed?...Read More
Much has been said recently in Ohio law concerning the enforcement of notes and foreclosures on mortgages. In summary, the plaintiff must be the holder of the note and mortgage with the right of enforcement of both instruments in order to bring a meritorious foreclosure action in Ohio....Read More
- Six Weltman, Weinberg & Reis Co., LPA Attorneys Named to 2019 Lists of Ohio Super Lawyers & Rising Stars
- Weltman, Weinberg & Reis Co., LPA Shareholder Eileen M. Bitterman Appointed to Cleveland-Marshall College of Law Board of Visitors
- Weltman, Weinberg & Reis Co., LPA Welcomes Attorney Charles Andrew Walgreen Back to Chicago Office
- Weltman, Weinberg & Reis Co., LPA Welcomes Attorney Michelle L. Pierro in Pittsburgh
- Weltman, Weinberg & Reis Co., LPA Shareholder Eileen M. Bitterman Joins Newly-Formed NCBA Commission
- The Dodd-Frank Amendments and the Resurrection of the Protecting Tenants at Foreclosure Act
- The CFPB is About to Enact New Requirements for Mortgage Servicers – Is Your Organization Prepared?
- Upcoming Changes to National Bankruptcy Plan and Bankruptcy Rules
- Are You Prepared for Upcoming Changes to the Federal Rules of Bankruptcy Procedure?
- Pattern of Inaccurate Filings in Bankruptcy Cases Results in $15 Million OCC Civil Penalty for Financial Institution