Alerts
Loss Mitigation Agreements and the Statute of Frauds
January 6, 2016Getting an agreement in writing is a sure way to avoid misunderstandings regarding the terms of the agreement, or whether there actually was an agreement. In the real estate loan loss mitigation context, various types of agreements, such as loan modifications, short sales, and forbearance agreements, are common. The case of U.S. Bank vs. Stewart decided by Ohio's Seventh District Court of Appeals on December 28, 2015, illustrates the importance for both borrowers and loan servicers, of ensuring that loss mitigation agreements are in writing and signed by the other party, in order for the agreement to be enforceable under the Statute of Frauds....
Read MoreDeath of an Ohio Survivorship Owner, and Due Diligence by the Mortgage Holder
December 29, 2015The Court of Appeals for Hamilton County, Ohio, issued a decision on December 23, 2015, in direct contradiction to a decision rendered by the Court of Appeals for the adjacent Butler County a year earlier, on virtually identical facts. Both cases dealt with a mortgage holder's right to foreclose after the death of the sole signer of a mortgage on property owned jointly with a right of survivorship....
Read MoreIllinois Condominium Property Act Imposes Additional Step on Foreclosure Sale Purchasers
December 9, 2015Merely naming a condominium association in a foreclosure complaint is no longer sufficient to terminate an association’s lien for unpaid assessments. The payment of post foreclosure sale condominium assessments formally approves and makes certain a condominium association’s lien is extinguished....
Read MoreOhio's Proposed Foreclosure Fast-Track Legislation
November 19, 2015On November 17, 2015, the Ohio House passed Ohio's proposed foreclosure fast-track legislation (H.B. 134), and the bill now moves to the Ohio Senate for consideration. The primary objective of the bill is to allow a mortgagee to bring an expedited foreclosure action against vacant and abandoned residential property. The bill would also modify some procedures that generally apply to foreclosure sales of Ohio properties....
Read MoreMichigan's Proposed Legislation to Create a Single, State-Wide Court Electronic Filing System
October 07, 2015Currently, only a handful of courts throughout the State of Michigan allow for the electronic filing of documents pursuant to Michigan Supreme Court Orders, and the courts that do allow for electronic filing, do not use a single system for electronic filings. On September 30, 2015, Senate Bills 531, 532, and 533 were introduced into the Michigan legislature, proposing the creation and funding of a single, state-wide court electronic filing system....
Read MoreCFPB Takes First Step Toward Banning Arbitration Agreements in Consumer Contracts
October 07, 2015The Consumer Financial Protection Bureau (CFPB) announced today that it is proposing rules which would limit arbitration clauses in consumer contracts such as credit card agreements, private student loans, and payday loans, among others. The CFPB is publishing an outline of the proposals under consideration in preparation for a Small Business Review Panel, which will gather feedback from small industry stakeholders. This is the first step in the process of a potential rulemaking on this issue....
Read MoreFirm News
- Weltman Shareholder James G. Kozelek Elected Recording Secretary for the Commercial Law League of America
- Weltman, Weinberg & Reis Co., LPA Welcomes Attorney Courtney A. Martin to Philadelphia Office
- Weltman's Jason K. Wright Expands Firm's Bankruptcy Footprint to Include Arizona Courts
- Managing Shareholder Scott S. Weltman Testifies in front of the House Committee on Financial Services
- Weltman, Weinberg & Reis Co., LPA Attorney Charles Andrew Walgreen Named to 2019 List of Illinois Rising Stars
Insights
- Proposed Changes to Ohio's Statute of Limitations on Contracts Raises Concerns for Creditors
- A Creditor's Guide to Ohio's Name and Gender Marker Change Process
- Revisiting the "Debtor Prison"
- Cobo and the Single Refiling Rule: Pick Your Remedy and Order It Carefully
- H.R.5082 Proposes Change to FDCPA and CFPB