Alerts
Can We Recover Attorneys' Fees in Michigan?
September 10, 2015The litigation clients of Weltman's Michigan's office often inquire whether attorneys' fees incurred from a borrower's default are recoverable? A positive response to this inquiry depends upon numerous factors and requires several planning stages to increase the odds of such recovery, even where a borrower later files for bankruptcy....
Read MoreAn Analysis of Ohio's Proposed Deed-in-Lieu and Leaseback Program
August 28, 2015On August 25, 2015, House Bill 303 was introduced into the Ohio legislature, proposing the creation of a program whereby a borrower can give its mortgage holder a deed in lieu of foreclosure and remain in possession of the property pursuant to a lease with the mortgage holder, while the borrower waits for approval for financing or other mortgage assistance by the Federal Housing Administration....
Read MoreOhio Anti-Subrogation Law Passed As Part of Budget Approved by Governor Kasich
July 01, 2015Governor Kasich approved an amendment as part of the state budget which will affect an insurer or health plan's ability to recover medical expenses that it has paid out on behalf of its insured as a result of an injury. This amendment was introduced just days before the budget was set to be approved and was approved without an opportunity for public debate....
Read MoreThe Mortgagor Has a Right to Possession of the Property During an Illinois Mortgage Foreclosure
June 18, 2015In residential real estate foreclosure actions, the presumptive right to possession during foreclosure rests with the mortgagor of the real estate. Mellon Bank, N.A. v. Midwest Bank & Trust Co., 265 Ill.App. 3d 859, 638 N.E.2d 640, 202 Ill.Dec. 772 (1st. Dist. 1993). A mortgagee can overcome this presumption only if it (1) objects and shows good cause, (2) has authority pursuant to the terms of the mortgage or other written instrument, and (3) the court is satisfied that there is a reasonable probability that the mortgagee will prevail at a final hearing. 735 ILCS 5/15-1701(b)(1)....
Read MoreJunior Unsecured Mortgages Receive Protection from the Supreme Court
June 02, 2015In a decision handed down yesterday by the U.S. Supreme Court, wholly unsecured junior mortgages may not be stripped due to a lack of equity in Chapter 7 bankruptcy proceedings. The ruling came in the case of Bank of America vs. Caulkett....
Read MoreThe Case of the Missing Promissory Note: How can a Mortgage Lender Enforce a Lost Note in Ohio?
May 27, 2015Standing has recently become a foreclosure buzzword. The Ohio Supreme Court weighed in extensively on the topic and determined that a lender must establish an interest in the note or mortgage at the time it filed suit. To prove standing in a foreclosure action, a plaintiff generally must show that it held the note and the mortgage prior to filing the complaint. Failure to establish standing is also fatal to the lender's foreclosure action....
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
