Aligning the Stars in Mortgage Foreclosures Navigating the Association s Options in the Delinquent Owner s Foreclosure

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Aligning the Stars in Mortgage Foreclosures Navigating the Association s Options in the Delinquent Owner s Foreclosure"

Transcription

1 Aligning the Stars in Mortgage Foreclosures Navigating the Association s Options in the Delinquent Owner s Foreclosure Allan Goldberg Arnstein & Lehr LLP Phone:

2 Allan Goldberg 120 S. Riverside Plaza Suite 1200 Chicago, Illinois (312) Mr. Goldberg is the co-chair of the Real Estate group at Arnstein & Lehr LLP, where he is a partner. He concentrates his practice in the area of real estate, including real estate development, real estate litigation, condominium and community association law and practice, lender representation, directors and officers liability defense litigation, and affordable housing matters on behalf of for profit and nonprofit developers and condominium converters. He regularly handles a wide range of issues on behalf of condominium and other community associations, and chairs Arnstein & Lehr s Community Association practice group, which involves the representation of hundreds of Illinois and Florida community associations. Copyright 2011, Allan Goldberg All Rights Reserved 2

3 Condominium association boards are aware of the so-called six (6) month lien protection available to Illinois condominium associations. This six (6) month period captures delinquent assessments following a unit owner s foreclosure case. Few experts in the field, however, understand that the lien is not automatic, that the association must undertake certain affirmative steps to place itself in a position where it might recover assessments and, most of all, that the stars must align just right for the association to recover a portion of its unpaid assessments. This article reviews the relatively new law regarding foreclosure relief for condominium associations. We will walk through the analysis of how the association may be protected in asserting its lien position for at least a partial recovery of an owners assessment delinquency. The Problem In these challenging financial times, condominium associations are increasingly faced with the effects of mortgage foreclosures. Typically, the owner in a foreclosure suit is likely delinquent with the payment of their condominium assessments as well as their home mortgage loan. As a greater number of unit owners are facing the loss of their units to bank foreclosure, more and more associations feel the drain on their revenue stream. Basically, all first mortgage loans are superior to the condominium association s lien. Thus, the condominium association is in greater than ever financial jeopardy. When a condominium is sold to a new owner at a foreclosure sale, the first mortgage holder, typically a bank, must be paid in full before the condominium association can receive any proceeds from the sale to apply against unpaid, and accrued, assessments. If the net proceeds of sale do not exceed the amount owed to the bank, the association receives nothing from the sale of the unit. To add insult to injury, prior law also prohibited the association from pursuing the new owner for any assessments owed by the prior owner. This is further compounded by the continuing accrual of unpaid assessments during the foreclosure case, usually lasting at least eight (8) to nine (9) months before the unit is auctioned off at the public foreclosure sale. Thus, the condominium association suffers severe financial hardship in these ever increasing number of situations. A Possible Solution Effective January 1, 2007, Illinois condominium associations obtained the ability to recover losses sustained when unit owners default on their mortgages. Section 9(g)(4) of the Illinois Condominium Property Act provides that the purchaser of a unit at foreclosure sale must pay the association up to six (6) months of unpaid assessments owed by the prior owner if several conditions are met. First, the condominium association must file a lawsuit to collect unpaid assessments to be entitled to this special relief. Next, the purchaser of the unit must be someone other than a mortgage holder. If a bank or other mortgage holder purchases the unit at sale, the special obligation to pay assessments shifts to the person who buys the unit. Most frequently, the foreclosing bank ends up with the unit as no one else bids at the auction. Third, where there is a successful buyer at the auction, the new owner is liable to pay past assessments only to the extent that the assessments have not been otherwise paid. Finally, a person who buys from a mortgage holder is liable for payment of up to six (6) months of pre-foreclosure 3

4 assessments provided the condominium association s paid assessment letter and Section 22.1 disclosures specifically disclosed that liability. So, while the law can help minimize losses when units are sold in mortgage foreclosure sales, the law is not self-executing. Boards must be proactive in protecting the association s recovery potential. The next section explains how clients may persue of the recovery of assessments in these situations. As discussed below, each situation is fact specific, and each must be analyzed from a cost-benefit analysis. Recommended Options When a lawsuit has been filed to foreclose a mortgage on a condominium unit, the lawsuit asks the court to have the unit sold at a foreclosure auction sale to generate money with which to satisfy the unit s owner s mortgage debt. As previously noted, the foreclosure process typically takes eight (8) to nine (9) months, or longer, to complete. It is likely that the unit owner will not pay assessments during that time. In order to protect the Association s interests in the foreclosure process, and to maximize the potential for recovery of unpaid assessments, a number of steps need to be taken: 1. First, an appearance should be filed on behalf of the association by counsel in the foreclosure proceedings. By doing so, all future court filings will be sent to the law firm appearing. This step will enable the attorney to track the progress of the foreclosure case, and will give the attorney advance notice of when the unit is scheduled to be sold at public auction. 2. The next steps depend on the likelihood of the unit selling at auction for more than the unit s mortgage debt. In foreclosures, Illinois law provides generally that the proceeds generated from the auction sale of a condominium unit must first be applied to pay off mortgage debt before the association can receive any proceeds of sale. Moreover, even if a unit sells at auction for more than its mortgage debt, the association will not receive any money from the auction sale unless it has protected its claim position by filing an answer to the foreclosure lawsuit, supported by an affidavit as to the amounts owed. 3. Thus, when looking at the allegations of the foreclosure complaint, the attorney should examine the unit s mortgage debt as stated in the complaint to evaluate the likelihood that, if sold, a surplus will be available to a third party. 4. If the association believes that the unit might sell at auction for more than the amount of debt alleged in the complaint, it is usually worthwhile for the association to have an answer prepared and filed on its behalf. Thus, the association needs to make a decision whether or not to file an answer supported by affidavit. We assist our association clients in this regard to make the best, informed, decision for the association considering a number of factors, including running through a cost-benefit analysis to determine the value of spending additional legal fees and costs to position the association for a six (6) month potential recovery. 4

5 In the event the association believes that the unit could sell at a foreclosure auction for more than the mortgage delinquency, the attorney should prepare an affidavit for the board or manager to complete for filing with the court. The affidavit requires a current account ledger reflecting the balance due. (If a special assessment is currently payable in monthly installments, future installments cannot be included, even where the association s governing documents contain the right to accelerate future monthly installments in the event of a payment default.) Without such an affidavit, the association will not share in any foreclosure sale surplus proceeds. 5. Where there is a second mortgage on the unit, additional steps should be taken by the association s attorney. A special provision of the foreclosure law provides that if the foreclosure sale of a condominium unit with two mortgages generates net proceeds of sale greater than the amount owed to the holder of the first mortgage, the association can receive some of the proceeds of sale otherwise payable to the holder of the second mortgage by giving a special notice to the holder of the second mortgage. That notice entitles the association to receive auction sale proceeds, otherwise payable to the holder of the second mortgage, equal to all assessments and related charges first accruing within ninety (90) days after the special notice is sent. In order to take advantage of this special right, the attorney must prepare and issue the required special written notice to the holder of the second mortgage on the unit. As noted, even if the foreclosure sale does not generate any proceeds of sale for the association, Illinois law now makes it possible for the Association to recover up to six (6) months of assessments owed by the current unit owner from the person who buys the unit at the mortgage foreclosure auction. So What Does it All Mean? At the risk of repetition, but in the interest of clarity, to recover up to six (6) months of unpaid assessments on the sale of a foreclosed unit to a new owner, the following conditions must be satisfied: (1) the Association must file a lawsuit against the current unit owner to collect unpaid assessments before the unit is sold at a foreclosure sale, (2) every paid assessment letter issued for the unit must state the amount for which the new owner will be responsible, and (3) disclosures to prospective buyers made pursuant to Section 22.1 of the Illinois Condominium Property Act for the unit must also specify the amount for which the new owner will be responsible. It is the association s responsibility to make sure that paid assessment letters, and Section 22.1 disclosures for the affected unit, provide all required information. If collection action is not already in process, the association should issue a 30 Day Notice and Demand, and then file a forcible entry and detainer lawsuit against the unit s current owner to establish the association s right to collect up to six (6) months of unpaid assessments from the unit s future owner. The mortgage foreclosure process is complicated and difficult. The Illinois Condominium Association does have the opportunity, if the stars are aligned just right, to recover at least some, if not all of past due assessments. 5

DELINQUENT ASSESSMENT COLLECTION

DELINQUENT ASSESSMENT COLLECTION Salvatori, Wood, & Buckel ATTORNEYS AT LAW 9132 Strada Place, Fourth Floor, Naples, FL 34108-2683 John D. Humphreville Tel: 239.552.4100 Direct Dial: 239.552.4107 Fax: 239.649.1706 jdh@swbnaples.com Web:

More information

CAI - Illinois Webinar Avoiding Section 22.1(a) Disclosure Problems May 29, 2013. Presenter: David Sugar

CAI - Illinois Webinar Avoiding Section 22.1(a) Disclosure Problems May 29, 2013. Presenter: David Sugar CAI - Illinois Webinar Avoiding Section 22.1(a) Disclosure Problems May 29, 2013 Presenter: David Sugar - Providing Required Resale Disclosures - Responding to Mortgagee Questionnaires David Sugar Arnstein

More information

A Guide To Understanding The Community Association Collection And Foreclosure Process

A Guide To Understanding The Community Association Collection And Foreclosure Process A Guide To Understanding The Community Association Collection And Foreclosure Process What is the initial demand letter? What is a Claim of Lien? What is a thirty (30) day letter? How do you foreclose

More information

An Overview of Foreclosure

An Overview of Foreclosure An Overview of Foreclosure While the rising number of foreclosures is an alarming national trend, the real hardship is for any individual or family who knows the threat of foreclosure firsthand. Unfortunately,

More information

GLOSSARY OF COLLECTION LAW TERMINOLOGY

GLOSSARY OF COLLECTION LAW TERMINOLOGY GLOSSARY OF COLLECTION LAW TERMINOLOGY The purpose of this glossary is to assist community association board members and property managers in better understanding legal terms and procedures that are frequently

More information

H O W T O A V O I D F O R E C L O S U R E F O R E C L O S U R E

H O W T O A V O I D F O R E C L O S U R E F O R E C L O S U R E U.S. Department of Housing and Urban Development H O W T O A V O I D F O R E C L O S U R E F O R E C L O S U R E This booklet explains how property owners can avoid losing their homes because of delinquent

More information

LEARN ABOUT YOUR RIGHTS AND OPTIONS IN A FORECLOSURE

LEARN ABOUT YOUR RIGHTS AND OPTIONS IN A FORECLOSURE Helpful Agencies Here are some agencies which may lead you to lawyers who can help you: Lake County Bar Association 7 North County Street Waukegan, IL 60085 847-244-3140 www.lakebar.org Prairie State Legal

More information

To help you better understand the foreclosure process, these definitions are presented in a logical order, rather than alphabetical order.

To help you better understand the foreclosure process, these definitions are presented in a logical order, rather than alphabetical order. FORECLOSURE GLOSSARY NOTICE: This glossary of legal words and phrases related to foreclosure is provided to you by the Clermont County Common Pleas Court to help you better understand your legal problem

More information

CODING: Words stricken are deletions; words underlined are additions. hb0087-00

CODING: Words stricken are deletions; words underlined are additions. hb0087-00 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 A bill to be entitled An act relating to mortgage foreclosures; amending s. 95.11, F.S.; revising the limitations period for commencing

More information

FARM LEGAL SERIES June 2015 Mortgage Foreclosures

FARM LEGAL SERIES June 2015 Mortgage Foreclosures Agricultural Business Management FARM LEGAL SERIES June 2015 Mortgage Foreclosures Phillip L. Kunkel, Jeffrey A. Peterson, Jason Thibodeaux Attorneys, Gray Plant Mooty INTRODUCTION If a farm debtor is

More information

Arizona Agency Foreclosure Training January 28, 2007

Arizona Agency Foreclosure Training January 28, 2007 Arizona Agency Foreclosure Training January 28, 2007 Presented by: Andrew J. Loubert Community Reinvestment Solutions, Inc. Arizona Foreclosure Process: Notice of Default Notice must specify: 1. The default

More information

PATHS OF A FORECLOSURE IN NEW YORK STATE

PATHS OF A FORECLOSURE IN NEW YORK STATE PATHS OF A FORECLOSURE IN NEW YORK STATE BORROWER DELINQUENT 2-3 months late with mortgage payments Lender sends notices, bills, letters to borrower stating that he/she is delinquent Borrower has multiple

More information

Real Estate Law & Practice Section MCLE Meeting Attorney Resource Center (ARC) 2/11/16

Real Estate Law & Practice Section MCLE Meeting Attorney Resource Center (ARC) 2/11/16 Real Estate Law & Practice Section MCLE Meeting Attorney Resource Center (ARC) 2/11/16 11:45 AM Noon Welcome/Introductions Melanie Leonard, Section Chair Noon 1:00 PM Program IL Condo Property Act A Condominium

More information

THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX OR OTHER COUNSEL BEFORE SIGNING. SHORT SALE ADDENDUM

THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX OR OTHER COUNSEL BEFORE SIGNING. SHORT SALE ADDENDUM 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 The printed portions of this form, except differentiated additions,

More information

v. VERIFIED ANSWER TO FORECLOSURE COMPLAINT

v. VERIFIED ANSWER TO FORECLOSURE COMPLAINT SUPREME COURT OF THE STATE OF NEW YORK COUNTY OF v. Plaintiff, Index No. VERIFIED ANSWER TO FORECLOSURE COMPLAINT Defendant(s). Defendant answers as follows: I generally deny each allegation of the Complaint,

More information

Florida Foreclosure/Real Estate Law. E-Book. A Simple Guide to Florida Foreclosure/Real Estate Law. by: Florida Law Advisers, P.A.

Florida Foreclosure/Real Estate Law. E-Book. A Simple Guide to Florida Foreclosure/Real Estate Law. by: Florida Law Advisers, P.A. Florida Foreclosure/Real Estate Law E-Book A Simple Guide to Florida Foreclosure/Real Estate Law by: Florida Law Advisers, P.A. 1 Call: 800-990-7763 Web: www.floridalegaladvice.com TABLE OF CONTENTS INTRODUCTION...

More information

PATHS OF A FORECLOSURE IN NEW YORK STATE

PATHS OF A FORECLOSURE IN NEW YORK STATE PATHS OF A FORECLOSURE IN NEW YORK STATE BORROWER DELINQUENT 2-3 months late with mortgage payments 90-DAY PRE-FORECLOSURE NOTICE Lender sends notices, bills, letters to borrower stating that he/she is

More information

Barbara W. Griest Trident Land Transfer Company

Barbara W. Griest Trident Land Transfer Company Barbara W. Griest Trident Land Transfer Company 1 Why learn about Short Sales & Foreclosures? Excellent opportunity to grow your real estate business! Changes in the Real Estate Market Declining Markets

More information

I. RETURN INTEGRITY & ACCURACY TO FORECLOSURE AND BANKRUPTCY PROCEEDINGS

I. RETURN INTEGRITY & ACCURACY TO FORECLOSURE AND BANKRUPTCY PROCEEDINGS I. RETURN INTEGRITY & ACCURACY TO FORECLOSURE AND BANKRUPTCY PROCEEDINGS A. Put an end to robosigning - signing affidavits filed with the court without personal knowledge. Affidavits/sworn statements utilized

More information

CHAPTER 702 FORECLOSURE OF MORTGAGES, AGREEMENTS FOR DEEDS, AND STATUTORY LIENS. 702.06 Deficiency decree; common-law suit to recover deficiency.

CHAPTER 702 FORECLOSURE OF MORTGAGES, AGREEMENTS FOR DEEDS, AND STATUTORY LIENS. 702.06 Deficiency decree; common-law suit to recover deficiency. Florida Foreclosure is Judicial. Notice of Foreclosure Florida foreclosure begins when the lender files a lawsuit (Lis Pendens) against the homeowner. The homeowners must be notified of the legal action

More information

BORROWER DISCLOSURE STATEMENT First Time Homebuyer Program (Inclusionary Housing Unit and BEGIN Loan) CITY OF CONCORD

BORROWER DISCLOSURE STATEMENT First Time Homebuyer Program (Inclusionary Housing Unit and BEGIN Loan) CITY OF CONCORD BORROWER DISCLOSURE STATEMENT First Time Homebuyer Program (Inclusionary Housing Unit and BEGIN Loan) CITY OF CONCORD The City of Concord (the "City") has adopted an Inclusionary Housing Ordinance, City

More information

SURVEY OF SELECTED BANKRUPTCY ISSUES APPLICABLE TO HOMEOWNERS ASSOCIATIONS

SURVEY OF SELECTED BANKRUPTCY ISSUES APPLICABLE TO HOMEOWNERS ASSOCIATIONS SURVEY OF SELECTED BANKRUPTCY ISSUES APPLICABLE TO HOMEOWNERS ASSOCIATIONS DISCLAIMER The information provided in this survey of bankruptcy issues is for informational purposes only. It does not constitute

More information

CHAPTER 2013-137. Committee Substitute for Committee Substitute for House Bill No. 87

CHAPTER 2013-137. Committee Substitute for Committee Substitute for House Bill No. 87 CHAPTER 2013-137 Committee Substitute for Committee Substitute for House Bill No. 87 An act relating to mortgage foreclosures; amending s. 95.11, F.S.; revising the limitations period for commencing an

More information

HOW TO AVOID FORECLOSURE

HOW TO AVOID FORECLOSURE U.S. Department of Housing and Urban Development HOW TO AVOID FORECLOSURE This booklet explains how property owners can avoid losing their homes because of delinquent payments. Este folleto explica a los

More information

OPTIONS IN FORECLOSURE

OPTIONS IN FORECLOSURE Section II: KEEPING YOUR HOME OPTIONS IN FORECLOSURE Deciding whether or not to keep your home is something that only you, the homeowner, can determine. The best housing counselors will ask what you d

More information

Glossary of Foreclosure Fairness Mediation Terminology

Glossary of Foreclosure Fairness Mediation Terminology Glossary of Foreclosure Fairness Mediation Terminology Adjustable-Rate Mortgage (ARM) Mortgage repaid at the rate of interest that increases or decreases over the life of the loan based on market conditions.

More information

PATHS OF A FORECLOSURE IN NEW YORK STATE

PATHS OF A FORECLOSURE IN NEW YORK STATE PATHS OF A FORECLOSURE IN NEW YORK STATE BORROWER DELINQUENT 2-3 months late with mortgage payments if S/P or N/T 90-DAY PRE-FORECLOSURE NOTICE* for all subprime and non-traditional loans (as defined by

More information

BOS Banking Ombudsman Scheme

BOS Banking Ombudsman Scheme BOS Banking Ombudsman Scheme Quick Guide A mortgage is security for a loan. This means that if you have a mortgage and you fail to meet your loan repayment obligations, your banking service provider ultimately

More information

Agent s Short Sale Pre-Screening Checklist

Agent s Short Sale Pre-Screening Checklist Agent s Short Sale Pre-Screening Checklist Sellers Property Address Date: Short sale transactions can take a lot of time and effort. Pre-screening a prospective short sale listing is one of the best ways

More information

Bankruptcy and Short Sales

Bankruptcy and Short Sales Bankruptcy and Short Sales What agents need to know April 2013 Bankruptcy and Short Sales What happens to the short sale if the seller files for bankruptcy? Bank of America can review a short sale offer

More information

Common Mortgage and Foreclosure Terms

Common Mortgage and Foreclosure Terms H ELP FOR N EW Y ORK S TATE H OMEOWNERS C ONCERNED A BOUT F ORECLOSURE Common Mortgage and Foreclosure Terms Talking about mortgages can feel like speaking a foreign language and is even more confusing

More information

Presented by: Randy Roach of North American Realty of Nevada. A Guide To Understanding The Process

Presented by: Randy Roach of North American Realty of Nevada. A Guide To Understanding The Process Presented by: Randy Roach of North American Realty of Nevada A Guide To Understanding The Process What Is A Short Sale? It s a Real Estate transaction where two unique events must occur together. (1) Net

More information

For most families, a home is a place to live and raise children; it s a plan for the future, and also a source of pride. The Town of Davie promotes

For most families, a home is a place to live and raise children; it s a plan for the future, and also a source of pride. The Town of Davie promotes For most families, a home is a place to live and raise children; it s a plan for the future, and also a source of pride. The Town of Davie promotes home preservation. Your home is not only a significant

More information

Legislative Response to the Residential Mortgage Crisis

Legislative Response to the Residential Mortgage Crisis Property Group December 2008 Legislative Response to the Residential Mortgage Crisis The current mortgage crisis has sparked legislative action in several states to modify foreclosure remedies and to provide

More information

Deep Freeze: Bankruptcy & Foreclosure. 2010 Georgia Personal Bankruptcy Statistics. Impact on Association Collections

Deep Freeze: Bankruptcy & Foreclosure. 2010 Georgia Personal Bankruptcy Statistics. Impact on Association Collections Deep Freeze: Bankruptcy & Foreclosure 2011 Community Association Law Seminar & Expo Julie McGhee Howard P: 404 926 4506 E: juliehoward@wncwlaw.com 1. Homeowner Bankruptcy 2010 Georgia Personal Bankruptcy

More information

Foreclosure Options. Know Your Rights! Your Trusted Real Estate Resource

Foreclosure Options. Know Your Rights! Your Trusted Real Estate Resource Foreclosure Options Know Your Rights! Kirk Russell Managing Broker John L. Scott Firm Kirkrussell@johnlscott.com 206.390.5640 Your Trusted Real Estate Resource If you re listed with a license Realtor,

More information

Appraisal A written analysis prepared by a qualified appraiser and estimating the value of a property

Appraisal A written analysis prepared by a qualified appraiser and estimating the value of a property REAL ESTATE BASICS Affordability Analysis An analysis of a buyer s ability to afford the purchase of a home, reviews income, liabilities, and available funds, and considers the type of mortgage a buyer

More information

UNDERSTANDING THE COLLECTION PROCESS FOR COMMUNITY ASSOCIATIONS

UNDERSTANDING THE COLLECTION PROCESS FOR COMMUNITY ASSOCIATIONS UNDERSTANDING THE COLLECTION PROCESS FOR COMMUNITY ASSOCIATIONS 1. PRE-LITIGATION BY: MULCAHY LAW FIRM, P.C. Almost every community association has problems in collecting unpaid assessments. Most associations

More information

Special Report: IRS Tax Lien

Special Report: IRS Tax Lien Special Report: IRS Tax Lien TAX PLANNING AND IRS DEFENSE C a l l T o d a y! 540-438- 5344 What an IRS Tax Lien is and How it Works What is Inside? Why the IRS Files a Notice of Federal Tax Lien IRS Tax

More information

Car Title Loans. What is a car title loan? How does a car title loan work?

Car Title Loans. What is a car title loan? How does a car title loan work? Car Title Loans What is a car title loan? When you take out a car title loan, you are borrowing money and giving the lender the title to your car as collateral. This means that the lender can repossess

More information

Short Sale Seller Advisory

Short Sale Seller Advisory Short Sale Seller Advisory Short Sale Seller Advisory Recent economic challenges have resulted in many homeowners needing to sell their home but owing more on their home than the home is worth. This advisory

More information

Foreclosure Guidelines. Do s and Don ts for fending off foreclosure. Compliments of

Foreclosure Guidelines. Do s and Don ts for fending off foreclosure. Compliments of Foreclosure Guidelines Do s and Don ts for fending off foreclosure. Compliments of 2 Foreclosure Guidelines CONTENTS: Introduction. 3 Foreclosure. What is it? What happens next?... 3 7 Possible Do s when

More information

CHAPTER 32-19 FORECLOSURE OF REAL ESTATE MORTGAGES BY ACTION

CHAPTER 32-19 FORECLOSURE OF REAL ESTATE MORTGAGES BY ACTION CHAPTER 32-19 FORECLOSURE OF REAL ESTATE MORTGAGES BY ACTION 32-19-01. Action to foreclose mortgage on real estate authorized. The plaintiff shall bring an action in district court for the foreclosure

More information

11 LC 14 0449ER A BILL TO BE ENTITLED AN ACT

11 LC 14 0449ER A BILL TO BE ENTITLED AN ACT House Bill 338 By: Representative Bryant of the 160 th A BILL TO BE ENTITLED AN ACT 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 To amend Title 44 of the Official Code of Georgia Annotated, relating to property,

More information

CHAPTER 35-22 FORECLOSURE OF MORTGAGES OF REAL PROPERTY BY ADVERTISEMENT

CHAPTER 35-22 FORECLOSURE OF MORTGAGES OF REAL PROPERTY BY ADVERTISEMENT CHAPTER 35-22 FORECLOSURE OF MORTGAGES OF REAL PROPERTY BY ADVERTISEMENT 35-22-01. Foreclosure under power of sale - Prohibition - Exception. Every mortgage of real property held by the state or any of

More information

AVOIDING. Foreclosure. Learn What Steps You Can Take to Save Your Home

AVOIDING. Foreclosure. Learn What Steps You Can Take to Save Your Home AVOIDING Foreclosure Learn What Steps You Can Take to Save Your Home Don t Give Up Until You ve Explored Every Option Without a doubt, foreclosure is one of the scariest words in the financial dictionary.

More information

SAMPLE LAND CONTRACT

SAMPLE LAND CONTRACT This material is provided to answer general questions about the law in New York State. The information and forms were created to assist readers with general issues and not specific situations, and, as

More information

Mechanic s Liens. Colorado Revised Statutes, Section 38-22-101

Mechanic s Liens. Colorado Revised Statutes, Section 38-22-101 This handout is intended as general information only, and not as legal advice for any specific situation. If you have a legal problem, you may want to check with an attorney. What is a Mechanic s Lien?

More information

OTR TAX NOTICE 2012-04. Real Property Owner s Guide to the Tax Sale Redemption Process

OTR TAX NOTICE 2012-04. Real Property Owner s Guide to the Tax Sale Redemption Process GOVERNMENT OF THE DISTRICT OF COLUMBIA OFFICE OF THE CHIEF FINANCIAL OFFICER OFFICE OF TAX AND REVENUE (OTR) OTR TAX NOTICE 2012-04 Real Property Owner s Guide to the Tax Sale Redemption Process THIS NOTICE

More information

COLORADO FORECLOSURE LAWS

COLORADO FORECLOSURE LAWS COLORADO FORECLOSURE LAWS Orten Cavanagh & Holmes, LLC Community Association Attorneys Denver Phone 720.221.9780 Fax 720.221.9781 Toll Free 888.841.5149 Colorado Springs Phone 719.457.8420 Fax 719.457.8419

More information

How to STOP Foreclosure

How to STOP Foreclosure 1 How to STOP Foreclosure A Free Report from KentuckySolutions.com Kentucky s Real Estate Problem Solvers (Press Control-P to Print) 2 Introduction As Local Investors experienced in the Kentucky foreclosure

More information

Mortgagee sales. What is a mortgagee sale? What should I do if I m in financial difficulty? 15 Mar 2012

Mortgagee sales. What is a mortgagee sale? What should I do if I m in financial difficulty? 15 Mar 2012 15 Mar 2012 are among the most stressful of situations facing people who ask for our help. It is possible to stop to a sale right up to the last minute but usually only if you can find the necessary money

More information

HOUSE BILL 2242 AN ACT AMENDING TITLE 6, ARIZONA REVISED STATUTES, BY ADDING CHAPTER 16; RELATING TO REVERSE MORTGAGES.

HOUSE BILL 2242 AN ACT AMENDING TITLE 6, ARIZONA REVISED STATUTES, BY ADDING CHAPTER 16; RELATING TO REVERSE MORTGAGES. Senate Engrossed House Bill State of Arizona House of Representatives Forty-ninth Legislature Second Regular Session HOUSE BILL AN ACT AMENDING TITLE, ARIZONA REVISED STATUTES, BY ADDING CHAPTER ; RELATING

More information

Foreclosures 101. Carruthers & Roth, P.A. (336) 478-1110. November 12, 2008

Foreclosures 101. Carruthers & Roth, P.A. (336) 478-1110. November 12, 2008 Foreclosures 101 Elizabeth J. Zook, Esq. Carruthers & Roth, P.A. (336) 478-1110 November 12, 2008 Document Review Loan Documents All pages? Signed? Acknowledged? Deed of Trust: Describes the encumbered

More information

What Are My Options When My Home Is. Scheduled For A Sheriff Sale

What Are My Options When My Home Is. Scheduled For A Sheriff Sale What Are My Options When My Home Is Scheduled For A Sheriff Sale 1. What is a sheriff sale? Once the lender has a judgment in its foreclosure case against you, it can then order your home to be sold at

More information

Steps you can take to protect your home and your credit

Steps you can take to protect your home and your credit Steps you can take to protect your home and your credit Oregon Division of Finance and Corporate Securities Our mission To encourage a wide range of financial services, products, and information for Oregonians,

More information

1 Overview 1.01 INTRODUCTION

1 Overview 1.01 INTRODUCTION 1 Overview 1.01 INTRODUCTION 1.01(a) Scope Of This Work This treatise is a practical guide for secured creditors, i.e. creditors with collateral securing their claims against debtors, in the restructuring,

More information

UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF CALIFORNIA

UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF CALIFORNIA UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF CALIFORNIA In re: ) FILED September 11, 2012 ) CHAPTER 7 RIGHTS AND ) BANKRUPTCY GENERAL RESPONSIBILITIES and ) ORDER NO. 180 AMENDMENTS TO LOCAL ) BANKRUPTCY

More information

Georgia 2013 Legislation as of March 14, 2013

Georgia 2013 Legislation as of March 14, 2013 Georgia 2013 Legislation as of March 14, 2013 The Regular 2013 Session for the Georgia General Assembly began in January 2013. Below are updates on the bills of importance to the default servicing community.

More information

NEW JERSEY BANKRUPTCY AND CO-DEBTORS

NEW JERSEY BANKRUPTCY AND CO-DEBTORS NEW JERSEY BANKRUPTCY AND CO-DEBTORS WHAT HAPPENS IF THE CO- DEBTORS DOES NOT FILE BANKRUPTCY? TRAVIS J. RICHARDS SOUTH NEW JERSEY BANKRUPTCY ATTORNEY Co-signing a loan for someone is risky. As a co-signer,

More information

So you d like to purchase Municipal Tax-foreclosed properties

So you d like to purchase Municipal Tax-foreclosed properties So you d like to purchase Municipal Tax-foreclosed properties All rights reserved. These materials may not be reproduced without permission of the Municipality of Anchorage. This brochure is designed to

More information

The Adam Lee Team 480-331-3501 Info@theadamleeteam.com. Alternatives to Foreclosure & REASONS WHY SHORT SALES ARE THE BETTER SOLUTION!

The Adam Lee Team 480-331-3501 Info@theadamleeteam.com. Alternatives to Foreclosure & REASONS WHY SHORT SALES ARE THE BETTER SOLUTION! The Adam Lee Team 480-331-3501 Info@ Alternatives to Foreclosure & REASONS WHY SHORT SALES ARE THE BETTER SOLUTION! Options When Facing Foreclosure 1. Do Nothing: If you choose to do nothing, you will

More information

State by State Foreclosure Laws

State by State Foreclosure Laws State by State Foreclosure Laws Alabama Foreclosure Laws 49-74 21 365 Trustee Comments: Judicial Foreclosures are not common Alabama foreclosures occur both in court and out-of-court. The typical foreclosure

More information

How a District should respond to Bank and Mechanics Lien Foreclosures and Bankruptcy Filings

How a District should respond to Bank and Mechanics Lien Foreclosures and Bankruptcy Filings DISCLAIMER This presentation is intended to provide information about the law and is designed to help Board members of Colorado Special Districts gain a general understanding of relevant legal issues.

More information

MARITIME LIEN FAQ s Warning: The body of maritime lien law is riddled with exceptions, qualifications and conflicting judicial decisions too extensive to cover here. What may usually be accurate may not

More information

2015 ARIZONA LEGISLATIVE AMENDMENTS AFFECTING REAL ESTATE LENDING (May 12, 2015 ACMLA meeting)

2015 ARIZONA LEGISLATIVE AMENDMENTS AFFECTING REAL ESTATE LENDING (May 12, 2015 ACMLA meeting) 2015 ARIZONA LEGISLATIVE AMENDMENTS AFFECTING REAL ESTATE LENDING (May 12, 2015 ACMLA meeting) Following is a summary of legislative amendments enacted during the most recent session (the First Regular

More information

FORECLOSURE. I don t think I can make my mortgage payments but I don t want to go through a foreclosure. What are some of my options?

FORECLOSURE. I don t think I can make my mortgage payments but I don t want to go through a foreclosure. What are some of my options? FORECLOSURE When you borrow money to buy a house or land, the creditor usually takes a security interest in the property you buy. This means that if you don t pay, the creditor can foreclose upon (or take

More information

NC General Statutes - Chapter 53 Article 21 1

NC General Statutes - Chapter 53 Article 21 1 Article 21. Reverse Mortgages. 53-255. Title. This Article shall be known and may be cited as the Reverse Mortgage Act. (1991, c. 546, s. 1; 1995, c. 115, s. 1.) 53-256. Purpose. It is the intent of the

More information

What Do I Do? - Complaints And Claims Against Real Estate Appraisers

What Do I Do? - Complaints And Claims Against Real Estate Appraisers What Do I Do? - Complaints And Claims Against Real Estate Appraisers The target that seems to be on the back of real estate appraisers appears more real than imagined. Indeed, complaints and insurance

More information

ADJUSTMENT OF DEBTS UNDER CHAPTER 13 QUESTIONS AND ANSWERS ABOUT CHAPTER 13 BANKRUPTCIES 1

ADJUSTMENT OF DEBTS UNDER CHAPTER 13 QUESTIONS AND ANSWERS ABOUT CHAPTER 13 BANKRUPTCIES 1 ADJUSTMENT OF DEBTS UNDER CHAPTER 13 QUESTIONS AND ANSWERS ABOUT CHAPTER 13 BANKRUPTCIES What is a Chapter 13 bankruptcy case and how does it work? A chapter 13 bankruptcy case is a proceeding under federal

More information

MORTGAGE TERMS. Assignment of Mortgage A document used to transfer ownership of a mortgage from one party to another.

MORTGAGE TERMS. Assignment of Mortgage A document used to transfer ownership of a mortgage from one party to another. MORTGAGE TERMS Acceleration Clause This is a clause used in a mortgage that can be enforced to make the entire amount of the loan and any interest due immediately. This is usually stipulated if you default

More information

My HoMe Is over-leveraged!

My HoMe Is over-leveraged! My HoMe Is over-leveraged! What Are My Options? Today over 25% of the homes in America have loan balances that exceed their home value. If you re one of them it s not your fault and you do have choices

More information

Foreclosure. in Alberta. Financial Series. Property foreclosure can be a complicated and confusing experience for

Foreclosure. in Alberta. Financial Series. Property foreclosure can be a complicated and confusing experience for sd Financial Series Foreclosure in Alberta Property foreclosure can be a complicated and confusing experience for You should not rely on this booklet for legal advice. It provides general information on

More information

CHRISTMAN & FASCETTA, LLC FLAT FEE AGREEMENT AND HOURLY FEE PROVISIONS

CHRISTMAN & FASCETTA, LLC FLAT FEE AGREEMENT AND HOURLY FEE PROVISIONS CHRISTMAN & FASCETTA, LLC FLAT FEE AGREEMENT AND HOURLY FEE PROVISIONS, (hereinafter referred to as client or you ), hereby engages the Law Offices of Christman & Fascetta, LLC to prepare and file a Chapter

More information

I m behind in my mortgage payments, what should I do?

I m behind in my mortgage payments, what should I do? FORECLOSURES This handout was prepared by Legal Services of Greater Miami, Inc.(LSGMI) with support from the Institute for Foreclosure Legal Assistance. LSGMI represents homeowners in foreclosure and homeowners

More information

Poll: Domestic Violence in Foreclosure: The Foreclosure Process, Defenses and Alternatives for Survivors. Do you consider yourself: advocate; or

Poll: Domestic Violence in Foreclosure: The Foreclosure Process, Defenses and Alternatives for Survivors. Do you consider yourself: advocate; or Domestic Violence in Foreclosure: The Foreclosure Process, Defenses and Alternatives for Survivors Karen Merrill Tjapkes Legal Aid of Western Michigan (616) 774-0672 ext. 120 ktjapkes@legalaidwestmich.net

More information

Saving Your Home from Foreclosure

Saving Your Home from Foreclosure NEW YORK STATE BAR ASSOCIATION Saving Your Home from Foreclosure (For quick guide on where to go for help, see back cover) New York State Bar Association 1 Introduction In 2008, New York State made some

More information

2007 NC H.B. 2623 NORTH CAROLINA GENERAL ASSEMBLY OF NORTH CAROLINA - SESSION OF 2008 HOUSE BILL 2623

2007 NC H.B. 2623 NORTH CAROLINA GENERAL ASSEMBLY OF NORTH CAROLINA - SESSION OF 2008 HOUSE BILL 2623 2007 NC H.B. 2623 NORTH CAROLINA GENERAL ASSEMBLY OF NORTH CAROLINA - SESSION OF 2008 HOUSE BILL 2623 VERSION: Enrolled VERSION-DATE: July 17, 2008 GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 2007 HOUSE

More information

NATIONAL CONFERENCE OF INSURANCE LEGISLATORS (NCOIL) Proposed Consumer Legal Funding Model Act

NATIONAL CONFERENCE OF INSURANCE LEGISLATORS (NCOIL) Proposed Consumer Legal Funding Model Act NATIONAL CONFERENCE OF INSURANCE LEGISLATORS (NCOIL) Proposed Consumer Legal Funding Model Act To be considered by the NCOIL Property-Casualty Insurance Committee on July 13, 2012. Sponsored by Rep. Charles

More information

RULE 4-1.5 FEES AND COSTS FOR LEGAL SERVICES

RULE 4-1.5 FEES AND COSTS FOR LEGAL SERVICES RULE 4-1.5 FEES AND COSTS FOR LEGAL SERVICES (a) Illegal, Prohibited, or Clearly Excessive Fees and Costs. [no change] (b) Factors to Be Considered in Determining Reasonable Fees and Costs. [no change]

More information

Telephone: (815) 455-3000 Facsimile: (815) 455-3049

Telephone: (815) 455-3000 Facsimile: (815) 455-3049 Kevin W. Bruning, Esq. Mary D. Sump, Esq. John P. Dickson, Esq.* Theodore M. Gross, Esq. Katerina Tsoukalas-Heitkemper, Esq. Kristen R. Serna, Esq. Telephone: (815) 455-3000 Facsimile: (815) 455-3049 *also

More information

Mortgage Forgiveness Debt Relief Act. Cancellation of Debt (COD) Income. Recourse Loan 10/6/2014. Consequences of the expiration of the act

Mortgage Forgiveness Debt Relief Act. Cancellation of Debt (COD) Income. Recourse Loan 10/6/2014. Consequences of the expiration of the act Mortgage Forgiveness Debt Relief Act Consequences of the expiration of the act Cancellation of Debt (COD) Income When a loan is forgiven without being paid back, COD Income is created. That amount is included

More information

CHAPTER 51-13 RETAIL INSTALLMENT SALES ACT

CHAPTER 51-13 RETAIL INSTALLMENT SALES ACT CHAPTER 51-13 RETAIL INSTALLMENT SALES ACT 51-13-01. Definitions. In this chapter, unless the context or subject matter otherwise requires: 1. "Amount financed" or "unpaid balance" means the cash price

More information

Chapter 30 Home Equity Conversion Mortgages. 47-30-103. Authorized lenders Designation Application.

Chapter 30 Home Equity Conversion Mortgages. 47-30-103. Authorized lenders Designation Application. Chapter 30 Home Equity Conversion Mortgages 47-30-101. Short title. 47-30-102. Definitions. 47-30-103. Authorized lenders Designation Application. 47-30-104. Compliance Noncomplying loans unenforceable

More information

The AOS-365 Program. Overview:

The AOS-365 Program. Overview: The AOS-365 Program Overview: Our Patented AOS-365 Program is the Buying and Selling of property through the auction process using our AOS-365 contract. This Agreement of Sale gives the buyer a fully assignable

More information

S.F. No. 2430, 3rd Engrossment - 86th Legislative Session (2009-2010) [s2430-3]

S.F. No. 2430, 3rd Engrossment - 86th Legislative Session (2009-2010) [s2430-3] 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 1.10 1.11 1.12 A bill for an act relating to mortgages; regulating reverse mortgages; requiring certain notices related to redemption rights be made to a mortgagor;

More information

These sample documents are for your reference only and are not to be filled out or submitted as originals.

These sample documents are for your reference only and are not to be filled out or submitted as originals. 9000 Southside Blvd Jacksonville, FL 32256 FL9-400-01-21 Phone: 1 (866) 413-3757 Email: jaxhelocshortsales@bankofamerica.com The following is a sample of the Home Equity Line of Credit (HELOC) Welcome

More information

This chapter shall be known and may be cited as the "Home Equity Conversion Mortgage Act."

This chapter shall be known and may be cited as the Home Equity Conversion Mortgage Act. Source: http://www.lexisnexis.com/hottopics/tncode/ 47-30-101. Short title. This chapter shall be known and may be cited as the "Home Equity Conversion Mortgage Act." HISTORY: Acts 1993, ch. 410, 2. 47-30-102.

More information

Information on Avoiding Foreclosure

Information on Avoiding Foreclosure Whitney Bank offers and provides financial products and services through its locations in Louisiana and Texas as "Whitney Bank" and as "Hancock Bank" in Mississippi, Alabama and Florida. Information on

More information

Proposed Information Statement Reverse Mortgage. Things you should know about your reverse mortgage

Proposed Information Statement Reverse Mortgage. Things you should know about your reverse mortgage Page 1 of 7 Proposed Information Statement Reverse Mortgage Things you should know about your reverse mortgage This statement is provided to you because reverse mortgages operate differently to other credit

More information

WHAT YOU SHOULD KNOW!! By Speare Valasakos & Lance D. Churchill, J.D. Compliments of:

WHAT YOU SHOULD KNOW!! By Speare Valasakos & Lance D. Churchill, J.D. Compliments of: TRUST DEED INVESTMENTS WHAT YOU SHOULD KNOW!! By Speare Valasakos & Lance D. Churchill, J.D. Compliments of: F FRONTLINE Financing L 967 E. Parkcenter Blvd., #311 Boise, ID 83706 Phone: 208 846 9644 Fax:

More information

Pre-Purchase Counseling Application

Pre-Purchase Counseling Application Pre-Purchase Counseling Application Guidance on purchasing a home and qualifying for downpayment assistance Pre-purchase counseling helps prepare the first-time homebuyer for the home purchase process

More information

Case 10-33583-bjh11 Doc 31 Filed 12/07/10 Entered 12/07/10 18:18:45 Desc Main Document Page 1 of 10

Case 10-33583-bjh11 Doc 31 Filed 12/07/10 Entered 12/07/10 18:18:45 Desc Main Document Page 1 of 10 Document Page 1 of 10 Eric A. Liepins ERIC A. LIEPINS, P.C. 12770 Coit Road Suite 1100 Dallas, Texas 75251 Ph. (972) 991-5591 Fax (972) 991-5788 ATTORNEYS FOR DEBTOR IN THE UNITED STATES BANKRUPTCY COURT

More information

NEW PROTECTION FOR THAI GUARANTORS AND MORTGAGORS 11 FEBRUARY 2015

NEW PROTECTION FOR THAI GUARANTORS AND MORTGAGORS 11 FEBRUARY 2015 BRIEFING NEW PROTECTION FOR THAI GUARANTORS AND MORTGAGORS 11 FEBRUARY 2015 AMENDMENTS TO THE THAI CIVIL AND COMMERCIAL CODE COME INTO EFFECT TODAY. THESE CHANGES AFFECT THE WAYS GUARANTEES AND MORTGAGES

More information

A White Paper on the Advantages and Disadvantages of Six Alternatives, Including Contract and Due Diligence Considerations

A White Paper on the Advantages and Disadvantages of Six Alternatives, Including Contract and Due Diligence Considerations Founded in Orlando, Florida in 1969, Lowndes, Drosdick, Doster, Kantor & Reed, P.A. is the largest law firm in Central Florida, according to the Orlando Business Journal. The firm's original four partners

More information

1. Under an installment contract, the title to the property is held by the A) vendor. B) vendee. C) trustor. D) trustee.

1. Under an installment contract, the title to the property is held by the A) vendor. B) vendee. C) trustor. D) trustee. Name: Date: 1. Under an installment contract, the title to the property is held by the A) vendor. B) vendee. C) trustor. D) trustee. 2. Charging more interest than is legally allowed is known as A) escheat.

More information

Reforming Buffalo s Tax Foreclosure Process Jonathan Baird

Reforming Buffalo s Tax Foreclosure Process Jonathan Baird POLICY BRIEF September 30, 2011 Reforming Buffalo s Tax Foreclosure Process Jonathan Baird The Need for Reform The City of Buffalo holds an annual foreclosure auction to collect on delinquent taxes and

More information

ADJUSTMENT OF DEBTS UNDER CHAPTER 13 QUESTIONS AND ANSWERS ABOUT CHAPTER 13 CASES

ADJUSTMENT OF DEBTS UNDER CHAPTER 13 QUESTIONS AND ANSWERS ABOUT CHAPTER 13 CASES ADJUSTMENT OF DEBTS UNDER CHAPTER 13 QUESTIONS AND ANSWERS ABOUT CHAPTER 13 CASES 1. What is a chapter 13 bankruptcy case and how does it work? A chapter 13 bankruptcy case is a proceeding under federal

More information

CHAPTER 57-22 COLLECTION OF DELINQUENT PERSONAL PROPERTY TAXES

CHAPTER 57-22 COLLECTION OF DELINQUENT PERSONAL PROPERTY TAXES CHAPTER 57-22 COLLECTION OF DELINQUENT PERSONAL PROPERTY TAXES 57-22-01. Treasurer to give notice. The county treasurer, during the month of January preceding the time when personal property taxes shall

More information