NJ Court Opinion Regarding Mortgagee In Possession
In New Jersey, condominium associations have been filing civil actions against foreclosing lenders of vacant units. In these actions, the associations are claiming that a lender becomes a mortgagee in possession once it secures and winterizes a vacant property, thereby becoming liable for outstanding maintenance fees and costs. While some lenders elect to quickly settle these cases where the dollar amount is diminutive, other lenders are taking a hardline approach and fightin
Potestivo & Associates, P.C. Hosts 6th Blood Drive
Rochester, MI – Potestivo & Associates was proud to host our 6th Annual American Red Cross Blood drive! Our efforts generated 28 registrants, and our team gave 21 whole blood units of lifesaving products which will give 63 hospital patients a chance to once again enjoy good health. We also had a few first time donors this year! We appreciate all of the brave donors from our Rochester team and their life-saving donation! We are also very grateful for the volunteers from the Am
Potestivo & Associates, P.C., Leading Law Firm in the Real Estate Finance and Credit Industry, H
Rochester, MI (January 30, 2017) - Potestivo & Associates, P.C. is pleased to announce the hiring of local attorney, Anthony J. DeClercq. Anthony joined the team of 27 attorneys on Monday, January 30, 2017. Based in the firm’s downtown Rochester, Michigan, office, he will serve as an Associate Attorney supporting the Litigation Department. Prior to his new role, Anthony held several noteworthy clerkships and internships, including working as a Law Clerk for the Honorable
Martin Leigh PC Introduces New Attorney
KANSAS CITY, MO (January 18, 2017) – Martin Leigh PC is pleased to announce the addition of Aaron Othmer as an Associate Attorney to the firm’s Kansas City office. Aaron will be working closely with clients focusing on creditors’ rights, specifically Kansas default related matters. “We are glad to welcome Aaron and the broad legal experience he brings to the firm.” said Tom Fritzlen, Shareholder & President. Martin Leigh PC always looks to diversify the talent of their attor
The 8th Circuit Rules for Lender in Borrowers’ TILA Based Mortgage Challenge
In a January 2017 opinion, the U.S. Court of Appeals for the 8th Circuit addressed a residential home loan borrower’s attempt to use the Truth in Lending Act (TILA, 15 U.S.C. 1601) to defeat its home lender’s promissory note and securing mortgage. The borrower also sought to declare the lender’s foreclosure to be wrongful. See Dunn v. Bank of America, N.A., et al., _____ F.3d ______ (2017). The borrower argued that the TILA (specifically, Part B, Credit Transactions, Subch
A Detroit Business Renaissance?
It’s not just the Pistons returning to Detroit this year. According to several news reports, business investment is also returning to Detroit, in spades. In addition to the high profile announcements made by both Ford[1] and Fiat-Chrysler[2], the Michigan Economic Development Corporation[3] and the Minority Business Development Agency Business Center[4] in Detroit have recently announced large investment grants to be doled out in various ways to businesses and start-ups in
Sturgis Building v. Kirsch Industrial Park: Unpublished But Thoroughly Persuasive
When it comes to foreclosures, Michigan is a hybrid state with respect to statutory remedies allowed to mortgagees following a mortgagor’s default on a mortgage. Foreclosure by advertisement and judicial foreclosure are both remedies available to mortgagees under Michigan’s statutory scheme. Sturgis Building v Kirsch Industrial Park, 2016 Mich App LEXIS 1491 discusses not only the differences that exist between foreclosures by advertisement and judicial foreclosures, but the
Avoiding Liability For Damages Under the Protecting Tenants In Foreclosed Rental Properties Ordinanc
In 2013, the City of Chicago developed an ordinance concerning tenants in foreclosed rental properties. Section 5-14-010 of the ordinance states that the purpose of the ordinance is to, ”protect and promote the health, safety and welfare of [the City’s] residents and mitigate the damaging effects…of foreclosures.” Further, section 5-14-020 puts responsibilities on property owners who purchase a property via judicial sale, deed in lieu, and consent foreclosure. At the end o
The Missouri Court of Appeals Denies Heir's Attempt to Strip a Lender's Deed of Trust Becaus
In December 2016 the Missouri Court of Appeals, Western District considered a challenge to a lender’s deed of trust against real property. That case is styled Lester v. Nationstar Mortgage, LLC, ___ S.W.3d ___ (Mo.App. W.D. 2016). The basis of the challenge was the lender’s alleged failure to make a timely probate claim to protect the lender’s deed of trust lien. In Lester, the property at issue was subject to a recorded deed of trust that secured a loan. The property was
Defending Baseless Consumer Finance Lawsuits After Spokeo v. Robins
Lawsuits against lenders and their attorneys under consumer protection laws such as the Fair Debt Collection Practices Act (FDCPA), Fair Credit Reporting Act (FCRA), Truth In Lending Act (TILA), and Real Estate Settlement Procedures Act (RESPA) have been on the rise. Although in proper circumstances these statutes serve an important and legitimate purpose, unfortunately, they are often used by conniving plaintiffs to stall foreclosures or coerce a settlement against an entit
