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West Virginia Revises Provisions Regarding Deeds of Trust and Modification Charges
By Paul McSheffrey, J.D.Trustee Real Estate Sales With Senate Bill No. 418, the West Virginia legislature has enacted provisions regarding the sale of real estate by a trustee under a deed of trust. Section 38-1-7(b) of the Code of West Virginia, 1931 now provides that a defendant in a civil action to recover a deficiency […]
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Arkansas Amends Provisions Regarding Lien Release
By Zachary Pearlstein, J.D.The state of Arkansas has recently updated its lien release regulations, effective immediately. The revisions allow for the release of a mortgage, deed of trust, or other lien, based on an affidavit by an attorney or a title agent that the lien has been satisfied.Arkansas Code § 18-40-104 states that if a […]
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Nebraska Updates Foreclosure Provisions
By Marlana Melendez, J.D. Through Legislative Bill 151, the Nebraska State Legislature recently amended several provisions regarding foreclosures and trust deed defaults relating to the sale of trust property. These provisions take effect on September 5, 2015. Filing a Foreclosure Complaint Upon filing a complaint for the foreclosure or satisfaction of a mortgage, the plaintiff […]
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Arizona Amends Provisions Regarding Foreclosure
By Matthew Dailey, J.D.The state of Arizona amended its provisions relating to the action to foreclose, the right to redeem as well as subsequent certificates of purchase by assignment. These provisions are effective on July 3, 2015.Arizona addressed section 42-180 which deals specifically with partial payment of taxes and certificates of purchase. The amended statute […]
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Utah Amends Provisions Regarding Anti-Discrimination and Fair Housing Acts
By Matthew Dailey, J.D.The state of Utah amended multiple provisions regarding the state Anti-Discrimination and Fair Housing Acts. Senate Bill 296 modifies definition provisions related to employment and housing discrimination, including defining “employer,” “gender identity,” and “sexual orientation.” The bill also added sexual orientation and gender identity under prohibited discrimination provisions regarding residential real estate-related […]
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Freddie Mac Updates Servicing Policies
April 15, 2015, Freddie Mac issued Bulletin 2015-5: Servicing Updates. This Single-Family Seller/Servicer Guide (“Guide”) Bulletin announces: Alternatives to Foreclosure• The new “Modification Solution” screen in Workout Prospector® to facilitate the settlement of modifications of Mortgages guaranteed by the Rural Housing Service (RHS) and other modifications that cannot be settled through other Workout Prospector paths• Updates […]
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Fannie Mae Amends Servicing Policies
April 15, 2015, Fannie Mae issued Ann. SVC-2015-06: Miscellaneous Servicing Policy Changes. Fannie Mae is amending its policies and requirements related to the following: • Processing Additional Principal Payments for Delinquent Mortgage Loans• Accepting Funds from Hardest-Hit Fund (HHF) Programs and Housing Finance Agencies (HFA)• Processing a Partial Reinstatement During Foreclosure Policy Change Effective DateThe servicer is […]
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Colorado Changes Property Tax Escrow Requirements to Match Federal Law and Regulations
By Paul McSheffrey, J.D. With Senate Bill 15-142, the Colorado legislature has recently adopted changes to state property tax escrow requirements. The bill aligns Colorado law with the Federal Real Estate Settlement Procedures Act (RESPA). Colorado Revised Statutes, 39-1-119(1) now requires that all funds held in escrow for the payment of property taxes in excess […]
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Colorado Alters Homestead Exemption Recordation Requirements
By Paul McSheffrey, J.D.Colorado House Bill 15-1069 makes changes to the information required to be included in recorded homestead exemption filings. Under Colorado Revised Statutes, 38-41-202(4), if a homestead has been created by the owner of the property and/or their spouse by recording in the county clerk and recorder of the county where the property […]
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CFPB Issues Guidance on Housing Counselor Requirement
Final Interpretive Rule Includes Additional Instructions for Providing Housing Counselor Information April 15, 2015, the Consumer Financial Protection Bureau (CFPB) issued a final interpretive rule on how to provide mortgage applicants with a list of local homeownership counseling organizations. The interpretive rule restates guidance the CFPB issued in 2013, and provides further guidance for lenders who […]
