Illinois Court holds that complaint inferred acceleration notice was provided and for a monetary…

The mortgagor, in U.S. Bank, Nat’l Ass’n as Tr. for Truman 2016 SC Title Tr. v. Reinish, 2020 IL App (2d) 190175 (April 21, 2020), asserted as a defense to a judgment of foreclosure that the mortgagee did not provide her with a notice of acceleration prior to foreclosing. The…

Read More »

Agencies Provide Regulatory Flexibility to Servicers on Mortgage Loss Mitigation and Servicing Rule Practices…

On April 3, 2020, the Consumer Financial Protection Bureau (CFPB), Board of Governors of the Federal Reserve System (FRB), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), Office of the Comptroller of the Currency (OCC), and the State Banking Regulators (collectively the “agencies”) issued a joint statement (“Statement”)…

Read More »

Illinois Appellate Court holds that one year statute of limitations applies to TILA rescission…

The borrowers in U.S. Bank Nat’l Assn. v. Miller, 2020 IL App (1st) 191029 (March 20, 2020) appealed from a judgment dismissing their counterclaim in a foreclosure proceeding to rescind their mortgage under the Truth in Lending Act (“TILA”). In a case of first impression, an Illinois appellate affirmed holding…

Read More »

Even though foreclosure accelerates debt Eleventh Circuit holds it is not inaccurate to report…

In Hunt v. JPMorgan Chase Bank, Nat’l Ass’n, No. 18-11306 (11th Cir. Apr. 25, 2019) a consumer filed a class action suit alleging that his lender violated the Fair Credit Reporting Act by reporting him late even after the lender had commenced foreclosure proceedings. He also contended that after he…

Read More »

Illinois appellate court holds refinancing lender entitled to conventional subrogation even where the proceeds…

In Wilmington Savings Fund Society, FSB v. Zarkhin, 2019 IL App (2d) 180439 (March 26, 2019) the Plaintiff filed a foreclosure on property owned by mortgagors, alleging in part that its mortgage, although recorded later, had priority over the defendants’ mortgage because it was intended and used to pay off…

Read More »

Rhode Island court holds mortgage extension agreement ineffective to extend duration of mortgage where…

In Bayview Loan Servicing, LLC v. Providence Bus. Loan Fund, Inc., No. 2018-18-APPEAL (R.I. Jan. 29, 2019) the Rhode Island Supreme Court holds that a recorded amendment to a mortgage which did not state the duration of the extension of the mortgage was ineffective to extend the validity of the…

Read More »

Florida court holds that ability to enforce a lost note does not create a…

In another chapter in the seemingly never ending saga of Florida’s statute of limitations litigation, a Florida Appellate Court recently held that a foreclosure complaint was not time barred because the time had run on the bank’s ability to enforce a lost note. Mielke v. Deutsche Bank Nat’l Tr. Co.…

Read More »

Illinois Appellate Court holds condominium association not required to file lawsuit against prior owner…

In Sylva, LLC v. Baldwin Court Condominium Association, Inc., 2018 IL App (1st) 170520, a purchaser bought a condominium unit at a foreclosure sale. At the time of sale, the purchaser paid six months’ of the prior owner’s unpaid assessments to clear the title of the unpaid assessment lien. After…

Read More »

New Tax Law May Impact the Mortgage Market For Cash Out Refinances and Junior…

The new Tax Cuts and Jobs Act (“TCJA”) signed into law on December 22, 2017, may impact the mortgage market for cash out refinances and for junior mortgages taken in order to cash out home equity. Under the TCJA for the taxable years beginning January 1, 2018 through December 31, 2025, only…

Read More »

The legal odyssey of the validity of a mortgage made by an unlicensed mortgage…

The background: In 2014, the Illinois Appellate Court held in First Mortgage Co. v. Dina, 2014 IL App (2d) 130567, 11 N.E.3d 343 (Dina I) that under the Illinois’ Residential Mortgage License Act (Act) if the originating mortgagee was not licensed a the time of origination the mortgage was void.…

Read More »