In Lake County Grading Company LLC v. Forever Construction Inc., et al; 2017 IL App (2d) 160359 (May 19, 2017), the Second District Appellate Court held that a foreclosure sale purchaser and mortgagee, waived the defense that the lis pendens barred the contractor’s suit by its conduct in inducing the…
Read More »The Supreme Court in Henson v. Santander Consumer USA Inc., No. 16-349 (June 12, 2017) resolved a conflict among various circuits as to whether a person who buys debt is a “debt collector” under the FDCPA. The Court sided with the Fourth Circuit in holding that by buying debt that…
Read More »An Illinois appellate court construed the applicable statute on assignment of rents and concluded that a mortgagee can enforce an assignment of rents provision without taking actual or constructive possession of the property if the mortgagee and mortgagor agree by, for example, a forbearance agreement. In BMO Harris Bank N.A.…
Read More »On May 23, 2017, the OCC issued a bulletin providing updated guidance to national banks, including community banks, concerning changes to OCC’s policies and procedures regarding violations of laws and regulations. This updated guidance is effective July 1, 2017. The new guidance goals are to: (i) standardize a process for…
Read More »A debt collector who files a time-barred proof of claim is not engaging in false or deceptive conduct as defined by the FDCPA, according to a recent decision by the US Supreme Court. In Midland Funding, LLC v. Johnson, 16-348, (May 15, 2017) the debtor filed a Chapter 13 Bankruptcy…
Read More »The Mortgage Compliance and Transaction Program is focused on providing high quality and cost efficient legal services for mortgage lenders, investors and servicers. The Program was particularly designed to meet the needs of small and medium sized financial institutions active in the mortgage industry. The Program serves both depository institutions…
Read More »The Eleventh Circuit in Helman v. Bank of America, 15-13672, – Fed. Appx.– (11th Cir. April 12, 2017) concluded that the least sophisticated consumer would not be misled that it was personally liable for a discharged debt where the monthly statements sent by the debtor’s bank contained a statement that…
Read More »U.S. District Court for the Northern District of Illinois held in Hahn v. Anselmo Lindberg Oliver LLC, 1:16-cv-06908 (Mar. 3, 2017) that the foreclosure of real estate is not an attempt to collect a debt under the FDCPA and a law firm that proceeds with foreclosure despite a pending bankruptcy…
Read More »The Ninth Circuit held that a servicer’s promise to a borrower to modify her loan when it knew knows that the borrower was not eligible for a loan modification was an unfair practice under California’s Unfair Competition Law § 17200. The Borrower in Oskoui v. J.P. Morgan Chase Bank, N.A.,…
Read More »In Meeks v. Ocwen Loan Servicing LLC, No. 16-15536 (11th Cir. Mar. 1, 2017) the Eleventh Circuit Court held that a certified receipt by the borrower satisfied the acknowledgment requirement of RESPA and that any defect in the receipt did not cause a “concert injury” meaning the borrower lacked Article…
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