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Texas Supreme Court Issues Decision Clarifying Home Equity Lending
by: Nicole LegereThe Texas Supreme Court issued an opinion on June 21, 2013 which addresses three different issues raised in regard to home equity loans. Under Article XVI Section 50 of the Texas State Constitution, a forced sale, in order to repay a home equity loan, is allowed only if the loan meets certain requirements. […]
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Nevada Enacts Homeowner’s Bill of Rights
by Zachary Pearlstein, Esq.Nevada has modified several provisions regarding the foreclosure of owner occupied property, effective October 1, 2013. Under current law, the trustee of a deed of trust has the power to sell the attached property, subject to certain restrictions. Current law also allows judicial foreclosure to recover debt, or to enforce a right […]
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CFPB Finalizes Clarifications to Mortgage Rules
by: Anna DeSimoneJuly 10, 2013 the Consumer Financial Protection Bureau (CFPB) finalized corrections, clarifications, and amendments to its Ability-to-Repay and mortgage servicing rules. These clarifications were first proposed in April 2013 and reflect the Bureau’s commitment to facilitating implementation in order to better protect consumers. Please refer to my article dated 5/29/13: CFPB Amends Ability-to-Repay […]
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Louisiana Modifies Provisions Regarding Seizures and Sales
by Louis Danastrong J.D.In Louisiana, the General Assembly has recently modified its seizure and sale of property provisions. Typically, a court will only grant a writ of seizure and sale after a lender first exhausts all other possible means of compelling payment from the judgment debtor. Once they have taken the appropriate steps, the lender […]
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Hawaii Amends Lending and Foreclosure Regulations
by: Nicole Legere Changes to Foreclosure Law Hawaii amended Chapter 667 by adding a provision intended to govern the postponement or cancellation of a public sale subsequent to foreclosure proceedings. Under this new provision, the notice of cancellation or postponement must be announced by the court appointed commissioner at the date, time, and place of […]
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Indiana Modifies Provisions Regarding Supervised Loans
by: Zachary Pearlstein Indiana has recently updated regulations regarding supervised loans, effective on July 1, 2013. These updates are as follows: Consumer Credit Sales: There is a new method for determining the maximum credit service charge for a consumer credit sale. The charge may not exceed the greater of: The total of: 36% per […]
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Kansas Revises Provisions Regarding Mortgage Interest Rates
by Zachary Pearlstein, Esq.Kansas has recently made several revisions that relate to mortgage interest rates, effective July 1, 2013.The revised bill includes the following provisions: • The parties to any promissory note or similar instrument (i.e. bill or bond) may stipulate the amount of interest at a rate not to exceed 15% annually (unless otherwise authorized […]
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New Hampshire Amends Provisions Regarding Registry of Deeds Documents
by Amanda Nicholson, J.D.On June 28, 2013 the state of New Hampshire Amended provisions regarding Registry of Deed documents. The amendments will take effect on August 27, 2013. The bill requires that the registry of deeds remove all social security numbers, armed forces service numbers, credit card numbers, and deposit account numbers on documents that […]
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Louisiana Adds Foreclosure and Credit Agreement Provisions
by Louis Danastorg, J.D., M.B.A. Provisions Regarding Foreclosure Action Starting August 1st, 2013, Louisiana’s newly added provisions concerning leases and residential lessee’s (including prospective lessees) right to notification of a foreclosure action come into effect for all lessors in residential leases, even those leasing property subject to a federally-related mortgage loan or receiving housing subsidies, […]
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Oregon Adds Provisions Regarding Foreclosure of Residential Trust Deeds
by Paul McSheffrey, Esq. The state of Oregon recently amended and added provisions to ORS 86.705 to 86.795 regarding foreclosures on residential trust deeds. A beneficiary in these transactions must now request a resolution conference with the grantor before the beneficiary or the trustee files a notice of default or brings suit. The purpose of […]
