The New York Legislature enacted CPLR § 3408 in 2008, which applies to certain residential foreclosure actions in the State of New York, with the express legislative intent to help the defendant avoid losing his or her home. CPLR § 3408 requires, among other things, that mandatory settlement conferences be…
Read More »In Gilbert v. Residential Funding LLC 678 F.3d 271 (4th Cir. May 3, 2012), the borrowers defaulted on their mortgage loan, which they took in a refinance transaction on May 5, 2006. On April 5, 2009, and less than a month after the assignee of the mortgage loan initiated a…
Read More »In _Scarborough v. LaSalle, N.A.,_ 11-4092 (10thCir., Feb. 1, 2012) the borrower obtained a residential mortgage loan secured by a deed of trust naming Mortgage Electronic Registration System, Inc. (MERS) as the beneficiary and nominee. The loan was later sold and became part of a mortgage-backed securities trust. When the…
Read More »In Metrobank v. Cannatello (No. 11-0529, January 9, 2012), mortgagee brought a complaint to foreclose a mortgage and a personal deficiency against the mortgagor in case the foreclosure did not satisfy the judgment. The mortgagee served the summons and complaint on the mortgagor by way of abode service. When he…
Read More »The borrower in In Re Angelo DiVittorio (1st Cir., No. 11-1188, January 6, 2012) took out an adjustable rate mortgage which included a performance-based rate reduction feature that lowered the rate if the borrower timely made the first twenty-four monthly payments. He later filed a chapter 13 bankruptcy where he…
Read More »In Marr v. Bank of America, (No. 11-1424 December 6, 2011), the consumer filed a rescission action alleging that at the closing of the mortgage loan he only received one copy of the Notice of Right to Cancel (Notice), instead of two copies as required by TILA. During depositions the…
Read More »In National City v. Majerczyk (Case No. 11-06 December 23, 2011), the mortgagors appealed the circuit court’s denial of their motion to vacate the order approving the foreclosure sale. Mortgagors argued that the trial court did not acquire personal jurisdiction because the summons served upon them bore only the stamped…
Read More »The Massachusetts Supreme Judicial Court held that a foreclosure buyer did not acquire good title to foreclosed property when the foreclosure was instituted by a party to whom the mortgage had not yet been assigned. In Bevilaqua v. Rodriguez, 460 Mass. 762, 955 N.E.2d 884 (October 18, 2011) the defendant…
Read More »According to the complaint in Nunez v. Aurora Loan Services, 11CV1121 DMS POR, (S.D. Cal. Oct. 25, 2011), the Plaintiff was promised a 4.75 percent interest rate when he agreed to refinance his home. He was advised that the monthly payment would be $2,999 but was informed at the closing…
Read More »In Re Rasmussen, (E.D.NY., No. 10-CV-4173, September 14, 2011), the Debtors owned a vested reminder fee interest in a property in New York, which was subject to a life estate owned by the Mother of one of Debtors. The Debtors reside in the property, as their principal residence, together with…
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