Fifth Circuit gives servicers green light to foreclose without note

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Rather, it is the available recourse after a sale in violation of an automatic stay that distinguishes Ninth Circuit law from Fifth Circuit law. The Ninth Circuit has held that acts in violation of the automatic stay are void ab initio, whereas the Fifth Circuit has held that such violations are voidable.

 · Texas Supreme Court Clarifies Penalties for Texas Home Equity Loans. Eight years later, the Woods realized the loan violated the constitutional home equity loan requirement that closing fees not exceed 3% of the loan amount and notified the loan’s current holder, HSBC Bank USA, N.A., and mortgage servicer, Ocwen Loan Servicing, LLC, of the violation.

MERS, which was created by the mortgage industry, streamlines the mortgage process by substituting electronic filings in place of traditional land recordings, and acts as nominee in the county land records for the lender and servicer. In other words, lenders and servicers give mers the power to foreclose on their mortgages.

 · Florida Supreme Court’s goal is to close 256,000 foreclosure cases a year – that breaks down to 700 cases each day, if judges work weekends & vacation days. In Florida’s parallel foreclosure courts, banks can ignore a defense motion for 60 days and it disappears.

Texas housing market springs to recovery The San Antonio real estate market remains a haven for investors and homebuyers, and the trend should continue in the second-half of 2016. San Antonio, TX: Real Estate Market (2014): In 2014, the san antonio housing market, much like the rest of Texas, was firing on all cylinders.

See note at story’s end.] “When [the shelter] moved in, it killed this building,” a real estate agent says of Little Tokyo Lofts. He declines to give his name. “It really scares people – nobody wants.

Commentary: This Will Hurt a Little Bit Commentary: This Will Hurt a Little Bit.. industry to do its job efficiently is going to determine how badly the currently-emerging wave of foreclosures and REO will hurt the mortgage industry.

The Sixth Circuit’s ruling is significant because, among other things, the prospect of FDCPA liability may discourage law firms from engaging in mortgage foreclosure activity, requiring banks and other mortgage servicers to move some of these collection activities in-house.

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Cocaine Cowboys Reloaded ZADROZNY V. BANK OF NEW YORK MELLON 9 2012) (en banc), as amended, the Arizona Supreme Court recently considered "whether a trustee may foreclose on a deed of trust without the beneficiary first having to show ownership of the note that the deed secures.