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ABUSIVE LENDING
see UNFAIR LENDING PRACTICES
ABUSIVE SERVICING
see SERVICING ABUSES
ACCELERATION
see also DEFAULT
condominium assessments, 15.2.1.1
notice requirements, 15.3.3.1
FHA-insured loans, 6.2.7.8
HECMs, 16.3.2
notice requirements, 8.3.2.3
prepayment penalties and, 8.6.7
RHS direct loans, 6.4.2.2
administrative challenges to, 6.4.2.4
ACCIDENT AND HEALTH INSURANCE
see CREDIT INSURANCE
ACCOMMODATION PARTIES
codebtor bankruptcy stay, 11.3.1.2
RHS direct loans, notice of acceleration, 6.4.2.2
ACCOUNT NUMBERS
change after settlement or workout, 5.6.9.5, 10.9.9.1
ACTIONS
see also LEGAL PROCEEDINGS
affirmative actions, see REMEDIES
civil rights actions, see CIVIL RIGHTS ACTIONS
class actions, see CLASS ACTIONS
counterclaims, see COUNTERCLAIMS
defenses, see HOME DEFENSE
deficiency actions, see DEFICIENCY ACTIONS
evidentiary rules, see EVIDENCE
foreclosure, see JUDICIAL FORECLOSURES
practice aids, see LITIGATION AIDS
tort claims, see TORT CLAIMS
ACTUAL DAMAGES
see also DAMAGES
Servicer Act, 3.2.10.2
emotional distress damages, 3.2.10.2.2
overview, 3.2.10.2.1
pleading, 3.2.10.2.3
ADJUSTABLE-RATE MORTGAGES (ARMs)
see NON-TRADITIONAL MORTGAGES
ADMINISTRATIVE AGENCIES
federal financial agencies, see FEDERAL FINANCIAL AGENCIES
public records, information source, 10.2.7
ADMINISTRATIVE APPEALS
see also APPEALS
GSE loans, 5.11.2.2
loan modification denial, 3.2.8.5
RHS direct loans, 6.4.2.4
USDA agencies, adverse decisions, 6.4.2.4
AFFIDAVITS
evidentiary rules, 7.8.4
servicers, National Mortgage Settlement, 5.9.3.3
AGENTS
authorized assignment agent, 7.7.2
closing agent, see SETTLEMENT AGENTS
escrow agent, see ESCROW ACCOUNTS
liability
government agents, 10.3.2.3.3
subagent’s conduct, 10.3.2.3.2
mortgage brokers as, 9.2.6
mortgage holder, 10.2.6.5.4
payoff statement request by, 3.6.5.2
real estate agents, see REAL ESTATE AGENTS
AGREEMENTS
see also CONTRACTS
loss mitigation, see WORKOUT AGREEMENTS
mortgage agreement, see LOAN DOCUMENTS; MORTGAGE TERMS
securitization, see POOLING AND SERVICING AGREEMENTS (PSA)
ALLONGES
negotiable instruments, indorsement, 7.1.5.3
ALTERNATIVE DISPUTE RESOLUTION
see MEDIATION PROGRAMS
ALTERNATIVE MORTGAGE PRODUCTS
see NON-TRADITIONAL MORTGAGES
AMOUNT DUE
breaking down, 5.2.5
burden of proof, 2.1.3
challenging, 5.2.5.3, 5.2.6
see also QUALIFIED WRITTEN REQUESTS
condominium foreclosures, 15.4.2.3
determining, 2.1.3
tax foreclosures, 17.4.2
ANTI-INJUNCTION ACT
stay of state proceedings by federal court, 10.6.3
APPEALS
see also ADMINISTRATIVE APPEALS
GSE loans, modification denial, 5.11.2.2
loan modification denial, 3.2.8.5
RHS direct loans, 6.4.2.4
posting of bond, 10.5
APPRAISALS
see also VALUATION
BPO alternative, see BROKER PRICE OPINIONS (BPO)
foreclosure rescue scam cases, 18.3.2.2.6.4
inflated appraisals, 9.2.3
know the players, 1.3.2.6
litigation aid, 10.2.4
mortgage lending process, 1.3.2.6
property taxes, see PROPERTY TAX ASSESSMENTS
workout agreements, necessity, 5.2.2, 5.4.6
ARREARS
see DEFAULT
ARBITRATION CLAUSES
bankruptcy, effect, 10.7.5
challenging
enforceability, 10.7.4
other responses, 10.7.5
classwide arbitration, 10.7.5
consumer counterclaims, application, 10.7.5
CROA claims, application, 10.7.3
enforceability, 10.7.4
generally, 10.7.4.1
homeowner challenges, 10.7.5
jurisdiction to decide, 10.7.4.2
federal limits on, 10.7.2
generally, 10.7.1
insurance litigation, 10.7.5
judicial foreclosure situations, 10.7.5
National Arbitration Forum (NAF), 10.7.5
proof, 10.7.5
punitive damages, 10.7.5
ARBITRATION CLAUSES (cont.)
scope, 10.7.5
standing to enforce, 10.7.5
TILA rescission, effect, 10.7.5
TILA restrictions, 9.5.7
unconscionability, 10.7.5
usurious contracts, 10.7.3
ASSESSMENTS
see PROPERTY TAX ASSESSMENTS
ASSIGNEES
see also ASSIGNMENTS; MORTGAGE HOLDERS
current assignee, 1.3.3.3, 7.3, 7.4.4, 10.2.6.1
FDIC, 9.16.3
holder-in-due-course status, 9.16.2
high-cost mortgages, 9.16.1
nonnegotiable notes, 7.2.4.6
information requests re, 3.2.2.10.7
liability
consumer defenses, 9.16, 10.3.2
HOEPA, 9.5.9, 9.16.1, 18.4.3.3
home improvement mortgages, 9.2.7
nonnegotiable notes, 7.2.4.6
originator conduct, 9.16, 10.3.2.2
TILA, 4.3, 9.5.6, 18.4.2.4
standing
current assignee, 7.4.4
defects, fixing retroactively, 7.4.8
judicial foreclosures, 7.4
non-judicial foreclosures, 7.5
primacy of the note, 7.1.3, 7.3.2
ASSIGNMENTS
see also ASSIGNEES; MORTGAGE ASSUMPTIONS
allonges, role of, 7.1.5.3
authorized agent, 7.7.2
enforcement of note
judicial foreclosure states, 7.4.3
negotiable notes, 7.1.5
non-judicial foreclosure states, 7.5.3, 7.5.4
nonnegotiable notes, 7.2.4.3, 7.2.4.5
enforcement of security instrument
judicial foreclosure states, 7.4.4
non-judicial foreclosure states, 7.5.2, 7.5.4
HUD programs
DASP, 6.2.9
HMAP, 6.2.7.2
irregularities, retroactive correction, 7.4.8
land installment sales contracts, 14.2.1
MERS, by, 7.12.6
mortgages and deeds of trust, 7.12.6.1
promissory notes, 7.12.6.2
negotiable notes, 7.1
indorsement, 7.1.5.3
nonnegotiable notes, 7.2
notice requirements, 1.3.3.3.2, 10.2.6
sample notice, Appx. J.3.7
primacy of the note, 7.1.3, 7.3.2
proving proper transfer, 7.7.3
acquisition through merger, 7.7.3.2
affidavits and declarations, 7.8.4
authentication of electronically stored documents, 7.8.3
authentication of paper documents, 7.8.2
possession of note, 7.1.5.6
securitization documents, 7.7.3.1, 7.7.3.3
timing of transfer, 7.1.5.4
recording information, 10.2.6.5.5
securitization
nonnegotiable notes, 7.2.4.5
pooling and servicing agreement, 7.7.3.3
proving transfer, 7.7.3.1
standing, 7.2.4.5, 7.5.4, 7.7.3.1
transfer of note and mortgage, 7.1.2
scrutinizing, 7.7.4
transfer of both note and mortgage required, 7.1.2
“mortgage follows the note” rule, 7.1.3, 7.3.2
VA-refunding, 6.3.2.9
validity, 7.3
evidence, 7.7.3
generally, 7.3.1
“mortgage follows the note” rule, 7.1.3, 7.3.2
power of attorney, 7.7.2
primacy of the note, 7.1.3
procedure for challenging, 7.4.7
retroactive correction, 7.4.8
standing to challenge, 7.5.6, 7.7.1
void versus voidable, 7.7.3
written requirement, 7.3.1
ASSISTANCE PROGRAMS
see also GOVERNMENT ASSISTANCE
generally, 5.3.3
making home affordable, see MAKING HOME AFFORDABLE PROGRAM (MHAP)
moratoriums, see MORATORIUMS
natural disasters, 5.12.5
scams, see SCAMS
workouts, see WORKOUT AGREEMENTS
ASSUMPTIONS
see MORTGAGE ASSUMPTIONS
ATTACHMENTS
see also SEIZURE
bankruptcy stay, 11.3.4.1
deficiency judgments, 12.3.1
ATTORNEY FEES AND COSTS
see also ATTORNEYS; DAMAGES
bankruptcy, entitlement, 11.4.4
condominium association foreclosures, 15.3.5
foreclosure attorneys, 2.2.8.6
National Mortgage Settlement, 5.9.3.7.2.3
TILA, 18.4.2.3
servicing abuses, 2.2.8.6
settlement issues, 10.9.5
tax issues, 10.8.7
UDAP, 18.4.5.5
ATTORNEYS
closing agents, acting as, 1.3.2.7
fees, see ATTORNEY FEES AND COSTS
foreclosure rescue scams, involvement, 18.3.3
loan modification scams, 18.2.4
lender’s attorney, 1.3.3.7
MARS Rule exemption, 18.4.4.5.2
practice tips, see PRACTICE TIPS
qualified written request, sample request by, Appx. J.2.3
research aids, see RESOURCE AIDS
UDAP, application, 18.4.5.2
workout agreements, client representation, 5.2.1
BAD FAITH
see also GOOD FAITH
foreclosure sale delay, refusal of reasonable request, 5.6.3
BANKRUPTCY
see also TRUSTEES IN BANKRUPTCY
adequate creditor protection, 8.7.3, 11.3.7.5
adversary proceedings, 11.2.4
allowed secured claims, payment in full, 11.5
attorney fees, collection, 11.4.4
automatic stay of proceedings, 11.3
codebtor stay, 11.3.1.2
condominium association foreclosures, 15.4.4
duration, 11.3.3
enforcing, 11.3.6
evictions, 18.5.2
exceptions, 12.2.4.1.2
home defense, 10.6.6
land installment sales contracts, 14.5.4
limitations on, 11.3.3.2
notice, 11.3.5
overview, 11.3.1.1
pending appeal of relief motion, 11.3.7.9
purpose, 11.3.2
relief from stay, 11.3.7, 11.8.2
scope, 11.3.4
tax foreclosures, 17.3.1.6, 17.4.4
violations, remedies, 11.3.6, 12.2.4.1.1
avoidance of pre-bankruptcy transfers and liens
debtor’s powers, 18.5.3.3
foreclosure rescue scams, 18.5.3
foreclosure sales, 12.2.3.5.4, 12.2.4
fraudulent conveyances, 12.2.4.2, 18.5.3.2.2
judicial liens, 11.7
land installment sales, 14.5.5
preferences, 12.2.4.4
tax sales, 17.3.3.2.8
trustee’s powers, 18.5.3.2
basics of bankruptcy, 11.2
chapter 7 straight bankruptcy, 11.2.1.2
chapter 13 reorganizations, 11.2.1.3
condominium liens, 15.4.4
payment application, 5.9.3.6.4
COD income exclusion, 10.8.6, 12.6.4.3
codebtor stay, 11.3.1.2
collateral, valuation, 12.2.3.5.4
condominium association dues, 15.4.4
dischargeability, 15.5.7
consumer defenses, effect on, 8.3.1
credit consequences, 5.7.2
credit counseling requirements, 11.2.3
current payments outside plan, 11.4.1
defendants, protecting against, 10.9.6
discharge injunction, 11.3.3.1
due on sale defaults, curing, 8.6.5.3
early intervention exemption, 3.2.6.4.2
escrow accounts, 2.4.4
statements, entitlement, 3.3.3.2.3
federal debts, discharge, 6.5
financial education course, 11.2.3
foreclosure prevention, 1.2.8, 11.1, 18.5
default, curing, 11.4
land installment sales contracts, 14.5
foreclosure rescue scams, challenging in, 18.5
foreclosure sales, curing defaults after, 11.4.2
setting aside sale, 11.4.2.4, 12.2.4
foreclosure standing questions, 7.6
misrepresentations, 7.11
servicer authority, 7.9
forum selection, 10.6.6
fraudulent transfers, 12.2.4.2, 18.5.3.2.2, 18.5.3.2.3
gathering information, 11.2.2
HAMP eligibility, 5.8.2.14
2MP eligibility, 5.8.3.4
FHA-insured loans, 6.2.3.5
HUD-insured loans
loss mitigation, 6.2.7.10
impact, 11.10
in rem orders, 11.3.3.3
interest on arrears, 2.4.2, 11.4.5
interest rate on secured claims, 11.5
land installment sales contracts and, 14.5
automatic stay, 14.5.4
setting aside forfeiture, 14.5.5
timing issues, 14.5.3
treatment as executory contract, 14.5.2
treatment as security interest, 14.5.1
landlord’s, tenant’s rights, 12.7.3
liquidation sales, 11.9
litigating within, 11.2.4
long-term debt cure, 11.4.1
manufactured homes, 13.12
MERS, standing to file proof of claim, 7.12.7
misapplication of payments, 2.4.3
modification of plan, 11.9
monitoring fees, 2.4.6
mortgage payment change form, 2.4.5, 11.4.6.2
National Mortgage Settlement, 5.9.3.1, 5.9.3.6
plan payments, proper crediting, 11.4.7
power of sale, setting aside, 12.2.2.1, 12.2.4
present value interest, 11.5
proof of claim
fees, 2.4.6
National Mortgage Settlement, 5.9.3.6
qualified written request after filing, Appx. J.2.4
reaffirmation agreements, 11.8.2, 11.10.2.1
redemption rights, 11.4.2.2
relief from stay, 11.3.7
burden of proof, 11.3.7.3, 11.3.7.7
consumer defenses, raising, 11.3.7.8
counterclaims, raising, 11.3.7.8.2
discovery, 11.3.7.6, 11.3.7.8.4
ex parte relief, 11.3.7.2
form of proceeding, 11.3.7.2
grounds, 11.3.7.5
in rem relief, 11.3.3.3
MERS, 7.12.7
National Mortgage Settlement, 5.9.3.6.3
overview, 11.3.7.1
parties, 11.3.7.3
practice tips, 11.3.7.8.2, 11.3.7.8.4
standing, 7.6, 11.3.7.3
statement of intention, noncompliance, 11.8.2
stay pending appeal, 11.3.7.8.4, 11.3.7.9
taxing entities, 17.3.2.3
time limits, 11.3.7.4
repeat filings, effect, 11.3.3.2, 11.3.3.3, 11.10.4
res judicata effect, 11.10.3
RESPA/Servicer Act, application, 3.2.9.3
reverse mortgages, foreclosure prevention, 16.3.3.4.4
right to cure
after foreclosure, 11.4.2
generally, 11.4.1
Rooker-Feldman doctrine, application, 10.6.4.8
Rule 3002.1, use of, 11.4.6
Attorney General’s use, 11.4.6.7
fee dispute procedure, 11.4.6.4
generally, 11.4.6.1
National Mortgage Settlement, 5.9.3.6.2
notice of final cure payment, 11.4.6.5
notice of payment change, 11.4.6.2
notice of postpetition fees, 11.4.6.3
sanctions for non-compliance, 11.4.6.6
sale of property, 11.9
sample pleadings and forms, Appx. K
servicemembers, 8.11.9
servicing abuses, 2.4, 11.4.6
fee dispute procedure, 11.4.6.4
National Mortgage Settlement, 5.9.3.3, 5.9.3.6
postpetition fees, 11.4.6.3
state law, using, 7.6, 12.2.4.3, 12.2.4.5
statement of intention, 11.8
noncompliance, 11.8.2
requirements, 11.8.1
strip down, 11.6
additional property, 11.6.4
home secured loans, 11.6.1
manufactured homes, 11.6.3, 13.12
unsecured junior mortgages, 11.6.2
subsequent bankruptcies, 11.10.4
tax foreclosures
redemption period, effect, 17.4.4
stay of process, 17.3.1.6, 17.4.4
tax liens, dealing with, 17.3.1.6
TILA rescission, exercise, 9.5.5
undisclosed fees, 2.4.5
workout after filing, 11.10.2
workout alternative, 5.3.1
timing, 5.2.7
BONA FIDE PURCHASERS
generally, 18.4.1.3
inquiry notice, 18.4.1.3
BONDS
see also TENDER
requirements
foreclosure by power of sale, 7.5.7
generally, 10.5
BONDS FOR DEED
see LAND INSTALLMENT SALES CONTRACTS
BORROWERS
see HOMEOWNERS
BREACH OF CONTRACT
condominium dues, nonpayment, 15.2.6
HAMP modification agreements, 5.13.8
loan agreement, right to cure provisions, 3.2.9.2
privity requirement, 4.9.2
servicing abuses, 4.9
fee overcharges, 2.2.8.1
servicing guidelines, noncompliance, 4.9, 5.13.10
FHA-insured mortgages, 6.2.7.11
BREACH OF GOOD FAITH
see GOOD FAITH
BREACH OF THE PEACE
manufactured home repossessions, 13.4
BROKER PRICE OPINIONS (BPO)
see also APPRAISALS
servicing abuses, 2.2.8.3
workout agreements, necessity, 5.2.2
BROKERS
see MORTGAGE BROKERS; REAL ESTATE AGENTS
BURDEN OF PROOF
affirmative defenses, 7.4.7
amount due, 2.1.3
bankruptcy proceedings
attorney fee entitlement, 11.4.4
interest rate on secured claims, 11.5
relief from stay, 11.3.7.3, 11.3.7.7
bona fide error, 4.5.4
deficiency, 12.3.4
fees, improper assessment, 2.1.3
foreclosure authority, 7.5.5
loan note, enforcement by non-holders, 7.1.5.5
misapplication of payments, 2.1.3
non-judicial sales, authority to conduct, 7.5.5
RHS decisions, appeals, 6.4.2.4
tax sales, irregularities, 17.3.3.2.1
BUSINESS DOCUMENTS
see CORPORATE RECORDS
CANCELLATION OF DEBT (COD) INCOME
acquisition indebtedness, 12.6.4.7
government subsidies, 12.6.4.7.3
ordering rule, 12.6.4.7.2
overview, 12.6.4.7.1
creditor reporting
Form 1099-C, 12.6.3.5, 12.6.5.3
non-reportable items, 12.6.3.4
triggering events, 12.6.3.3
determination of amount, 12.6.3.2
exclusions, 10.8.6, 12.6.4
acquisition indebtedness, 12.6.4.7
bankruptcy exclusion, 10.8.6, 12.6.4.3
disputed or contingent debts, 10.8.6, 12.6.4.4
insolvency exclusion, 10.8.6, 12.6.4.2
interest and fees, status, 12.6.4.5
overview, 12.6.4.1
practice tips, 12.6.5
purchase price infirmity doctrine, 12.6.4.6
general rule, 10.8.1, 12.6.3.1
practice tips, 12.6.5
recourse vs. non-recourse debt, 12.6.3.2
tax consequences, 5.7.1, 10.8.6, 12.6.3
taxpayer reporting, Form 982, 12.6.3.6
workouts, 5.7.1
CAPITAL GAINS
foreclosure sales, 12.6.2
CASH FOR KEYS
FHA-insured loans, 6.2.4
CHURNING
see LOAN CHURNING
CIVIL CONSPIRACY
fraud claims, 18.4.7.7
CIVIL RIGHTS ACTIONS
see also CONSTITUTIONAL ISSUES; DUE PROCESS
bankruptcy stay violations, 11.3.6.2
fair lending statutes, 9.7
CLAIMS
see ACTIONS; COUNTERCLAIMS; PLEADINGS; REMEDIES
CLASS ACTIONS
FDCPA violations, 4.5.4
Servicer Act violations, 3.2.2.12
CLOSED-END MORTGAGES
see MORTGAGES
CLOSING AGENT
see SETTLEMENT AGENTS
CODEBTORS
see also ACCOMMODATION PARTIES
bankruptcy stay, 11.3.1.2
COLLATERAL ESTOPPEL
see ESTOPPEL
COLLECTION ACTIVITIES
see DEBT COLLECTION
COMMERCIAL REASONABLENESS
foreclosure sales, 12.2.3.5
condominiums, 15.4.2.4.3
tax sales, 17.3.3.2.8
COMPLAINTS
see also PLEADINGS
consumer complaints as information source, 10.2.7.2
COMPROMISE SALES
VA-guaranteed loans, 6.3.2.6
CONDOMINIUM ASSOCIATION FORECLOSURES
challenging by unit owner, 15.4
alternative dispute resolution, 15.4.1.1
chapter 13 bankruptcy cases, 15.4.4
civil actions, 15.4.1.2
defenses and counterclaims, 15.4.2
escrow accounts, 15.4.6
military personnel, 15.4.5
notice of contest of lien, 15.4.1.3
right to cure, 15.4.3
servicer liability, 15.4.6
statutory procedures, 15.4.1
condominium association’s power to foreclose, 15.2
expiration of lien, 15.2.2
lawsuit alternative, 15.2.6
not mandatory, 15.2.5
premature foreclosure, 15.2.4
scope of lien, 15.2.1
statutory limitations, 15.2.3
conflict with declaration, 15.3.1, 15.4.2.4.2, 15.4.2.7
defects in sale process, 15.4.2.4
commercial reasonableness, 15.4.2.4.3
notice, 15.4.2.4.2
right to sell, 15.4.2.4.1
defenses and counterclaims, 15.4.2
conflict between declaration and statute, 15.4.2.7
defects in sale process, 15.4.2.4
delinquency statement, failure to provide, 15.3.3.2, 15.4.2.3
ownership, failure to ascertain, 15.4.2.6
partial payment, failure to accept, 15.4.2.5
reasonable payment plan, failure to accept, 15.4.2.8
servicer liability, 15.4.6
state law preclusion, 15.4.2.2
unreasonable assessments and fees, 15.4.2.1
liability for unpaid assessments
bankruptcy, 15.5.7
mortgage holder or servicer, 15.4.6
post-sale, 15.5.6
tenants, 15.6
limitations on association’s right to foreclose, 15.2.3
minimum unpaid assessment, 15.2.3.2
procedural requirements, 15.2.3.3
method of foreclosure, 15.3
attorney fees and costs, 15.3.5
notice requirements, 15.3.3
reasonable rental during foreclosure, 15.3.4
recordation requirements, 15.2.1.6, 15.3.2
same as lien on real property, 15.3.1
notice requirements, 15.3.3
lien, notice of, 15.3.3.4
post-sale notice, 15.3.3.6
pre-acceleration notice, 15.3.3.1
prior to imposing lien, 15.3.3.3
prior to sale, 15.3.3.5, 15.4.2.4.2
statement of delinquent assessments, 15.3.3.2, 15.4.2.3
overview, 15.1
dual foreclosure threat, 15.1.2
power of condo association, 15.1.1, 15.2
state law, 15.1.3, 15.1.4
post-foreclosure, 15.5
dischargeability in bankruptcy, 15.5.7
priority of claims, 15.5.2
right of redemption, 15.5.1
superpriority liens, 15.5.3
surplus, entitlement, 15.5.4, 15.5.5
third party liability, 15.5.6
proceeds of sale
entitlement, 15.5.4, 15.5.5
priority of claims, 15.5.2
super lien status, 15.5.3
scope of lien, 15.2.1
acceleration of assessment, 15.2.1.1, 15.3.3.1
automatic liens, 15.2.1.6
date lien arises, 15.2.1.5
fines for rule violations, 15.2.1.3
interest, fees and costs, 15.2.1.2
priority of lien, 15.2.1.4
recordation requirements, 15.2.1.6, 15.3.2
state condominium laws, Appx. I
tenant liability, 15.6
Uniform Common Interest Ownership Act, 15.1.4
CONFERENCES
see MEDIATION PROGRAMS
CONFIDENTIALITY AGREEMENTS
discovery, 10.2.8.2
settlements, 10.9.2
workouts, 5.6.9.4
CONSOLIDATION OF DEBTS
see also REFINANCING
disadvantageous, creditor overreaching, 9.2.1
CONSPIRACY
see CIVIL CONSPIRACY
CONSTITUTIONAL ISSUES
see also CIVIL RIGHTS ACTIONS
discrimination, see DISCRIMINATION
due process, see DUE PROCESS
property tax assessments, 17.3.1.2.2, 17.3.4.5
Rooker-Feldman doctrine, application, 10.6.4.9.3
tax sales, 17.3.4
CONSUMER CREDIT STATUTES (STATE)
manufactured homes, defenses, 13.8
usury laws, 18.4.9
choice of law, 18.4.9.2
federal preemption, 9.14
generally, 18.4.9.1
licensing provisions, 18.4.9.3
CONSUMER DEFENSES
see also COUNTERCLAIMS; HOME DEFENSE; LITIGATION AIDS
assignee liability, 9.16.2, 10.3.2
bankruptcy as, see BANKRUPTCY
bankruptcy filing, effect on, 8.3.1, 11.10.3
bankruptcy stay, relief proceedings, raising, 11.3.7.8
condominium association assessments, 15.4.2.1
deficiency actions, 12.3.3, 12.3.4
FDIC, raising against, 9.16.3
foreclosure prevention, see HOME DEFENSE
holders in due course, raising against, 9.16.2
judicial foreclosure, raising, 8.2.2
litigating, see LITIGATION AIDS
power of sale, raising, 8.2.3
refinancing, effect, 5.3.2
Rooker-Feldman doctrine, effect, 12.2.2.2
tax sales by judicial process, raising, 17.3.2.2
workouts, effect on negotiations, 5.2.6
CONSUMER FINANCIAL PROTECTION BUREAU (CFPB)
complaints to, 10.2.7.2
RESPA rulemaking authority, 3.1.3
servicing rule, see SERVICING RULES (CFPB)
TILA rulemaking authority, 3.1.3
CONSUMERS
see HOMEOWNERS
CONTINUITY OF CONTACT
servicers, requirements, 3.2.7
assign personnel, 3.2.7.2
enforcement, 3.2.7.5
exemptions, 3.2.7.4
generally, 3.2.7.1
loss mitigation application assistance, 3.2.7.3
CONTRACTS
see also AGREEMENTS
breach of contract, see BREACH OF CONTRACT
implied covenant of good faith and fair dealing, 4.10
intentional interference, servicer liability, 4.12.6
land sales, see LAND INSTALLMENT SALES CONTRACTS
CONTRACTS FOR DEED
see LAND INSTALLMENT SALES CONTRACTS
CONVENTIONAL MORTGAGE MARKET
overview, 1.4.1
CONVERSION
manufactured home to real property, 13.2.3
tort of, liability
foreclosure rescue scams, 18.4.8.6
servicers, 4.12.9
COOLING-OFF PERIODS
mortgage assistance relief services, 18.4.4.4
CORPORATE ADVANCES
servicer-paid expenses, 2.2.8.5
CORPORATE RECORDS
admissibility, 7.8.5
information source, 10.2.7.4
foreclosure rescue scams, 18.3.2.2.6.6
COSIGNERS
see ACCOMMODATION PARTIES
COUNSELING
bankruptcy prerequisite, 11.2.3
COUNTERCLAIMS
see also HOME DEFENSE; REMEDIES
assignee liability
HOEPA, 8.6.6.5
bankruptcy asset, 11.10.3
bankruptcy stay, relief proceedings, raising, 11.3.7.8.2
FDIC, raising against, 9.16.3
time-barred, raising in power of sale proceedings, 8.2.3
COURT CLERKS
foreclosures, state participation, 8.4.2
CREDIT DISCRIMINATION
see DISCRIMINATION
CREDIT INSURANCE
see also PRIVATE MORTGAGE INSURANCE (PMI)
denial of coverage
challenging, 9.2.2.4
inappropriate grounds, 9.2.2.3
described, 9.2.2.2
documentation, 10.2.3
packing, 9.2.2.1
TILA restrictions, 9.5.7
CREDIT LINES
see HOME EQUITY LINES OF CREDIT (HELOCs)
CREDIT PRACTICES RULE (FTC)
see also FEDERAL TRADE COMMISSION (FTC)
pyramiding late fees, prohibition, 2.2.7.2
CREDIT RATING AGENCIES
information source, 10.2.7.6
CREDIT RECORDS
see also FAIR CREDIT REPORTING ACT (FCRA)
disputing, 4.6
foreclosures, consequences, 5.7.2
libel actions, 4.12.8
obtaining, 4.6
repair scams, 5.7.2, 18.4.10.3
servicer abuses, 2.3.3, 4.6
settlements, protecting, 10.9.3
workouts, consequences, 5.7.2
CREDIT REPAIR ORGANIZATIONS
arbitration of claims re, 10.7.3
scams, 5.7.2
foreclosure rescue scams, 18.4.10.3
state law, 18.4.10.3
CREDIT TRANSACTIONS
fiduciary duty, 9.12
manufactured homes, treatment, 13.8
state law, see CONSUMER CREDIT STATUTES (STATE)
CREDITORS
see also MORTGAGE HOLDERS
bankruptcy filing by debtor
adequate protection, 11.3.7.5
attorney fees, collection, 11.4.4
monitoring fees, 2.4.6
COD income, reporting, 12.6.3.3, 12.6.3.4
fiduciary duty, 9.12
good faith duty, 8.7.2
foreclosure sales, 12.2.3.5.3, 12.2.4.3
information requests, 5.2.5.2
loan assumptions, see MORTGAGE ASSUMPTIONS
loan note, enforceability, 7.1.5
mortgage loans, see MORTGAGES
overreaching by, see IMPROVIDENT LENDING
RESPA obligations, 5.2.5.3
servicing guidelines, see SERVICING GUIDELINES
unfair lending practices, see UNFAIR LENDING PRACTICES
CROSS-SELLING
reverse mortgages, abuses, 16.4
CURE OF DEFAULT
see RIGHT TO CURE
DAMAGES
see also ATTORNEY FEES AND COSTS; REMEDIES
bankruptcy stay violations, 11.3.6.1
ECOA violations, 9.7
FCRA violations, 4.6
FDCPA violations, 4.5.4
FHA violations, 9.7
HOEPA violations, 9.7
property flipping scams, 9.2.3
RESPA violations
actual damages, 3.2.10.2
generally, 3.2.10.1
Servicer Act, 3.2.10
statutory damages, 3.2.10.3
tax issues
allocating, 10.9.4.2
multiple and statutory damages, 10.8.3
overpayment recovery, 10.8.5, 12.6.5.2
pain and suffering damages, 10.8.2
punitive damages, 10.8.3
TILA disclosure violations
damage claims, 9.5.6
foreclosure rescue scams, 18.4.2.3
high-cost loans, 9.5.9
higher-priced loans, 9.5.8
manufactured homes, 13.6.1
wrongful foreclosure, 12.5
DEBT CANCELLATION AGREEMENTS
TILA restrictions, 9.5.7
DEBT COLLECTION
abuses
HAMP, regarding, 5.13.9
sample pleadings, Appx. K
servicers, 4.5
tax collection, 17.6
federal law, see FAIR DEBT COLLECTION PRACTICES ACT (FDCPA)
federal loans, 6.5
Form 1099-C, after, 12.6.3.5.3
state law, 4.5.5
DEBT OBLIGATION
see also MORTGAGES
acceleration, see ACCELERATION
balance due, challenging, 2.1.3, 5.2.5
default, see DEFAULT
forgiveness, tax consequences, 5.7.1, 10.8.6, 12.6.3
disputed debts, 12.6.4.4
exclusions, 12.6.4
practice tips, 12.6.5
owner, see MORTGAGE HOLDERS
reaffirmation, 11.10.2.1
tax debts, status, 17.6
unlawful debts, 9.8
DEBTORS
see HOMEOWNERS
DEEDS
see also TITLE
delivery, bankruptcy filing prior to, 12.2.4.5
equitable mortgage status, 18.4.1.2
false notarization, 18.4.11.2
forged, effect, 18.4.1.3
in lieu of foreclosure, see DEEDS IN LIEU
state law requirements, 18.4.11.1
tax sale purchasers, see TAX DEEDS
DEEDS IN LIEU
credit consequences, 5.7.2
Fannie Mae loans, 5.11.6.4
foreclosure alternative, 5.5.2
FHA-insured loans, 6.2.4
Freddie Mac loans, 5.11.7.5
HAFA program, 5.8.5.3, 5.11.5
RHS loans
direct loans, 6.4.2.1.8
guaranteed loans, 6.4.3.2.6
tax consequences, 5.7.1, 12.6.3
VA-guaranteed loans, 6.3.2.7
DEEDS OF TRUST
see also MORTGAGES
described, 10.2.3
foreclosures under, 8.5
installment sales contract alternative, 14.1
MERS as nominee, 7.12.1, 7.12.3
promissory note, relationship, 7.1.2
reviewing, 1.2.2.4
transfer, see ASSIGNMENTS
trustee
fiduciary duties, 8.5, 8.7.2
foreclosing trustee, 1.3.3.8
DEFAULT
see also ACCELERATION
amount owing, 5.2.5
see also AMOUNT DUE
bankruptcy cure, 11.4
breakdown, 5.2.5
need for, 5.2.5.1
obtaining, 5.2.5.2–5.2.5.3
circumstances, 4.5.2
continuity of contact requirements, see CONTINUITY OF CONTACT
debt collection, 4.5
due on sale provisions, 8.6
early intervention requirements, see EARLY INTERVENTION
estoppel, 8.3.3
fees related to, 5.9.3.7.2.2
FHA-insured loans
DASP program, 6.2.9
notice, 6.2.7.5
foreclosure, see FORECLOSURES
HECMs, property charges, 16.3.2
HUD mortgages, 6.2.7.10
interest arrears, interest on, 11.4.5
land installment sales contracts, 14.3, 14.4
notice and right to cure, 14.3.2
treatment as mortgage, 14.3.3, 14.4.1
late payment acceptance, effect, 2.1.4, 8.3.3
loss mitigation, see LOSS MITIGATION
manufactured homes, precondition to repossession, 13.3.3
notice
FHA-insured loans, 6.2.7.5
land installment sales contracts, 14.3.2
National Mortgage Settlement, 5.9.3.3.2
state law summary, Appx. F
VA-guaranteed loans, 6.3.3
redemption rights, see REDEMPTION
reinstatement after, see REINSTATEMENT
RESPA/Servicer Act provisions, 5.2.5.3
RHS loans, 6.4.2
failure to refinance, 6.4.2.3
service providers, see DEFAULT SERVICE PROVIDERS
understanding default, 2.1.4
VA-guaranteed mortgages, 6.3.2, 6.3.3
waiver by creditor, procedural defense, 8.3.3
when is default, 2.1.4
workout agreements, see WORKOUT AGREEMENTS
DEFAULT JUDGMENTS
standing challenges after, 7.4.9
DEFAULT SERVICE PROVIDERS
described, 1.3.3.6
fee abuses, 2.2.8.1
DEFECTS
see IRREGULARITIES
DEFENDANTS
see also PARTIES
bankruptcy, protecting against, 10.9.6
choosing, 10.3
mortgage owner, 10.3.2
servicers, 10.3.3
foreclosure rescue scams, 18.3.3
multiple, settlement issues, 10.9.1
other lawsuits, gathering information, 10.2.7.7
out-of-state, jurisdiction, 10.4.3
Rooker-Feldman doctrine, application, 10.6.4.4.2
DEFENSES
see also COUNTERCLAIMS
affirmative defenses, raising, 6.3.4.2
authority to foreclose, 7.4.7
bona fide purchaser defense, 18.4.1.3
condominium association liens, 15.4.2
consumer, see CONSUMER DEFENSES
homes from foreclosure, see HOME DEFENSE
servicer defenses, 3.2.9
DEFERRAL AGREEMENTS
see REPAYMENT PLANS
DEFICIENCY ACTIONS
bankruptcy stay, 11.3.4.1
bars to
anti-deficiency statutes, 12.3.2
breach of duty of good faith, 12.3.3
commercially unreasonable sale, 12.3.3
low sale price, 12.2.3.5.4, 12.3.3
manufactured homes, 13.3.7
burden of proof, 12.3.4
circumstances, 1.2.13, 12.3.1
counterclaims, 12.3.3
defenses, 12.3.3
defined, 12.3.1
federally insured loans, 6.5
forgiveness of deficiency, 12.6.3
HUD-held mortgages, 6.2.8.1
judicial foreclosure actions, combining with, 8.2.2
judicial limitations, 12.3.3
manufactured home repossessions, 13.3.7
state restrictions, 12.3.2
unsecured status, 12.3.5
DEFINITIONS
adequate protection, 11.3.7.5
debt collector, 4.5.2
deficiency judgment, 12.3.1
federally-related mortgage loans, 3.1.4.1
fixture, 13.2.2
force-placed insurance, 3.2.5.2
good faith, 8.10.2
hazard insurance, 3.2.5.2
holder, 7.1.5.1
insolvency, 12.6.4.2
judicial lien, 11.7
manufactured home, 13.1
mortgage assistance relief service, 18.4.4.2
principle residence, 16.3.3.2
negotiable instrument, 7.1.4
relevant evidence, 7.8.1
servicer, 3.1.4.1, 3.2.2.2
servicing, 3.1.4.1, 3.2.2.2
small servicer, 3.1.4.3
DELINQUENCY
see DEFAULT
DEPARTMENT OF AGRICULTURE
see RURAL HOUSING SERVICE (RHS) LOANS
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD)
DASP program, 6.2.9
debt collection powers, 6.5
foreclosures by, 6.2.8
applicable law, 6.2.8.1
challenges to law, 6.2.8.2
due process considerations, 6.1.2, 6.2.8.2
moratoriums, 5.12.3
state law preemption, 6.2.8.1
HECM program, 16.1
loss mitigation
bankruptcy policies, 11.10.2.2
FHA program, 6.2.2
natural disasters, 5.12.3
mortgages held by, see HUD-HELD MORTGAGES
mortgages insured by, see FHA-INSURED LOANS
natural disasters, 5.12.3
RESPA authority, 3.1.3
settlement statement, see HUD-1 SETTLEMENT STATEMENT
DEPARTMENT OF VETERANS AFFAIRS (VA) LOANS
see VA-GUARANTEED LOANS
DEPOSITORY INSTITUTIONS ACT (DIA)
due on sale clauses, application, 8.6.1
DISABILITY INSURANCE
see CREDIT INSURANCE
DISASTER AREAS
see NATURAL DISASTERS
DISCHARGE OF DEBTS IN BANKRUPTCY
see BANKRUPTCY
DISCHARGE OF INDEBTEDNESS INCOME
see CANCELLATION OF DEBT (COD) INCOME
DISCHARGE OF MORTGAGE
see also PAYOFF OF MORTGAGE
payoff statements, see PAYOFF STATEMENTS
state law, Appx. E.3
timely release, failure to provide, 2.3.2
DISCLOSURE
see also NOTICE
HUD-1 settlement statement, see HUD-1 SETTLEMENT STATEMENT
integrated disclosures, 10.2.3
land installment sales contracts, 14.3.4
MARS rule requirements
fees, 18.4.4.3
other disclosures, 18.4.4.4
mortgage holder and servicer, 10.2.6
MERS, 7.12.2
RESPA requirements, 3.2.2, 5.2.5.3, 9.6.2
qualified written request, see QUALIFIED WRITTEN REQUESTS
servicing transfers, 3.2.3
yield spread premium, 9.2.6
TILA, see DISCLOSURES (TILA)
DISCLOSURES (TILA)
see also TRUTH IN LENDING ACT (TILA)
disadvantageous loans, evaluating, 9.2.1
documentation, 10.2.3
foreclosure rescue scams, application, 18.4.2.1
generally, 9.5.6
high-cost loans, 9.5.9
see also HOME OWNERSHIP AND EQUITY PROTECTION ACT (HOEPA)
higher-priced loans, 9.5.8
integrated disclosures, 10.2.3
interest rate change notice, 3.6.2
manufactured homes, 13.6.1
payment change notice, 3.6.2
reverse mortgages, application, 16.4
transfer notice, 10.2.6
violations
damages claims, 9.5.6
servicing provisions, 3.6.6
rescission rights, 9.5.2
DISCOVERY
bankruptcy stay, motion for relief, 11.3.7.6, 11.3.7.8.4
confidentiality/protection orders, 10.2.8.2
document requests, 10.2.8.1
DISCOVERY (cont.)
FHA litigation, 6.2.7.12.1
sample pleadings, Appx. K
DISCRIMINATION
see also CIVIL RIGHTS ACTIONS
fair lending statutes, 9.7
steering and targeting, 9.2.5
DISTRESSED ASSET SALES PROGRAM (DASP)
FHA-insured loans, 6.2.9
DIVERSION PROGRAMS
see MEDIATION PROGRAMS
D’OENCH, DUHME DOCTRINE
foreclosure defenses against FDIC, 9.16.3
DOCUMENTS
appraisals, see APPRAISALS
discovery, see DISCOVERY
evidentiary rules, 7.8
see also EVIDENCE
gathering information, 10.2
overview, 10.2.2.1
sources, 10.2.1, 10.2.2.2
storing, 10.2.2.3
origination documents, see LOAN DOCUMENTS
pleadings, see PLEADINGS
public records, see PUBLIC RECORDS
servicing guidelines, 7.14
National Mortgage Settlement, 5.9.3.3
servicing records, 10.2.5
transfer of mortgage ownership, see TRANSFER OF OWNERSHIP NOTICE
DOOR-TO-DOOR SALES
state law, 18.4.10.2
DUAL TRACKING
restrictions, 3.2.8.7
after initiation of foreclosure, 3.2.8.7.5
complete applications, 3.2.8.7.4
“first notice or filing,” 3.2.8.7.3
National Mortgage Settlement, 5.9.4
notice of error, Appx. J.2.6
preforeclosure review period, 3.2.8.7.2, 3.2.8.7.4
Servicing Alignment Initiative, 5.11.2
DUE DILIGENCE
foreclosure obligations, 8.7.2, 12.2.3.5.3, 12.2.4.3
DUE ON SALE PROVISIONS
contractual limits, 8.6.5.2
curing default in bankruptcy, 8.6.5.3
enforceability
additional limitations, 8.6.5
exempt transactions, 8.6.2
intra-family transfers, 8.6.3
overview, 8.6.1
“window period” loans, 8.6.4
federal preemption, 8.6.1
foreclosures based on, 3.2.8.7.2
mortgage assumptions, 5.3.5.1, 5.3.5.2, 8.6.1, 8.6.5.1
prepayment fees, charging, 8.6.7
waiver
by agreement, 8.6.5.1
by inaction, 8.6.6
DUE PROCESS
see also CIVIL RIGHTS ACTIONS; CONSTITUTIONAL ISSUES
foreclosure by power of sale
generally, 8.4.1
government as mortgagee, 6.1.2
HUD-held single family mortgages, 6.2.8.2
participation by state official, 8.4.2
state action requirement, 6.1.2.1, 8.4.1
government mortgagees, 6.1.2
HUD-held loans, 6.2.8.2
HAMP, 5.13.6
tax sales, 17.3.4
asserting challenge, 17.3.4.6
notice, 17.3.4.2, 17.3.4.3, 17.3.4.4
opportunity to contest, 17.3.4.5
standards, 17.3.4.1
waiver of rights, 6.1.2.2
violations, state action requirement, 6.1.2.1, 8.4.1
EARLY INTERVENTION
exemptions, 3.2.6.4
bankruptcy, 3.2.6.4.2
FDCPA cease communications, 3.2.6.4.3
overview, 3.2.6.4.1
requirements, 3.2.6
exemptions from coverage, 3.2.6.4
generally, 3.2.6.1
live contact with borrower, 3.2.6.2
loss mitigation notice, 3.2.6.3
EARLY TERMINATION PENALTIES
see PREPAYMENT PENALTIES
ELECTRONIC DOCUMENTS
see ELECTRONICALLY STORED INFORMATION
ELECTRONIC REGISTRATION SYSTEM
see MORTGAGE ELECTRONIC REGISTRATION SYSTEM (MERS)
ELECTRONICALLY STORED INFORMATION
authentication, 7.8.3
EMOTIONAL DISTRESS
damages for, see PAIN AND SUFFERING DAMAGES
intentional infliction, 18.4.8.5
servicer liability, 4.12.5
ENTRY
foreclosure by entry and possession, 8.2.4
EQUAL CREDIT OPPORTUNITY ACT (ECOA)
foreclosure defense, 9.7
refinancing, application, 5.3.2
EQUITABLE MORTGAGE
bona fide purchasers, application, 18.4.1.3
doctrine, 18.4.1.2
notice of, recording, 18.3.4.5
EQUITABLE RELIEF
see also ESTOPPEL
bona fide purchaser defense, 18.4.1.3
equitable mortgage doctrine, 18.4.1.2
equitable subrogation doctrine, 18.4.1.3
foreclosure, 5.13.3, 8.7
application of principle, 7.5.6
generally, 8.7.1
good faith duty, 8.7.2
injunctive relief, 8.7.3
RHS loans, 6.4.2.4, 6.4.3.3
VA loans, 6.3.4.2
foreclosure rescue scams, 18.4.1
land installment sales contracts, 14.4.2
loss mitigation prior to, 5.13.3
sample pleadings, Appx. K
tax sales, setting aside, 17.3.3.2.7
EQUITY SKIMMING
see also PREDATORY MORTGAGE MARKET
foreclosure rescue scams, 18.1, 18.3.1
improvident lending, 9.2.1
loan churning, 9.2.4
RICO claims, 9.8
TILA protections, see TRUTH IN LENDING ACT (TILA)
UDAP claims, see UNFAIR AND DECEPTIVE ACTS AND PRACTICES (UDAP)
ERRORS
see MISTAKES; NOTICE OF ERROR
ESCROW ACCOUNTS
account analysis, 3.3.2
aggregate analysis, 3.3.2.3
bankruptcy filing, after, 2.4.4
overview, 3.3.2.1
surpluses, shortages and deficiencies, 3.3.4.1
account statement, 3.3.3
annual statement, 3.3.3.2
delivery, 3.3.3.3
exemptions, 3.3.3.2.3
fees, 3.3.5
initial account statement, 3.3.3.1
sample statement, Appx. J.3.5
“short year” annual statement, 3.3.3.2.2
condominiums, 15.4.6
deficiencies
notice, 3.3.4.5, 3.3.5
requirements, 3.3.4.4
shortage distinguished, 3.3.4.4
error correction, 3.2.2.3
escrow agent, 1.3.2.8
force-placed insurance restrictions, 3.2.5.5
exemptions, 3.2.5.7
generally, 1.3.2.8, 3.3.1
initial or advance deposits, 3.3.2.4
installment payments, 3.3.2.3
know the players, 1.3.2.8
limits on deposits, 3.3.2.2
mandatory, 3.2.4, 3.3.1
overcharges and abuses, 2.2.5
bankruptcy situations, 2.4.4
pre-accrual, prohibition, 3.3.2.3
qualified written requests, see QUALIFIED WRITTEN REQUESTS
RESPA/Servicer Act requirements, 3.2.4, 3.3
remedies, 3.3.6
selected provisions, Appx. A.2
servicing transfers, 3.2.3.4
refunds upon payoff, 3.2.4.3
sample pleading, Appx. K
settlement fees, 3.3.2.4
shortages
deficiency distinguished, 3.3.4.4
notice, 3.3.4.5, 3.3.5
requirements, 3.3.4.3
subprime lenders, 3.3.1
surplus refunds, 3.3.4.2
target balance, 3.3.2.1
timely and proper disbursements, 2.2.5, 3.2.4
insurance payments, 3.2.5.5
small servicers, 3.2.5.7
timely payments, 3.2.4.2
transfer of servicing, 3.2.3.4
ESTOPPEL
see also EQUITABLE RELIEF
bankruptcy impact, 11.10.3
collateral estoppel, 10.6.5
consumer claims after foreclosure, 12.2.2.2
foreclosure defense, 8.3.3, 9.15.1
servicing abuses, 4.12.11
HAMP agreements, enforcement, 5.13.9
EVICTIONS
bankruptcy stay, 10.6.6, 12.7.3, 18.5.2
cash for keys programs, FHA-insured loans, 6.2.4
foreclosure by entry and possession, 8.2.4
foreclosure rescue scams, stopping, 18.3.4.2
bankruptcy proceedings, 18.5.2
former owners after foreclosure, 12.8
cash for keys, 6.2.4
“good cause” eviction statutes, 12.7.2.2
land installment sales contracts, see LAND INSTALLMENT SALES CONTRACTS
landlord’s foreclosure, 12.7
manufactured homes, 13.2.1, 13.15
natural disasters, post-foreclosure relief, 5.12.6
non-judicial foreclosures, post-sale proceedings, 7.5.8
tax sale purchasers after redemption, 17.4.1
tenants in possession, 12.7
Bankruptcy Code protections, 12.7.3
federal protections, 12.7.1
state law, 12.7.2
EVIDENCE
see also BURDEN OF PROOF
affidavits, 7.8.4
documents, filing with, 7.8.5
assignment of mortgage, 7.7.3
scrutinizing loan documents, 7.7.4
authentication of documents
business records, 7.8.5
electronically stored documents, 7.8.3
paper documents, 7.8.2
business records, 7.8.5
compromise or offer to compromise, 10.9.1
documentary evidence rules, 7.8
affidavits, 7.8.4
authentication, 7.8.2, 7.8.3
business records, 7.8.5
documents generally encountered, 7.8.1
electronic documents, 7.8.3
overview, 7.8.1
paper documents, 7.8.2
relevant evidence, 7.8.1
equitable mortgage, 18.4.1.2
gathering, 10.2
hearsay rule, 7.8.1
business record exception, 7.8.5
judicial notice, 7.8.6
lenders’ affidavits and declarations, 7.8.4
loan note
non-holder’s right to enforce, 7.1.5.5
possession at right time, 7.1.5.6
relevant evidence, 7.8.1
notice compliance, 8.3.2.5
pattern of fraud, 18.4.7.5
pattern or practice of noncompliance, 3.2.10.3
personal knowledge, 7.8.4
presumptions, 7.8.6
sample evidence, Appx. K
summary judgment by lender
business records, 7.8.5
defeating, 7.8.8
requirements, 7.8.7
transfers of notes and mortgages, 7.7.3
trial testimony, 7.8.4
EXECUTIONS
bankruptcy stay, 11.3.4.1
homestead exemption, 13.10
sales, see JUDICIAL SALES
FAIR CREDIT REPORTING ACT (FCRA)
servicers, application, 4.6
FAIR DEBT COLLECTION PRACTICES ACT (FDCPA)
see also DEBT COLLECTION
Bankruptcy Code, conflicts, 3.2.9.3.2
cease communication letters under, effect, 3.2.6.4.3
credit reporting protections, 4.6
remedies, 4.5.4
sample pleadings, Appx. K
scope, 4.5.2
servicers, application, 4.5
fee abuses, 2.2.8.1
substantive prohibitions, 4.5.3
tax collection, application, 17.6
FAIR HOUSING ACT
foreclosure defense, 9.7
FAIR LENDING STATUTES
overview, 9.7
FANNIE MAE
see FEDERAL NATIONAL MORTGAGE ASSOCIATION (FANNIE MAE)
FANNIE MAE 2MP
second lien modification program, 5.11.4
FARMERS HOME ADMINISTRATION
see RURAL HOUSING SERVICE (RHS) LOANS
FEDERAL BANKS
see NATIONAL BANKS
FEDERAL COURT
see FORUM SELECTION
FEDERAL CREDIT UNIONS
state laws, application, 10.11
FEDERAL DEBT COLLECTION
federally-insured loan deficiencies, 6.5
FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC)
claims and defenses against, 9.16.3
foreclosure policy review, Appx. C.5
model loan modification program
guidelines, Appx. C.3
net present value spreadsheet, 2.4.6.9, 5.8.2.5.2
Servicer Act, application, 3.1.4.2
FEDERAL EMERGENCY MANAGEMENT AGENCY (FEMA)
natural disasters, mortgage assistance, 5.12.1
FEDERAL FINANCIAL AGENCIES
CFPB, see CONSUMER FINANCIAL PROTECTION BUREAU (CFPB)
FDIC, see FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC)
interagency review of foreclosure policies, Appx. C.5
OCC, see OFFICE OF THE COMPTROLLER OF THE CURRENCY (OCC)
OTS, see OFFICE OF THRIFT SUPERVISION (OTS)
FEDERAL GOVERNMENT MORTGAGES
FHA, see FHA-INSURED LOANS
foreclosed loans, collection of debt owed, 6.5
HECMs, see HOME EQUITY CONVERSION MORTGAGES (HECMs)
HUD-held, see HUD-HELD MORTGAGES
RHS, see RURAL HOUSING SERVICE (RHS) LOANS
VA, see VA-GUARANTEED LOANS
FEDERAL HOME LOAN MORTGAGE CORPORATION (FREDDIE MAC)
see also GOVERNMENT SPONSORED ENTITIES (GSEs)
arbitration clauses, prohibition, 10.7.1
dual tracking of foreclosure proceedings, 5.11.2.3
after referral to foreclosure attorney, 5.11.2.3.3
general limitations, 5.11.2.3.1
prior to referral to foreclosure attorney, 5.11.2.3.2
due process, application, 6.1.2.1
FHFA, conservatorship, 6.1.2.1
foreclosures, 7.10.2.6
loss mitigation programs, 5.11.7.5
appeal process, 5.11.2.2
deed in lieu, 5.11.7.5
escalation, 5.8.2.10
HAFA-type program, 5.11.5
HAMP-type program, 5.11.3
HARP program, 5.8.6
loan modification, 5.11.7.5
mortgage assumption, 5.11.7.5
short sales, 5.11.7.5
overview, 5.11.1
servicer authority, 7.10.1
REO rentals, 12.7.1.2
secondary mortgage market, 1.3.3.2
Servicer Act, application, 3.1.4.2
servicing abuses, liability, 10.3.2.3.3
servicing guidelines, 5.11.1, 5.11.2, 5.11.7, 7.10.1
see also SERVICING ALIGNMENT INITIATIVE (GSEs)
natural disasters, 5.12.4
workout policies, 2.10.7, 5.11.7
bankruptcy situations, 11.10.2.2
charge-offs, 5.11.1, 5.11.7.6
forbearance, 5.11.7.4
generally, 5.4.1, 5.11.1, 5.11.7.1
hardship requirement, 5.11.7.2
late fees, 5.11.7.7
loss mitigation, 5.11.7.5
natural disasters, 5.11.7.4, 5.11.7.5, 5.12.4
reinstatement, 5.11.7.3
relief options, 5.11.7.4
sample agreement, Appx. J.1.4
second lien modification, 5.11.4
workout options, 5.11.7.5
FEDERAL HOUSING ADMINISTRATION (FHA) LOANS
see FHA-INSURED LOANS
FEDERAL HOUSING FINANCE AGENCY (FHFA)
conservatorship of Fannie Mae and Freddie Mac, 6.1.2.1
role as overseer, 5.11.1
FEDERAL MORTGAGE SERVICING LAWS
overview, 3.1
generally, 3.1.1
RESPA scope, 3.1.4
regulations, 3.1.3
statutes, 3.1.2
TILA scope, 3.1.5
RESPA, see REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA)
TILA, see TRUTH IN LENDING ACT (TILA)
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FANNIE MAE)
arbitration clauses, prohibition, 10.7.1
dual tracking of foreclosure proceedings, 5.11.2.3
after referral to foreclosure attorney, 5.11.2.3.3
general limitations, 5.11.2.3.1
prior to referral to foreclosure attorney, 5.11.2.3.2
due process, application, 6.1.2.1
FHFA, conservatorship, 6.1.2.1
foreclosures, 7.10.2
generally, 7.10.2.1
servicer authority, 7.10.2.2–7.10.2.5
loan modification, 5.11.6.4
streamlined modification, 5.11.6.4
loss mitigation programs, 5.11.6.4
appeal process, 5.11.2.2
deed in lieu, 5.11.6.4
escalation, 5.8.2.10
Fannie Mae 2MP, 5.11.4
HAFA-type program, 5.11.5
HAMP-type program, 5.11.3
HARP program, 5.8.6
loan modification, 5.11.6.4
mortgage assumption, 5.11.6.4
mortgage release, 5.11.6.4
short sales, 5.11.6.4
overview, 5.11.1
servicer authority, 7.10.1
REO rentals, 12.7.1.2
secondary mortgage market, 1.3.3.2
Servicer Act, application, 3.1.4.2
servicing abuses, liability, 10.3.2.3.3
servicing guidelines, 5.11.1, 5.11.2, 5.11.6, 7.10.1
see also SERVICING ALIGNMENT INITIATIVE (GSEs)
HECMs, 16.3.1
industry standard, 5.6.2.1, 5.11.1
natural disasters, 5.12.4, 5.12.6
workout policies, 5.11
bankruptcy situations, 11.10.2.2
charge-offs, 5.11.1
foreclosure prevention alternatives, 5.11.6.4
generally, 5.4.1, 5.11.6.1
hardship requirement, 5.11.6.2
industry standard, 5.6.2.1, 5.11.1
late fees, waiver, 5.11.6.5
loss mitigation alternatives, 5.11.6.4
natural disasters, 5.12.4, 5.12.6
sample agreement, Appx. J.1.3
second lien modification, 5.11.4
special relief measures, 5.11.6.3
FEDERAL PREEMPTION
Bankruptcy Code of other federal statutes, 3.2.9.3.2
state law, see PREEMPTION OF STATE LAW
FEDERAL RECEIVER
see FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC)
FEDERAL SAVINGS ASSOCIATIONS
national banks, mergers, 10.10.4
state laws, application, 10.10
FEDERAL SERVICING LAWS
see FEDERAL MORTGAGE SERVICING LAWS
FEDERAL TRADE COMMISSION (FTC)
consumer complaints to, information source, 10.2.7.2
credit practices rule, see CREDIT PRACTICES RULE (FTC)
holder rule, see HOLDER NOTICE (FTC)
MARS rule, see MORTGAGE ASSISTANCE RELIEF SERVICES (MARS) RULE (FTC)
FEDERALLY-INSURED MORTGAGES
see FEDERAL GOVERNMENT MORTGAGES
FEDERALLY-RELATED MORTGAGES
defined, 3.1.4.1
RESPA, application, 3.1.4.1
servicing guidelines, see SERVICER ACT
FEES
attorneys, see ATTORNEY FEES AND COSTS
bankruptcy fees, 2.4.5
filing fee, 11.3.1.1
monitoring fee, 2.4.6
proof of claim fee, 2.4.6
broker’s price opinions, 2.2.8.3
condominium associations
dues, 15.1.1
fines, 15.2.1.3
past due assessments, 15.2.1.2
unreasonable, 15.4.2.1
corporate advances, 2.2.8.5
default fees, 5.9.3.7.2.2
escrow account statements or notices, 3.3.5
finance charges, see FINANCE CHARGES
force-placed insurance, 3.2.5.6
foreclosure fees, 2.2.8.4, 5.6.6
improper assessment, burden of proof, 2.1.3
late payments, see LATE FEES
mortgage assistance relief services, 18.4.4.3
National Mortgage Settlement, 5.9.3.7.2
originator compensation, 9.5.7
prepayment, see PREPAYMENT PENALTIES
property preservation, see PROPERTY INSPECTION FEES
qualified written request, 3.2.2.11
RESPA restrictions, 9.6.3
reverse mortgages, 16.4
servicing abuses, 2.2.8
bankruptcy situations, 2.4.5, 2.4.6, 11.4.6
late fees, 2.2.7
National Mortgage Settlement, 5.9.3.7.2
payoff fees, 2.2.9, Appx. E.2
workout agreements, 5.6.6
FEMA
see FEDERAL EMERGENCY MANAGEMENT AGENCY (FEMA)
FHA-INSURED LOANS
see also DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD)
acceleration notice, 6.2.7.8
anti-flipping guidelines, 9.2.3
assignment program, termination, 6.2.7.2
assumption, 5.3.5.2
bankruptcy policies, 11.10.2.2
debt collection by federal government, 6.5
default notice, 6.2.7.5
deficiencies, collection, 6.5
FHA-HAMP, 6.2.3.1
calculation, 6.2.3.3
calculation examples, 6.2.3.3
foreclosures, 6.2.7
affirmative claims, 6.2.7.11
defenses, 6.2.7.10, 6.2.7.11, Appx. K
prerequisites, 6.2.7.1, 6.2.7.5, 6.2.7.8
HUD-DASP program, 6.2.9
know the players, 1.3.2.10
litigation tips, 6.2.7.12
discovery, 6.2.7.12.1
responding to lender arguments, 6.2.7.12.2
loss mitigation, 6.2.2
appeals, 6.2.5
applications, processing, 6.2.5
basic terms, 6.2.3.1
evolution of program, 6.2.2.2
face-to-face meeting, 6.2.7.6
foreclosure prerequisite, 6.2.7.1, 6.2.7.8
generally, 6.2.2.1
HAMP calculations, 6.2.3.3, 6.2.3.4
home retention options, 6.2.3
introductory regulations, 6.2.7.4
issues that may come up, 6.2.3.5
loan modification, 6.2.7.9
non-compliance, 6.2.7.10, 6.2.7.11
non-retention options, 6.2.4
notice, 6.2.7.5
options waterfall, 6.2.3.2
periodic review, 6.2.7.7
program eligibility, 6.2.3.5
refinance programs, 6.2.6
regulatory compliance, 6.2.7.8, 6.2.7.10, 6.2.7.11
regulatory history, 6.2.7.2
regulatory requirements, 6.2.7.3
reinstatement of loan, 6.2.7.9
servicing guidelines, 6.2.2.1, 6.2.5, 6.2.7
special forbearance, 6.2.7.9
natural disasters, 5.12.3
nonnegotiable note status, 7.2.4.2
overview, 6.2.1
primary purpose, 6.2.1
reinstatement, 6.2.7.9
sale by HUD, 6.2.9
selected mortgage letters, Appx. B.2.3
selected statutes, Appx. B.2.1
selected regulations, Appx. B.2.2
servicing requirements, 6.2.7
tenant protections, 12.7.1.3
FHA2LP
see TREASURY/FHA SECOND LIEN PROGRAM (FHA2LP)
FHFA
see FEDERAL HOUSING FINANCE AGENCY (FHFA)
FIDUCIARY DUTY
credit transactions, 9.12
deeds of trust, 8.5
foreclosure rescue scam breach, 18.4.8.4
mortgage brokers, 9.2.6
servicers, 4.11
FILINGS
see PLEADINGS
FINANCE CHARGES
see also INTEREST
canceled charges, tax consequences, 12.6.4.5
late charges, see LATE FEES
FIXTURES
manufactured homes, status, 13.2.2, 13.2.5, 13.15
FLIPPING
loans, see LOAN CHURNING
property, see PROPERTY FLIPPING SCAMS
FLOPPING
short sale scams, 18.2.5
FORBEARANCE PLANS
see also LOSS MITIGATION; WORKOUT AGREEMENTS
2MP trial period plan, 5.8.3.2
enforcement, 5.13.10
Fannie Mae loans, 5.11.6.3
FHA-insured loans, 6.2.3.1, 6.2.7.9
Freddie Mac loans, 5.11.7.4
HAMP trial period plan, 5.8.2.11
enforcement, 5.13.8.1
long-term repayment plan, 5.4.3
principal forbearance, 5.4.6.2
RHS-guaranteed loans, 6.4.3.2.2
short-term forbearance programs, 3.2.8.2.9
UP program, 5.8.4
VA-guaranteed loans, 6.3.2.3
FORCE-PLACED INSURANCE
basis for charging, 3.2.5.3
no coverage, 3.2.5.3.1, 3.2.5.4
overview, 3.2.5.3.1
cancellation, 3.2.5.4
definition, 3.2.5.2
escrow disbursement instead, 3.2.5.5
fees, 3.2.5.6
flood insurance exemption, 3.2.5.2
FORCE-PLACED INSURANCE (cont.)
National Mortgage Settlement, 5.9.3.7.4
notice requirements
format of notices, 3.2.5.3.4
initial notices, 3.2.5.3.2
subsequent notices, 3.2.5.3.3
obtaining and charging distinguished, 3.2.5.3.1
proof of coverage, 3.2.5.3.1, 3.2.5.4
renewal or replacement, 3.2.5.3.3
restrictions, 3.2.5.1, 3.2.5.3.1
escrow account, 3.2.5.5
exemptions, 3.2.5.2, 3.2.5.7
proof of coverage, 3.2.5.4
servicing abuses, 2.2.6
FORECLOSURE ACTIONS
see JUDICIAL FORECLOSURES
FORECLOSURE CONFERENCES
see MEDIATION PROGRAMS
FORECLOSURE DEFENSE
see HOME DEFENSE
FORECLOSURE RESCUE SCAMS
bankruptcy challenge, 18.5
bona fide purchaser defense, 18.4.1.3
breach of duty
fiduciary duty, 18.4.8.4
good faith and fair dealing, 18.4.8.3
cancellation of contract, 18.4.6.3
challenging, 9.2.8, 18.4
bankruptcy, 18.5
sample pleadings, Appx. K
competency of homeowner, 18.3.4.6
conflicts of interest, 18.3.4.6
equitable mortgage doctrine, 18.4.1.2
eviction, stopping, 18.3.4.2
fraud and civil conspiracy claims, 18.4.7
comparison to UDAP, 18.4.5.2
HOEPA, application, 18.4.3
intentional infliction of emotional distress, 18.4.8.5
inter vivos trusts, 18.2.3
investigating, 18.3
gathering information, 18.3.2
reviewing deed, 18.3.4.3
land installment sales contracts, 14.2.2
litigating, 18.3
bankruptcy, 11.2.4
first steps, 18.3.4
identifying possible defendants, 18.3.3
legal theories, 18.4
lis pendes, recording, 18.3.4.5, 18.4.1.3
sample pleadings, Appx. K
loan modification scams, 18.2.4
loan status, 18.4.1
MARS rule, 18.2.4, 18.4.4
see also MORTGAGE ASSISTANCE RELIEF SERVICES (MARS) RULE (FTC)
model statute, NCLC, 18.4.6.6
overview, 9.2.8, 18.1, 18.2.1
quick action required, 18.3.4.1
recognizing, 18.3.1
RESPA, application, 18.4.13
RICO, application, 9.8, 18.4.12
SAFE Act, application, 18.4.14
sale-leaseback schemes, 18.2.2
sample pleadings, Appx. K
short sale scams, 18.2.5
state law, 18.4.6
coverage, 18.4.6.2
credit repair organizations, 18.4.10.3
door-to-door sales laws, 18.4.10.2
NCLC model statute, 18.4.6.6
overview, 18.4.6.1
real estate requirements, 18.4.11
remedies, 18.4.6.5
right to cancel, 18.4.6.3
substantive prohibitions, 18.4.6.4
UDAP, 18.4.5
usury laws, 18.4.9
TILA, application, 18.4.2
assignee liability, 18.4.2.4
attorney fees, 18.4.2.3
damages, 18.4.2.3
rescission, 18.3.4.4, 18.4.2.2
UDAP statutes, application, 18.4.5
fraud claim comparison, 18.4.5.2
HOEPA comparison, 18.4.5.3
overview, 18.4.5.1
remedies, 18.4.5.5
specific application, 18.4.5.4
TILA comparison, 18.4.5.3
unconscionability, 18.4.8.2
voiding title transfers, 18.5.3
FORECLOSURE SALES
see also FORECLOSURES
bankruptcy issues
analyzing the case, 1.2.8
automatic stay, 10.6.6, 11.3, 12.2.4.1.1
condominium liens, 15.4.4, 15.5.7
right to cure, 11.4.2
setting aside sale, 11.4.2.4, 12.2.4
compromise sales, see COMPROMISE SALES
condominium association foreclosures, 15.4.2.4, 15.5
liability for assessments after, 15.5.6, 15.5.7
priority of claims, 15.5.2, 15.5.3
deeds of trust, 8.5
defenses, see HOME DEFENSE
deficiency actions after, see DEFICIENCY ACTIONS
delay requests, 5.6.3
duty of good faith, 8.7.2, 12.2.3.5.3, 12.2.4.3
Form 1009-A, 12.6.2.3
HAMP restrictions, 5.8.2.15
harm or prejudice, 12.2.3.4
defective notice, 12.2.3.4.3
loss mitigation review process errors, 12.2.3.4.4
no authority or standing to foreclose, 12.2.3.4.2
overview, 12.2.3.4.1
HUD-held mortgages, 6.2.8
incomplete, bankruptcy prior to completion, 12.2.4.5
injunctive relief
power of sale foreclosures, 8.2.3, 8.3.1, 9.3
to allow open market sale, 8.7.3
irregularities, 8.3.2.4, 12.2.3.2, 12.2.3.5.2, 12.2.3.5.4
condominium association liens, 15.4.2.4
judicial sales, 8.2.2
negative consequences, 5.2.7, 8.1
notice of sale, 8.2.3, 8.3.2.4
power of sale, 8.2.3
purchase by homeowner, 12.1.1
redemption after, 11.4.2.2, 12.1.2
condominium association liens, 15.5.1
redemption prior to, 8.2.6, 12.1.1
sale price, adequacy, 12.2.3.5, 12.2.4.2
condominium association liens, 15.4.2.4.3
servicing abuses, 2.3.4
setting aside, 12.2
analyzing the case, 1.2.12
bankruptcy, through, 12.2.4
grounds, 8.3, 12.2.3
procedural issues, 12.2.2
standing challenges, 7.4.9, 7.5.8
substantive defenses, 9.3
surpluses, 12.4
condominium sales, entitlement, 15.5.4, 15.5.5
retrieval consultants, 12.4.5
tax consequences
cancellation of debt (COD) income, 12.6.3
generally, 12.6.1
taxable capital gain, 12.6.2
tax liens, see TAX SALES
tenants in possession, rights, 12.7
validity, 7.5
burden of proof, 7.5.5
challenging, 7.5.5–7.5.8
void and voidable sales, 7.5.6, 12.2.3.3
FORECLOSURES
actions, see JUDICIAL FORECLOSURES
alternatives to, see WORKOUT AGREEMENTS
analyzing the case, 1.2
assistance scams, see FORECLOSURE RESCUE SCAMS
authority to foreclose
see also STANDING
bankruptcy proceedings, 7.6
Fannie Mae, 7.10.2
Freddie Mac, 7.10.2.6
judicial foreclosures, 7.4
misrepresentations, 7.11
National Mortgage Settlement, 5.9.3.5
non-judicial foreclosures, 7.5
avoidance, see HOME DEFENSE
bankruptcy, prevention through, see BANKRUPTCY
condominium associations, see CONDOMINIUM ASSOCIATION FORECLOSURES
credit consequences, 5.7.2
debt balance, challenging, 2.1.3
deed in lieu, see DEEDS IN LIEU
deed of trust, 8.5
defenses, see HOME DEFENSE
deficiency actions after, see DEFICIENCY ACTIONS
dual tracking restrictions, 3.2.8.7
after initiation of foreclosure, 3.2.8.7.5
complete applications, 3.2.8.7.4
“first notice or filing,” 3.2.8.7.3
National Mortgage Settlement, 5.9.4
preforeclosure review period, 3.2.8.7.2, 3.2.8.7.4
sample notice of error, Appx. J.2.6
Servicing Alignment Initiative, 5.11.2
due process challenges, see DUE PROCESS
early intervention, see EARLY INTERVENTION
entry and possession, 8.2.4
equitable nature, 5.13.3
eviction of former owner, 12.8
evidentiary rules, see EVIDENCE
Fannie Mae, 7.10.2
see also FEDERAL NATIONAL MORTGAGE ASSOCIATION (FANNIE MAE)
federal preemption, see PREEMPTION OF STATE LAW
fees, 5.6.6
FHA-insured mortgages, 6.2.7
due process, 6.1.2
loss mitigation prerequisite, 6.2.2.1, 6.2.7.8, 6.2.7.10, 6.2.7.11
forbearance, see FORBEARANCE PLANS
forgiveness of debt, see CANCELLATION OF DEBT (COD) INCOME
Freddie Mac, 7.10.2.6
see also FEDERAL HOME LOAN MORTGAGE CORPORATION (FREDDIE MAC)
glossaries of terms, Appx. L
good faith requirement, 8.10
GSEs, special issues, 7.10
HAMP restrictions, 5.8.2.15
HUD-held mortgages, 6.2.8
challenges to law, 6.2.8.2
due process, 6.1.2, 6.2.8.2
statutory provisions, 6.2.8.1
injunctive relief, 8.7.3
installment sales, see LAND INSTALLMENT SALES CONTRACTS
insurance against
credit life and disability insurance, 9.2.2
private mortgage insurance, 2.2.11, 5.2.5.1
judicial, see JUDICIAL FORECLOSURES
knowing the players, 1.3.3, 5.2.4
landlords, on, tenant’s rights, 12.7
legal defenses, see HOME DEFENSE
loss mitigation prerequisite, 2.2.10, 5.13
see also LOSS MITIGATION
FHA-insured mortgages, 6.2.2.1, 6.2.7.8, 6.2.7.10
HAMP, 5.13.4
preforeclosure review period, 3.2.8.7.2, 3.2.8.7.4
manufactured homes, see MANUFACTURED HOMES
mediation, see MEDIATION PROGRAMS
MERS
own name, 7.12.4
role, 7.12.5
moratoriums, see MORATORIUMS
National Mortgage Settlement, 5.9
dual tracking restrictions, 5.9.4
servicing reforms, 5.9.3, 7.14
natural disasters, 5.12
NCLC treatise, 1.1
appendices, 1.1.2
on-line resources, 1.1.3, Appx. N
pleadings, 1.1.2, 1.1.3, Appx. K, Appx. N
scope, 1.1.1
web-based text searching, 1.1.4
workouts, 5.1.2
non-judicial, see NON-JUDICIAL FORECLOSURES
non-traditional mortgages
nonnegotiable notes, 7.2.4
role of, 1.4.4
notice of intent, 5.9.3.4
overview, 8.1
pleadings, see PLEADINGS
post-foreclosure issues
deficiency judgments, 12.3
redemption, 12.1.2
REO management, 1.3.3.9
servicing abuses, 2.3.4
setting aside sale, 12.2
tax consequences, 12.6
power of sale, see NON-JUDICIAL FORECLOSURES
practice tips, see PRACTICE TIPS
preforeclosure review period, 3.2.8.7.2, 3.2.8.7.4
pre-sale alternative, see PRE-FORECLOSURE SALES
prevention, see HOME DEFENSE; WORKOUT AGREEMENTS
process, generally, 8.2.1
rates, 1.4.3
research aids, see RESOURCE AIDS
REO management, 1.3.3.9
reverse mortgages, see REVERSE MORTGAGES
RHS mortgages, 6.4
direct loans, 6.4.2.2
due process challenges, 6.1.2
guaranteed loans, 6.4.3.3
right to foreclose, see STANDING
sales, see FORECLOSURE SALES
scams, see FORECLOSURE RESCUE SCAMS
securitized mortgages, 7.9
servicing abuses, 2.3
federal interagency review, Appx. C.5
National Mortgage Settlement, 5.9.3, 7.14, Appx. C.6
Servicing Alignment Initiative, 5.11.2
setting aside
bankruptcy, 12.2.4
grounds, 12.2.3
procedural issues, 12.2.2
Rooker-Feldman doctrine, 12.2.2.2
standing, see STANDING
state law summaries, Appx. F
state proceedings
removal to bankruptcy court, 11.3.7.8.4
removal to federal court, 10.4.1.4, 10.6.4.2
strict foreclosure, see STRICT FORECLOSURE
subprime market, 1.4.3, 1.4.4
tax consequences, see TAX CONSEQUENCES
tax liens, see TAX FORECLOSURES
tax sale purchasers, by, 17.2.3.4
tenants in possession, rights, 12.7
TILA application, 9.5.1
rescission, 9.5.2
time constraints, 1.2.2.2
type, identifying, 1.2.2.1
VA-guaranteed mortgages, 6.3.4
due process challenges, 6.1.2
federal preemption, 6.3.4.1
servicing guidelines, 6.3.3, 6.3.4.2
workout agreements, see WORKOUT AGREEMENTS
wrongful foreclosure
damages, 12.5
judicial foreclosure, 7.4
non-judicial foreclosure, 7.5
servicing abuses, 2.3.4
tort of, 4.12.10
FORFEITURE
land sales contracts, see LAND INSTALLMENT SALES CONTRACTS
FORGIVENESS OF DEBT
see CANCELLATION OF DEBT (COD) INCOME
FORUM SELECTION
see also JURISDICTION
bankruptcy court, 10.6.6
federal court, 10.4.1
advantages and disadvantages, 10.4.1.2
removal of actions, 10.4.1.4, 10.6.4.2
separate court proceedings, issues posed by, 10.6
Anti-Injunction Act, 10.6.3
collateral estoppel, 10.6.5
res judicata, 10.6.5
Rooker-Feldman doctrine, 10.6.4
Younger abstention doctrine, 10.6.2
state court, 10.4.2
FRAUD
aiding and abetting, 18.4.7.7
appraisal fraud, 9.2.3
bona fide purchasers, effect, 18.4.1.3
civil conspiracy, 18.4.7.7
claims and defenses, 9.11, 18.4.7
elements of a claim, 18.4.7.2
concealment, 18.4.7.3
deeds
see also TITLE FRAUD
false notarization, 18.4.11.2
forged deeds, 18.4.1.3
direct liability, 9.11
foreclosure rescue scams, see FORECLOSURE RESCUE SCAMS
“fruits of the fraud” liability, 18.4.7.7
holder-in-due-course exception, 9.16.2
home improvement financing schemes, 9.2.7
pattern evidence, 18.4.7.5
property flipping schemes, 9.2.3
property tax assessments, raising post sale, 17.3.3.2.4
remedies, 18.4.7.6
reverse mortgages, 16.4
RICO claims, 9.8
sample pleadings, Appx. K
servicers, 4.12.2
silence as fraud, 18.4.7.3
tax foreclosure process, 17.3.3.2.4
tax sale speculators, 17.5
UDAP comparison, 18.4.5.2
FRAUDULENT CONVEYANCES
bankruptcy
low sale price, 12.2.3.5.4, 12.2.4.2, 17.3.3.2.8
voidance, 18.5.3.2.2, 18.5.3.2.3
FREDDIE MAC
see FEDERAL HOME LOAN MORTGAGE CORPORATION (FREDDIE MAC)
FTC
see FEDERAL TRADE COMMISSION (FTC)
GARNISHMENTS
bankruptcy stay, 11.3.4.1
deficiency judgments, 12.3.1
GINNIE MAE
see GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GINNIE MAE)
GOOD FAITH
see also BAD FAITH
definition, 8.10.2
foreclosure procedures, 8.7.2, 12.2.3.5.3, 12.2.4.3
foreclosure rescue scams, breach of duty, 18.4.8.3
negotiating loss mitigation, 8.10
absence of specific program, 8.10.1
HAMP, 5.13.9
meaning of good faith, 8.10.2
purchasers, see BONA FIDE PURCHASERS
servicer violations, 4.10
bona fide errors, 3.2.9.1
fee overcharges, 2.2.8.1
HAMP, 5.13.9
GOVERNMENT ASSISTANCE
see also ASSISTANCE PROGRAMS
mortgage assistance, 5.3.3
natural disasters, 5.12.5
RHS direct loans, 6.4.2.1.2
RHS-guaranteed loans, 6.4.3.3
tax consequences, 12.6.4.7.3
GOVERNMENT ENTITIES
bankruptcy stay violations, 11.3.6.2
foreclosures by, due process, 6.1.2
servicing abuses, liability, 10.3.2.3.3
tax sales, bidding at, 17.3.3.2.5
GOVERNMENT MORTGAGES
see FEDERAL GOVERNMENT MORTGAGES
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GINNIE MAE)
Servicer Act, application, 3.1.4.2
transfer notice requirements, application, 10.2.6.2
GOVERNMENT SPONSORED ENTERPRISES (GSEs)
Fannie Mae, see FEDERAL NATIONAL MORTGAGE ASSOCIATION (FANNIE MAE)
Freddie Mac, see FEDERAL HOME LOAN MORTGAGE CORPORATION (FREDDIE MAC)
servicing guidelines, see SERVICING ALIGNMENT INITIATIVE (GSEs)
special issues related to, 7.10
GOVERNMENT SUBSIDIES
see GOVERNMENT ASSISTANCE
GUIDELINES
see SERVICING GUIDELINES
HAFA
see HOME AFFORDABLE FORECLOSURE ALTERNATIVES (HAFA)
HAMP
see HOME AFFORDABLE MODIFICATION PROGRAM (HAMP)
HAMP PRINCIPAL REDUCTION ALTERNATIVE (PRA)
see also HOME AFFORDABLE MODIFICATION PROGRAM (HAMP)
overview, 5.8.2.13
tax consequences, 5.7.1, 12.6.4.7.3
“waterfall,” 5.8.2.13
HAMP TIER 2
see also HOME AFFORDABLE MODIFICATION PROGRAM (HAMP)
eligibility, 5.8.2.16
incentives, 5.8.2.17
overview, 5.8.2.16
“waterfall,” 5.8.2.4
HEARINGS
power of sale, due process rights, 6.1.2.2, 8.4.1
tax sales, due process rights, 17.3.4.5
HELOCs
see HOME EQUITY LINES OF CREDIT (HELOCs)
HIGH-RATE MORTGAGES
assignees, HOEPA liability, 9.5.9, 9.16.1, 18.4.3.3
high-cost loans, 9.5.9, 9.10
higher-priced loans, 9.5.8
HOEPA requirements, see HOME OWNERSHIP AND EQUITY PROTECTION ACT (HOEPA)
state law, 9.10
HOLDER NOTICE (FTC)
see also FEDERAL TRADE COMMISSION (FTC); HOLDERS IN DUE COURSE
home improvement loans, 9.2.7
manufactured home loans, 13.13
HOLDERS IN DUE COURSE
assignees, status as, 9.16.2
nonnegotiable notes, 7.2.4.6
FTC rule, see HOLDER NOTICE (FTC)
home improvement loans, 9.2.7
nonnegotiable notes, 7.2.4.6
origination misconduct, raising against, 9.16.2
FDIC, 9.16.3
HOME AFFORDABLE FORECLOSURE ALTERNATIVES (HAFA)
deeds in lieu, 5.8.5.3
described, 5.8.5.1
GSE-HAFA, termination of program, 5.11.5
short sales, 5.8.5.2
HOME AFFORDABLE MODIFICATION PROGRAM (HAMP)
see also MODIFICATION OF LOAN
application procedure
initiating process, 5.8.2.7
participating servicers, 5.8.2.6
review by servicer, 5.8.2.9
bankruptcy, borrowers in, 5.8.2.14, 11.10.2.2
2MP, 5.8.3.4
breach of contract claims, 5.13.8
covered mortgages, 5.8.2.2
credit consequences, 5.7.2
denial of application, 5.8.2.9
negative NPV, 5.8.2.9.2
non-participation, 5.8.2.9.3
notice, 5.8.2.9.1
described, 5.8.2.1
directives and guidelines, Appx. C.4
due process, 5.13.6
eligibility, 5.8.2.3
HAMP Tier 2, 5.8.2.16
NPV test, 5.8.2.5, 5.8.2.9.2
escalation, 5.8.2.10
Fannie Mae loans, 5.11.3
FHA-HAMP, 6.2.3.1
calculation, 6.2.3.3
calculation examples, 6.2.3.4
foreclosure prerequisite, 5.13.4
foreclosure restrictions, 5.8.2.15
sample pleadings, Appx. K
Freddie Mac loans, 5.11.3
GSE-HAMP, 5.11.3
HAFA alternative, 5.8.5, 5.11.5
incentives, 5.8.2.17
2MP, 5.8.3.5
industry standard, 5.13.5
late fees, 2.2.7.3
mortgage assumptions, guidelines, 5.3.5.2
Net Present Value Test, 5.8.2.4, 5.8.2.5
comparison between NPV and spreadsheet, 5.8.2.5.3
denial based on, 5.8.2.9.2
FDIC spreadsheet, 5.8.2.5.2
generally, 5.8.2.5.1
understanding, 5.13.2
overview, 5.8.1, Appx. C.4
permanent modification, 5.4.6.1, 5.8.2.12
enforcement, 5.13.8.3, 5.13.9
PRA, see HAMP PRINCIPAL REDUCTION ALTERNATIVE (PRA)
RHS-HAMP, 6.4.3.2.4
scope, 5.6.2.2
second lien modification, 5.8.3, 5.11.4
see also SECOND LIEN MODIFICATION PROGRAM (2MP)
servicer obligations, 5.8.2.6, 5.8.2.15
noncompliance, 5.13.4, 5.13.8, 5.13.9
participation agreements, 5.13.7
sample pleadings, Appx. K
servicer signature, 5.13.8.2
third party beneficiary rights, 5.13.7
Tier 2, see HAMP TIER 2
trial period plan, 5.8.2.11
enforcement, 5.13.8.1, 5.13.9
unemployed persons, 5.8.4
VA-HAMP, 6.3.2.5
“waterfall,” 5.8.2.4
alternative waterfall, 5.8.2.13
steps, 5.8.2.4
HOME AFFORDABLE UNEMPLOYMENT PROGRAM (UP)
described, 5.8.4
HOME DEFENSE
see also CONSUMER DEFENSES
analyzing the case, 1.2
assignees, foreclosures by, 7.7, 9.16.2
bankruptcy protections
see also BANKRUPTCY
analyzing the case, 1.2.8
automatic stay, 10.6.6, 11.3
credit consequences, 5.7.2
curing default, 11.4
generally, 11.1, 11.4.1
impact, 11.10.3
land installment sales contracts, 14.5
payment in full, 11.5
setting aside sale, 12.2.4
stripdowns, 11.6
subsequent filings, 11.10.4
broker originated loans, 9.2.6
civil rights actions, 8.4
condominium association foreclosures, 15.4.2
credit consequences, 5.7.2
credit insurance, 9.2.2
creditor overreaching, 9.2.1, 9.5.7
deed of trust jurisdictions, 8.5
disadvantageous loans, 9.2.1
due on sale provisions, 8.6
due process challenges, 6.1.2, 8.4
ECOA, 9.7
early intervention, 3.2.6
see also EARLY INTERVENTION
equitable grounds, 8.7
generally, 8.7.1
good faith duty, 8.7.2
inadequate servicing, 6.3.4.2, 6.4.3.3
promissory estoppel, 4.12.11
fair lending statutes, 9.7
FDIC foreclosures, 9.16.3
Fair Housing Act, 9.7
FHA-insured mortgages, 6.2
affirmative lawsuits, 6.2.7.11
judicial foreclosure, 6.2.7.10
non-judicial foreclosure, 6.2.7.11
regulatory non-compliance, 6.2.7.10
foreclosure rescue scams, 9.2.8, 18
forum selection, see FORUM SELECTION
HECMs
death of homeowner, 16.3.3.4
non-occupancy, 16.3.3.2
origination misconduct, 16.4
property charge default, 16.3.2
high-cost mortgages
HOEPA protections, 9.5.7
state law, 9.10
higher-priced mortgages, 9.5.8
holders in due course, foreclosures by, 9.16.2
home improvement financing schemes, 9.2.7
HUD loss mitigation program, 6.2
inter vivos trusts, 18.2.3
land installment sales contracts
bankruptcy, using, 14.5
judicial protections, 14.4
state law, 14.3
legal defenses, 8
analyzing loan for, 1.2.5
litigation aids, see LITIGATION AIDS
loan modification, see MODIFICATION OF LOAN
loss mitigation, 2.2.10
see also LOSS MITIGATION; WORKOUT AGREEMENTS
HUD program, 6.2
manufactured homes, see MANUFACTURED HOMES
mediation, 8.8
MERS foreclosures, 7.12
moratoriums, 8.8
natural disasters, 5.12
mortgage assumptions, 5.3.5
mortgage insurance, 2.2.11
open market sales, 5.5, 8.7.3
origination misconduct, raising, 9.3
procedural defenses, 1.2.6, 8.3
due on sale clauses, 8.6
estoppel, 8.3.3
generally, 8.3.1
notice defects, 8.3.2
HOME DEFENSE (cont.)
other defenses, 8.3.4
retroactive cure by plaintiff, 7.4.8
standing, see STANDING
waiver, 8.3.3
property flipping scams, 9.2.3
raising substantive claims and defenses, 9.16
redemption, 8.2.6, 12.1
RESPA, 9.6
reverse mortgages, 16.3, 16.4
RHS mortgages, 6.4
sale-leaseback schemes, 18.2.2
sample pleadings, 1.1.2, Appx. K
on-line resources, 1.1.3, Appx. N
scams, see FORECLOSURE RESCUE SCAMS
servicemembers, 8.11
servicing abuses, see SERVICING ABUSES
servicing guidelines, noncompliance, 4.9
RHS direct loans, 6.4.2.5
VA-guaranteed loans, 6.3.4.2
setting aside foreclosures, 12.2
standing, see STANDING
tax foreclosures, 17.3, 17.4
TILA rescission, 9.5
unfair lending challenges, 9
analyzing loan for, 1.2.5
breach of contract, 4.9
credit insurance, 9.2.2
creditor overreaching, 9.2.1
ECOA, 9.7
estoppel, 9.15.1
fair lending statutes, 9.7
fiduciary duty breach, 4.11, 9.12
fraud, 9.2.3–9.2.8, 9.11
HOEPA, 9.5.9
incompetence, 9.15.2
misrepresentation, 9.11
origination misconduct, 9.2.6, 9.3
other defenses, 9.15
raising, 9.16
RESPA, 9.6
RICO, 9.8
security instrument invalidity, 9.15.3
state law, 9.10
TILA, 9.5
UDAP, 9.4
unconscionability, 9.13
usury, 9.14
VA mortgages, 6.3
workout agreements, see WORKOUT AGREEMENTS
HOME EQUITY CONVERSION MORTGAGES (HECMs)
see also REVERSE MORTGAGES
death of homeowner
bankruptcy to prevent foreclosure, 16.3.3.4.4
foreclosure, overview, 16.3.3.4.1
non-surviving spouse, 16.3.3.3
payout amount, 16.3.3.4.3
procedural defenses, 16.3.3.4.2
described, 16.1
foreclosure, 16.3
generally, 16.3.1
maturity, 16.3.3
property charge default, 16.3.2
joint mortgages, 16.3.3.3
maturity, 16.3.3
death of mortgagor, 16.3.3.3, 16.3.3.4
non-occupancy, 16.3.3.2
non-borrowing spouses, 16.3.3.3
overview, 16.2
regulation, 16.1
HOME EQUITY LINES OF CREDIT (HELOCs)
see also HOME EQUITY LOANS
Bankruptcy Rule 3002.1, application, 11.4.6.2
nonnegotiable note status, 7.2.4.2
Servicer Act, application, 3.1.4.4
HOME EQUITY LOANS
see also MORTGAGES
COD income exclusion, 12.6.4.7.2
equity skimming schemes, see EQUITY SKIMMING
foreclosure defenses, see HOME DEFENSE
HECMs, see HOME EQUITY CONVERSION MORTGAGES (HECMs)
high-rate, HIGH-RATE MORTGAGES
home improvement scams, see HOME IMPROVEMENT LOANS
improvident lending, 9.2.1
lines of credit, see HOME EQUITY LINES OF CREDIT (HELOCs)
reverse mortgages, see REVERSE MORTGAGES
Servicer Act, application, 3.1.4.1, 3.1.4.4
TILA rescission rights, 9.5.2
unfair lending practices, see UNFAIR LENDING PRACTICES
HOME IMPROVEMENT LOANS
lender licensing requirements, 9.2.7
overreaching, lender liability, 9.2.1
RICO claims, 9.8
sample pleadings, Appx. K
scams
described, 9.2.7
sample pleadings, Appx. K
TILA rescission rights, 9.5.2
HOME MORTGAGE ASSIGNMENT PROGRAM (HUD)
termination, 6.2.7.2
HOME MORTGAGES
see HOME EQUITY LOANS; MORTGAGES
HOME OWNERSHIP AND EQUITY PROTECTION ACT (HOEPA)
assignee liability, 9.16.1, 18.4.3.3
broker fees, application, 9.2.6
manufactured homes, application, 13.6.2
overview, 9.5.9, 18.4.3.1.1
potential defenses, 1.2.5
remedies, 18.4.3.4
sample pleadings, Appx. K
scope, 18.4.3.1
substantive prohibitions, 18.4.3.2
triggers, 9.5.9
APR trigger, 9.5.9, 18.4.3.1.2
points and fees trigger, 9.5.9, 18.4.3.1.3
prepayment penalty trigger, 9.5.9
UDAP comparison, 18.4.5.3
HOMEOWNER ASSOCIATIONS
see CONDOMINIUM ASSOCIATION FORECLOSURES
HOMEOWNERS
bankruptcy, see BANKRUPTCY
competency, 9.15.2, 18.3.4.6
condominium units, see CONDOMINIUM ASSOCIATION FORECLOSURES
continuity of contact, see CONTINUITY OF CONTACT
counseling, see COUNSELING
death of homeowner, 16.3.3.4.2
HECMs, 16.3.3.3, 16.3.3.4
defenses, see HOME DEFENSE
delinquent payments, see DEFAULT
early intervention, see EARLY INTERVENTION
equity loans, see HOME EQUITY LOANS; MORTGAGES
equity position, relevance, 5.2.8, 5.5.2
eviction after foreclosure, 12.8
future solicitation protection, 5.6.9.6, 10.9.9.2
gathering information from, 10.2
client interview, 10.2.1
documentation, 10.2.2
HAMP incentives, 5.8.2.17
see also HOME AFFORDABLE MODIFICATION PROGRAM (HAMP)
2MP program, 5.8.3.5
HOEPA protections, 9.5.9
home defense, see HOME DEFENSE
information release authorization, 5.2.5.2
sample form, Appx. H.1.2
mediation participation, 8.8.8
mortgage payments, see MORTGAGE PAYMENTS
mortgages, see HOME EQUITY LOANS; MORTGAGES
objectives, understanding, 1.2.2.3, 5.2.3
foreclosure rescue scam cases, 18.3.4.1
purchase at foreclosure sale, 12.1.1
restitution under National Mortgage Settlement, 5.9.2.4
saving toward lump-sum payment, 5.2.9
selling home, 5.3.4
standing to challenge foreclosure authority, 7.5.2, 7.5.6, 7.7.1
surplus distribution, steps to take, 12.4.3
tax relief programs, 17.3.1.3
state summaries, Appx. G
TILA protections, 9.5–9.7
workout agreements, see WORKOUT AGREEMENTS
HOMES
see also PRINCIPAL RESIDENCES
avoiding foreclosure, see HOME DEFENSE
foreclosures, see FORECLOSURES
homestead exemption, 13.10
loans secured by, see HOME EQUITY LOANS; MORTGAGES
manufactured homes, see MANUFACTURED HOMES
HOMESTEAD EXEMPTION
manufactured homes, 13.10
priority over judicial liens, 12.4.4
HUD
see DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD)
HUD-1 SETTLEMENT STATEMENT
integrated disclosures, 10.2.3
provision, 10.2.3
RESPA requirements, 9.6.2
HUD-HELD MORTGAGES
due process, 6.1.2, 6.2.8.2
foreclosures, 6.2.8
challenges to law, 6.2.8.2
statutory provisions, 6.2.8.1
HUD-INSURED MORTGAGES
see FHA-INSURED LOANS
IMPROVIDENT LENDING
higher-priced loans, 9.5.8
overview, 9.2.1
TILA restrictions, 9.5.7
INCOMPETENCE
foreclosure defense, 9.15.2
vulnerable to scams, 18.3.4.6
INFORMATION DISCLOSURE
see DISCLOSURE
INFORMATION REQUESTS
informal, 5.2.5.2
RESPA, under, 3.2.2, 5.2.5.3
see also REQUEST FOR INFORMATION; QUALIFIED WRITTEN REQUESTS
loan payoff, after, 3.2.2.7
loss mitigation application, 3.2.2.6.2
servicing file, 3.2.2.6.3
transfer of servicing, after, 3.2.2.7
INFORMATION SOURCES
see RESOURCE AIDS
INJUNCTIVE RELIEF
Anti-Injunction Act, 10.6.3
bond requirements, 10.5
foreclosure by power of sale
bond, posting, 9.3
defenses, raising, 8.3.1, 9.3
procedure, 8.2.3
foreclosure sales to allow open market sale, 8.7.3
sample pleadings, Appx. K
stay of state proceedings by federal courts, 10.6.3
tax sales, 17.3.2.3
Younger abstention doctrine, 10.6.2
INSOLVENCY
see also BANKRUPTCY
defined, 12.6.4.2
COD income exclusion, 12.6.4.2
INSTALLMENT LAND CONTRACTS
see LAND INSTALLMENT SALES CONTRACTS
INSURANCE
credit insurance, see CREDIT INSURANCE
force-placed, see FORCE-PLACED INSURANCE
mortgage insurance, see MORTGAGE INSURANCE
packing, see LOAN PACKING
payments, see INSURANCE PREMIUMS
property insurance, see PROPERTY INSURANCE
INSURANCE PREMIUMS
servicer obligations, 3.2.4, 3.2.5.5, 3.3, 17.2.2.2
INTER VIVOS TRUSTS
see also FORECLOSURE RESCUE SCAMS
foreclosure rescue scams, 18.2.3
HOEPA, application, 18.4.3
loan status, 18.2.3, 18.4.1
TILA, application, 18.4.2
INTEREST
see also FINANCE CHARGES
bankruptcy
arrears, interest on, 11.4.5
present value rate, 11.5
canceled interest, tax consequences, 12.6.4.5
condominium assessments, 15.2.1.2
late fees as hidden, 2.2.7.4
overcharges and abuses, 2.2.4, 2.4.2
rate changes, 3.6.2
rate reductions
permanent, 5.4.6.2
temporary, 5.4.4
sample change rate notice for ARM, Appx. J.3.4
servicemembers, 8.11.5
tax liens, 17.3.1.7
usurious, 9.14
workout agreements
rate reductions, 5.4.4, 5.4.6
INTEREST-ONLY MORTGAGES
see NON-TRADITIONAL MORTGAGES
INTERNET
see WEB RESOURCES
IRREGULARITIES
assignments, retroactive correction, 7.4.8
foreclosure sales
condominium associations, 15.4.2.4
conduct of sale, 12.2.3.2, 12.2.3.5.2
practice tips, 12.2.3.5.4
procedural prerequisites, 8.3
tax sales, 17.3.3.2.2
burden of proof, 17.3.3.2.1
JUDGMENTS
agreed judgments, FHA-insured loans, 6.2.4
default judgments, see DEFAULT JUDGMENTS
deficiency judgments, see DEFICIENCY ACTIONS
interest on, tax consequences, 10.8.4
summary judgment, see SUMMARY JUDGMENT
JUDICIAL FORECLOSURES
see also FORECLOSURES; JUDICIAL SALES
agreed judgments, FHA-insured loans, 6.2.4
bankruptcy stay, 11.3
defenses, see HOME DEFENSE
FHA-insured loans, 6.2.7.10
HAMP restrictions, 5.8.2.15
process, generally, 8.2.2
notice of sale, 12.2.3.4.3
sample pleadings, Appx. K
setting aside sale, 12.2.2.1
defective notice, 12.2.3.4.3
no authority or standing, 12.2.3.4.2
standing, 7.4
authority to foreclose, 7.4.3, 12.2.3.4.2
constitutional requirements, 7.4.5
court rules, 7.4.2
current assignee, 7.4.4
establishing, 7.4.1
MERS, 7.12.5
real party in interest, 7.4.6
retroactive fixes, 7.4.8
state law, 7.4.2
summary judgment, see SUMMARY JUDGMENT
JUDICIAL LIENS
bankruptcy, avoidance, 11.7
deficiency claims, 12.3.5
defined, 11.7
homestead exemption, 13.10
sale on execution, see JUDICIAL SALES
surplus claims
challenges, 12.4.3
homestead exemption and, 12.4.4
JUDICIAL NOTICE
foreclosure litigation, 7.8.6
JUDICIAL SALES
see also FORECLOSURE SALES; TAX SALES
bankruptcy stay, 11.3.4.1
judicial foreclosures, 8.2.2
setting aside, 12.2.2
grounds, 12.2.3
overview, 12.2.2.1
JUNIOR LIENS
bankruptcy stripdown, 11.6.2
deferred junior mortgages, 5.4.6.2
modification programs
Fannie Mae, see FANNIE MAE 2MP
Freddie Mac, 5.11.4
HAMP, see SECOND LIEN MODIFICATION PROGRAM (2MP)
refinance program, see TREASURY/FHA SECOND LIEN PROGRAM (FHA2LP)
JURISDICTION
see also FORUM SELECTION
Anti-Injunction Act, 10.6.3
bankruptcy court, 10.6.6
federal jurisdiction, 10.4.1
appeals from state court, 10.6.4
supplemental jurisdiction, 10.4.1.3
personal jurisdiction over out-of-state defendants, 10.4.3
res judicata, effect, 10.6.5
Rooker-Feldman doctrine, 10.6.4, 12.2.2.2
standing challenges, 7.4.9
state court, 10.4.2
removal of actions, 10.4.1.4, 10.6.4.2
Younger abstention doctrine, 10.6.2
KICKBACKS
mortgage brokers, 9.2.6
RESPA prohibitions, 9.6.3
LAND
see REAL PROPERTY
LAND INSTALLMENT SALES CONTRACTS
abuses involving, 14.2.2
analyzing the case, 1.2.10
described, 14.1
forfeiture
bankruptcy, using to prevent, 14.5
judicial limitations, 14.4
notice requirements, 14.3.2
servicemembers, 8.11.4
statutory limitations, 14.3
surplus after sale, 14.3.5
forfeiture clauses, validity, 14.1
legal obligations of the parties, 14.2.1
mortgage, treatment as, 14.3.3, 14.4.1
bankruptcy, 14.5.1
nature of, 14.2
right to cure, 14.3.2, 14.4.2
sample pleadings, Appx. K
state law, 14.3
recordation of contracts, 14.2.1
treatment as mortgage, 14.3.3
UDAP, application, 14.3.5
LAND RECORDS
information source, 10.2.7.1
foreclosure rescue scams, 18.3.2.2.4
lis pendens, recording, 18.3.4.5, 18.4.1.3
LANDLORDS
bankruptcy, tenant’s rights, 12.7.3
foreclosure on, tenant’s rights, 12.7
bankruptcy filing, effect, 12.7.3
federal protections, 12.7.1
state protections, 12.7.2
LATE FEES
see also FEES; LATE PAYMENTS
condominium assessments, 15.2.1.2
National Mortgage Settlement, 5.9.3.7.2.5
servicing abuses
hidden interest status, 2.2.7.4
loan modifications, 2.2.7.3
overview, 2.2.7.1
pyramiding, 2.2.7.2
workout guidelines
Fannie Mae, 5.11.6.5
Freddie Mac, 5.11.7.7
HAMP, 2.2.7.3
LATE PAYMENTS
see also PAYMENTS
fees, see LATE FEES
habitual acceptance, effect, 2.1.4, 8.3.3
LAW ENFORCEMENT OFFICIALS
foreclosure participation, due process requirements, 8.4.2
LEASEBACK TRANSACTIONS
see SALE-LEASEBACK TRANSACTIONS
LEGAL PROCEEDINGS
see also ACTIONS; JUDICIAL FORECLOSURES; REMEDIES
bankruptcy stay, 11.3.4.1
practice aids, see LITIGATION AIDS
LENDERS
see CREDITORS; LOAN ORIGINATORS
LIABILITY
assignees
consumer defenses, 9.16, 10.3.2
HOEPA liability, 9.5.9, 9.16.1, 18.4.3.3
holder-in-due-course doctrine, 9.16.2
home improvement mortgages, 9.2.7
manufactured home loans, 13.13
nonnegotiable notes, 7.2.4.6
originator conduct, 9.16, 10.3.2.2
TILA, 4.3, 9.5.6, 18.4.2.4
condominium assessments
mortgage holder or servicer, 15.4.6
post-sale, 15.5.6
tenants, 15.6
disadvantageous loans, 9.2.1
foreclosure rescue scams, 18.3.3
TILA violations, 18.4.2
fraud, 9.11
government agencies, 10.3.2.3.3
mortgage holders, 10.3.2
condominium assessments, 15.4.6
generally, 10.3.2.1
originator conduct, 10.3.2.2
servicing abuses, 10.3.2.3
tax liens, 17.2.2.2
principal for conduct of subagent, 10.3.2.3.2
property flipping scams, 9.2.3
servicers
condominium assessments, 15.4.6
escrow payments, 3.2.4
FCRA, 4.6
FDCPA, 4.5
generally, 10.3.3
“safe harbor” defense, 3.2.9.1
TILA, 4.3
torts, 4.12
UDAP, 4.2
unpaid taxes, 17.2.2.2
LIBEL
servicer liability, 4.12.8
LICENSES
home improvement contractors, 9.2.7
loan modification specialists, 18.4.14
mortgage brokers and originators, 9.2.6
SAFE Act requirements, 9.2.6, 9.9, 18.4.14
real estate agents, 18.4.11.1
state usury laws, 18.4.9.3
LIENS
condominium associations, see CONDOMINIUM ASSOCIATION FORECLOSURES
consensual, see MORTGAGES; SECURITY INTERESTS
judicial, see JUDICIAL LIENS
junior liens, see JUNIOR LIENS
Servicer Act, application, 3.1.4.4
tax, see TAX LIENS
LIMITATIONS PERIOD
see STATUTE OF LIMITATIONS
LINES OF CREDIT
see HOME EQUITY LINES OF CREDIT (HELOCs)
LIS PENDENS
recording, 18.3.4.5, 18.4.1.3
LITIGATION AIDS
see also PRACTICE TIPS
arbitration clauses, 10.7
bond requirements, 10.5
defendants, choosing, 10.3
foreclosure rescue scams, 18.3.3
mortgage owner, 10.3.2
servicer, 10.3.3
discovery, see DISCOVERY
evidence rules, see EVIDENCE
FHA litigation, 6.2.7.12
forum selection, 10.4
federal jurisdiction, 10.4.1
out-of-state defendants, 10.4.3
removal, 10.4.1.4
state court, 10.4.2
gathering information, 10.2
appraisals, 10.2.4
client interview, 10.2.1
discovery, 10.2.8
document sources, 10.2.2.2
foreclosure rescue scams, 18.3.2
loan documents, 10.2.3
public records, 10.2.7
servicing records, 10.2.5
storing documents, 10.2.2.3
generally, 10.1
lis pendens, 18.3.4.5, 18.4.1.3
pleadings, see PLEADINGS
separate court proceedings, issues posed by, 10.6
settlement issues, 10.9
tax issues, 10.8
LOAN BROKERS
see MORTGAGE BROKERS
LOAN CHURNING
overview, 9.2.4
LOAN DOCUMENTS
deeds of trust, see DEEDS OF TRUST
defects, see IRREGULARITIES
foreclosure rescue scams, 18.3.2.2.6.3
post-closing “doctoring,” 11.2.2.2
promissory note, see LOAN NOTE
PSA, see POOLING AND SERVICING AGREEMENTS (PSA)
reviewing, 1.2.2.4, 7.7.4, 10.2.3
LOAN FLIPPING
see LOAN CHURNING
LOAN MODIFICATION
see MODIFICATION OF LOAN
LOAN MODIFICATION SPECIALISTS
see also FORECLOSURE RESCUE SCAMS
SAFE Act, application, 18.4.14
scams, 18.2.4
LOAN NOTE
see also NEGOTIABLE INSTRUMENTS; NONNEGOTIABLE NOTES
assignment, see ASSIGNMENTS
authentication, 7.8.2
defects, see IRREGULARITIES
described, 10.2.3
enforcement
MERS, 7.12
standing, 7.1.5, 7.2, 7.4.3, 7.5.3, 7.5.4
holder, 7.1.5.1, 7.2.4.4
see also MORTGAGE HOLDERS
MERS registration, effect, 7.12.1, 7.12.3
negotiable instrument status, 7.1.4
nonnegotiable instrument status, 7.2.4.2
possession of the note, 7.1.5.2, 7.1.5.4, 7.1.5.6
primacy of the note, 7.1.3, 7.3.2
relationship to mortgage, 7.1.2
“mortgage follows the note” rule, 7.1.3, 7.3.2
sample note
adjustable rate, Appx. J.3.3
fixed rate, Appx. J.3.2
scrutinizing, 1.2.2.4, 7.7.4
transfer, see ASSIGNMENTS; SECURITIZATION
UCC, application, 7.1.5.1, 7.2.1, 7.2.4.3
LOAN OFFICERS
see also MORTGAGE ORIGINATORS
know the players, 1.3.2.3
LOAN ORIGINATORS
see MORTGAGE ORIGINATORS
LOAN PACKING
credit insurance basics, 9.2.2.2
denial of claims, 9.2.2.3
remedies for denial, 9.2.2.4
described, 9.2.2.1
LOAN SERVICERS
see SERVICERS
LOANS
see DEBT OBLIGATION; MORTGAGES
LONG-TERM SALES CONTRACTS
see LAND INSTALLMENT SALES CONTRACTS
LOSS MITIGATION
applications, 3.2.8.2
assistance, 3.2.7.3
complete applications, 3.2.8.2.2, 3.2.8.2.6, 3.2.8.7.4
deadlines, 1.2.2.2, 3.2.8.2.4, 3.2.8.2.8, 3.2.8.4
duplicative applications, 3.2.8.8
evaluation of all options, 3.2.8.2.7
facially complete applications, 3.2.8.2.5
incomplete applications, 3.2.8.2.9, 3.2.8.8.2
necessity to submit, 3.2.8.2.1
servicer’s duties upon receipt, 3.2.8.2.3, 3.2.8.2.5, 3.2.8.2.6, 3.2.8.2.9
servicing transfer, effect, 3.2.8.3, 3.2.8.8.2
what is an application, 3.2.8.2.1
available options, 3.2.8.2.7
borrower response to offer, 3.2.8.4
deeds in lieu of foreclosure, see DEEDS IN LIEU
documentation, 10.2.5.4
dual tracking of foreclosure, restrictions, 3.2.8.7
after initiation of foreclosure, 3.2.8.7.5
complete applications, 3.2.8.7.4
“first notice or filing,” 3.2.8.7.3
National Mortgage Settlement, 5.9.4
preforeclosure review period, 3.2.8.7.2, 3.2.8.7.4
sample notice of error, Appx. J.2.6
Servicing Alignment Initiative, 5.11.2
duplicative applications, 3.2.8.8
different servicers, 3.2.8.8.2
exceptions, 3.2.8.8.2
generally, 3.2.8.8.1
scope of exclusion, 3.2.8.8.3
equitable remedy, 5.13.3
failure to consider, 2.2.10, 5.13, 12.2.3.4.4
FHA-insured loans, 6.2.7.10
HAMP, 5.13.4
forbearance programs
see also FORBEARANCE PLANS
short-term plans, 3.2.8.2.9
foreclosure prerequisite, 2.2.10, 3.2.8.2.8
FHA-insured loans, 6.2.7.1, 6.2.7.8
setting aside sale, 12.2.3.4.4
good faith negotiation, 8.10
meaning of good faith, 8.10.2
HAMP, see HOME AFFORDABLE MODIFICATION PROGRAM (HAMP)
HECMs, 16.3.1, 16.3.2
HUD/FHA program, 6.2.2
appeals, 6.2.5
applications, processing, 6.2.5
eligibility requirements, 6.2.3.5
evolution of program, 6.2.2.2
foreclosure prerequisite, 6.2.7.1, 6.2.7.8
generally, 6.2.2.1
home retention options, 6.2.3
issues that may come up, 6.2.3.5
non-compliance, 6.2.7.10
non-retention options, 6.2.4
periodic review, 6.2.7.7
refinance programs, 6.2.6
regulatory compliance, 6.2.7.8, 6.2.7.10
LOSS MITIGATION (cont.)
regulatory history, 6.2.7.2
regulatory requirements, 6.2.7.3–6.2.7.9
servicing guidelines, 6.2.2.1, 6.2.5, 6.2.7
incompetent reviews, 3.2.8.2.7, 12.2.3.4.4
loan modification
see also MODIFICATION OF LOAN
appeal of denial, 3.2.8.5
denial of option, 3.2.8.2.10
mediation, see MEDIATION PROGRAMS
MHAP, see MAKING HOMES AFFORDABLE PROGRAM (MHAP)
net present value analysis, 5.8.2.5, 5.13.2
FDIC spreadsheet, 5.8.2.5.2
non-RESPA requirements, 3.2.8.2.8
notices
failure to provide, 8.3.4, 12.2.3.4.4
loan modification denial, 3.2.8.2.10
mitigation options, 3.2.6.3, 8.3.2.2, 12.2.3.4.4
overview, 3.2.8.6
RESPA requirements, 3.2.6.3, 3.2.8.6
state requirements, 8.3.2.2
preforeclosure notice, 3.2.6.3
preforeclosure review period, 3.2.8.7.2, 3.2.8.7.4
pre-sales, see PRE-FORECLOSURE SALES
qualified written requests
notice of error, 3.2.2.4.3
request for information, 3.2.2.6.2
RESPA requirements, 3.2.8, 5.10
application evaluation, 3.2.8.2
enforcement, 3.2.8.1
exclusion for duplicative applications, 3.2.8.8
generally, 3.2.8.1
preforeclosure notice, 3.2.6.3
servicing transfers, 3.2.8.3
small servicers, application, 3.2.8.9
RHS-guaranteed loans, 6.4.3.2
deed in lieu, 6.4.3.2.6
generally, 6.4.3.2.1
loan modification, 6.4.3.2.3
pre-foreclosure sale, 6.4.3.2.5
RHS-HAMP, 6.4.3.2.4
special forbearance, 6.4.3.2.2
servicer responses, 3.2.8.2.3
all available options, 3.2.8.2.7
complete applications, 3.2.8.2.6
facially complete applications, 3.2.8.2.5
incomplete applications, 3.2.8.2.9
transferee servicers, 3.2.8.3
servicing abuses, 2.2.10
servicing transfers, 3.2.8.3, 3.2.8.8.2
workout agreements, see WORKOUT AGREEMENTS
MAKING HOME AFFORDABLE PROGRAM (MHAP)
see also WORKOUT AGREEMENTS
2MP, see SECOND LIEN MODIFICATION PROGRAM (2MP)
FHA2LP, see TREASURY/FHA SECOND LIEN PROGRAM (FHA2LP)
HAFA program, see HOME AFFORDABLE FORECLOSURE ALTERNATIVES (HAFA)
HAMP component, see HOME AFFORDABLE MODIFICATION PROGRAM (HAMP)
HARP component, see MAKING HOME AFFORDABLE REFINANCE PROGRAM (HARP)
overview, 5.8.1, Appx. C.4
UP program, see HOME AFFORDABLE UNEMPLOYMENT PROGRAM (UP)
MAKING HOME AFFORDABLE REFINANCE PROGRAM (HARP)
see also REFINANCING
described, 5.8.6
overview, 5.8.1
MANDATORY ARBITRATION CLAUSES
see ARBITRATION CLAUSES
MANUFACTURED HOMES
bankruptcy, using to prevent loss, 13.12
stripdown, application, 11.6.3
conversion to real property, 13.2.3
defenses
credit statute defenses, 13.8
homestead exemption, 13.10
RESPA defenses, 13.7
seller-related defenses, 13.13
TILA defenses, 13.6
warranty defenses, 13.9
fixture, status as, 13.2.2, 13.2.5, 13.15
foreclosures, generally
analyzing the case, 1.2.9
availability of procedures, 13.2
FTC Holder Rule, application, 13.13
ground rent, eviction for nonpayment, 13.15
land on which situated, effect of default on, 13.15
manufactured home park problems, 13.14
overview of problems generally, 13.1
personalty or realty, 11.6.3, 13.2, 13.15
absence of state statute, 13.2.5
conversion statutes, 13.2.3
homestead exemption, 13.10
implications, 13.2.2
overview, 13.2.1
tax statutes, 13.2.4
real property conversion statutes, 13.2.3
listing of statutes, 13.2.3.2
nature and effect, 13.2.3.1
repossessions, 13.3
default precondition, 13.3.3
deficiency or surplus, 13.3.7
personalty or realty, 13.2
right of redemption, 13.3.5
sale of home, 13.3.6
security interest precondition, 13.3.2
self-help repossessions, 13.3.4
state restrictions, 13.4
strict foreclosure, 13.3.8
UCC Article 9 violations, 13.3.9
RESPA, application, 3.1.4.1
right to cure, 13.5
bankruptcy situations, 13.12
federal law, 8.2.5, 13.5.2
state law, 13.5.2
TILA rescission, application, 13.6.2
workouts, 13.11
MARKET
see MORTGAGE MARKETS
MARS RULE
see MORTGAGE ASSISTANCE RELIEF SERVICES (MARS) RULE (FTC)
MEDIATION PROGRAMS
bankruptcy programs, 8.8.6
condominium association liens, 15.4.1.1
good faith negotiation, 8.10.2
homeowner participation, 8.8.8
judicial statewide directives, 8.8.3
local court initiatives, 8.8.4
local government programs, 8.8.5
mortgage holder and servicer obligations, 8.8.7
state required, 8.8
current crisis response, 8.8.1
judicial directives, 8.8.3, 8.8.4
judicial enforcement, 8.9
local government initiatives, 8.8.5
notice requirements, 8.3.2.2
specific state statutes, 8.8.2
MERS
see MORTGAGE ELECTRONIC REGISTRATION SYSTEM (MERS)
MILITARY PERSONNEL
see also SERVICEMEMBERS CIVIL RELIEF ACT
bankruptcy, 8.11.9
base closing, mortgage relief, 5.3.3
foreclosure protections, 6.3.3, 8.11.3
compliance, VA monitoring, 6.3.2.1
condominium liens, 15.4.5
HUD non-retention option, 6.2.4
redemption period, tolling, 12.1.2.1
interest rate reductions, 8.11.5
land installment contracts, forfeiture protections, 8.11.4
SCRA protections
application, 8.11.2
violations, remedies, 8.11.7
waiver of rights, 8.11.6
tax sales relief, 8.11.3, 17.3.1.8
VA-guaranteed loans, see VA-GUARANTEED LOANS
MISREPRESENTATIONS
see also FRAUD
appraisers, 9.2.3
authority to foreclose, 7.11
disadvantageous loans, 9.11
mortgage assistance relief services, 18.4.4.4
mortgage brokers, 9.2.6
reverse mortgages, 16.4
RICO claims, 9.8
servicers
foreclosure authority, 7.11
fraudulent, 4.12.2
negligent, 4.12.4
MISTAKES
assignment documents, 7.4.8
bona fide errors, 3.2.9.1
FDCPA, 4.5.4
escrow disbursements, 3.2.4
notice of error, see NOTICE OF ERROR
payoff statements, 3.6.5.5
RESPA requirements, 3.2.2, 5.2.5.3
servicers, “safe harbor” defense, 3.2.9.1
tax on excluded COD income, 12.6.5.2
MOBILE HOMES
see MANUFACTURED HOMES
MODIFICATION OF LOAN
see also LOSS MITIGATION; WORKOUT AGREEMENTS
account number change after, 5.6.9.5
alternatives, 5.3
bankruptcy impact, 11.10.2
bankruptcy stripdown, 11.6
capitalization of arrears, 5.4.6.2
credit consequences, 5.7.2
deferred junior mortgages, 5.4.6.2
denial
appeals, 3.2.8.5
notice requirements, 3.2.8.2.10
dual tracking of foreclosure, restrictions, 3.2.8.7
National Mortgage Settlement, 5.9.4
preforeclosure review period, 3.2.8.7.2, 3.2.8.7.4
sample notice of error, Appx. J.2.6
Servicing Alignment Initiative, 5.11.2
enforcement of agreements, 5.13.10
HAMP, 5.13.8, 5.13.9
extension of payment period, 5.4.6.2
Fannie Mae loans, 5.11.3, 5.11.6.4
appeal process, 5.11.2.2
dual tracking of foreclosure, 5.11.2.3
HAMP, 5.11.3
sample agreement, Appx. J.1.3
second liens, 5.11.4
streamlined modification, 5.11.6.4
FDIC model program, 5.8.2.5.2
guidelines, Appx. C.3
federal agencies’ statement, Appx. C.2
fees, 5.6.6
late fees, 2.2.7.3
FHA-insured loans, 6.2.3.1, 6.2.7.9
HAMP calculation, 6.2.3.3
Freddie Mac loans, 5.11.3, 5.11.7.5
appeal process, 5.11.2.2
dual tracking of foreclosure, 5.11.2.3
HAMP, 5.11.3
natural disasters, 5.11.7.5
sample agreement, Appx. J.1.4
second liens, 5.11.4
streamlined modification, 5.11.7.5
HAMP program, see HOME AFFORDABLE MODIFICATION PROGRAM (HAMP)
industry-sponsored programs, 5.11.3
industry standard, 5.13.5
interest rate reductions
permanent, 5.4.6.2
temporary, 5.4.4
mortgage assumption, effect, 5.3.5.2
National Mortgage Settlement, 5.9.2.2, Appx. C.6
dual tracking restrictions, 5.9.4
need for representation, 5.2.1
negotiating, 5.6
good faith, 8.10
mediation, see MEDIATION PROGRAMS
net present value analysis, 5.6.2.3
FDIC spreadsheet, 5.8.2.5.2
HAMP eligibility, 5.8.2.5, 5.8.2.9.2
permanent modification, 5.4.6
HAMP, 5.8.2.12
overview, 5.4.6.1
types of modifications, 5.4.6.2
principle balance reduction, 5.4.6.2
public benefits, effect, 5.7.3
reamortization, 5.4.6.2
RHS direct loans, 6.4.2.1.6
RHS-guaranteed loans, 6.4.3.2.3
sample forms, Appx. J.1
scams, 9.2.8, 18.2.4
see also FORECLOSURE RESCUE SCAMS
SAFE Act, application, 18.4.14
second mortgages, 2MP program, 5.8.3
Fannie Mae program, 5.11.4
securitized loans, 5.6.2.2
servicer-initiated, 5.6.4
servicing guidelines, 5.6.2, 5.11.1
National Mortgage Settlement, 5.9, Appx. C.6
Servicing Alignment Initiative, 5.11.2
tax consequences, 5.7.1
VA-guaranteed loans, 6.3.2.4
MORATORIUMS
see also FORBEARANCE PLANS
judicial directives, 8.8.3
local court initiatives, 8.8.4
natural disasters, 5.12
federal, 5.12.3
lender or servicer, 5.12.4
state and local, 5.12.2
RHS direct loans, 6.4.2.1.3
MORTGAGE AGREEMENT
see LOAN DOCUMENTS; MORTGAGE TERMS
MORTGAGE ASSIGNMENTS
see ASSIGNMENTS
MORTGAGE ASSISTANCE RELIEF SERVICES (MARS) RULE (FTC)
see also FEDERAL TRADE COMMISSION (FTC); FORECLOSURE RESCUE SCAMS
disclosures, 18.4.4.4
exemptions, 18.4.4.5
attorney exemption, 18.4.4.5.2
general exemptions, 18.4.4.5.1
enforcement, 18.4.4.6
other prohibitions, 18.4.4.4
overview, 18.4.4.1
payment restrictions, 18.4.4.3
remedies, 18.2.4, 18.4.4.6
scope, 18.4.4.2
MORTGAGE ASSUMPTIONS
see also ASSIGNMENTS; MORTGAGES
acceptance, waiver of due on sale rights, 8.6.5.1
contractual rights, 5.3.5.1
credit applications, response time, 8.6.4, 8.6.6
due on sale clauses, application, 5.3.5.1, 5.3.5.2
Fannie Mae mortgages, 5.11.6.4
Freddie Mac mortgages, 5.11.7.5
modification of loan after, 5.3.5.2
overview, 5.3.5.1
pre-foreclosure sales, 5.3.5
rejection, prepayment fees, 8.6.7
right to cure, 11.4.1
VA-guaranteed loans, 6.3.2.8
workout alternative, 5.3.5
MORTGAGE BROKERS
see also MORTGAGE ORIGINATORS
fiduciary duty, 9.12
kickback, see KICKBACKS
know the players, 1.3.2.2
licensing, 9.2.6
SAFE Act, 9.2.6, 9.9, 18.4.14
MORTGAGE BROKERS (cont.)
loan modification scams, involvement, 18.2.4
misconduct, potential claims, 9.2.6
price opinions, see BROKER PRICE OPINIONS (BPO)
yield spread premiums, see YIELD SPREAD PREMIUMS
MORTGAGE DOCUMENTS
see LOAN DOCUMENTS
MORTGAGE ELECTRONIC REGISTRATION SYSTEM (MERS)
assignments executed by MERS, 7.12.6
described, 1.3.2.4, 7.12.1
other challenges to MERS, 7.12.8
overview, 7.12.1
payments, no right to, 7.12.3
public recording of transfers, 7.12.9
records, unreliability, 7.12.2
role in foreclosures, 7.12.5
limits on agency role, 7.12.5.4
wrongful foreclosure, 7.12.8
servicers, distinction, 7.9
standing in bankruptcy proceedings, 7.12.7
standing to foreclose, 7.12.5
beneficiary of note, 7.12.3, 7.12.5.2
own name, 7.12.4
sample pleadings, Appx. K
transfer notice requirements, 10.2.6.2
MORTGAGE HOLDERS
see also ASSIGNEES; CREDITORS
agent’s contact information, 10.2.6.5.4
contact information, 3.2.2.10.7
deferred junior mortgages, 5.4.6.2
described, 1.3.3.3.1
enforcement of note, 7.1.5, 7.2.4.4
judicial foreclosures, 7.4.3
non-judicial foreclosures, 7.5.3, 7.5.4
enforcement of security instrument
judicial foreclosures, 7.4.4
non-judicial foreclosures, 7.5.2, 7.5.4
HAMP
incentives, 5.8.2.17
participation, 5.8.2.9.3
HOEPA loans, 9.16.1
identifying, 1.2.2.5, 1.3.3.3.2, 10.2.6
new state requirements, 7.13
request for information, 3.2.2.10.7, Appx. J.2.7
TILA requirements, 1.3.3.3.2, 3.2.3.1, 10.2.6
liability, 10.3.2
generally, 10.3.2.1
originator conduct, 9.16, 10.3.2.2
servicing abuses, 4.3, 10.3.2.3
TILA, 4.3
MARS Rule exemption, 18.4.4.5.1
mediation obligations, 8.8.7
MERS as nominee, 7.12.1, 7.12.3
mortgage assumptions
acceptance, effect, 8.6.5.1
rejection, time, 8.6.4
originator of loan, see LOAN ORIGINATORS
REO management, 1.3.3.9
transfer of loan notice, see TRANSFER OF OWNERSHIP NOTICE
MORTGAGE INSURANCE
disability or life insurance, see CREDIT INSURANCE
federal or state funded entities, 1.3.2.10
FHA-insured mortgages, see FHA-INSURED LOANS
RHS-insured mortgages, see RURAL HOUSING SERVICE (RHS) LOANS
VA-insured mortgages, see VA-GUARANTEED LOANS
private mortgage insurance, see PRIVATE MORTGAGE INSURANCE (PMI)
MORTGAGE MARKETS
alternative products, 1.4.4
conventional, see CONVENTIONAL MORTGAGE MARKET
overview, 1.4.1
predatory, see PREDATORY MORTGAGE MARKET
secondary, see SECONDARY MORTGAGE MARKET
securitization, see SECURITIZATION
subprime, see SUBPRIME MORTGAGE MARKET
understanding the market, 1.3
MORTGAGE ORIGINATORS
see also MORTGAGE BROKERS
compensation, TILA restrictions, 9.5.7
documentation, see LOAN DOCUMENTS
knowing the players, 1.2.2.5, 1.3.2.1
licensing requirements
brokers, 9.2.6
SAFE Act, 9.9, 18.4.14
misconduct
see also UNFAIR LENDING PRACTICES
liability of assignees, 9.16, 10.3.2.2
raising to stop foreclosure, 9.3, 16.4
reverse mortgages, 16.4
mortgage holder distinguished, 1.3.3.3.1
securitized mortgages, 1.3.3.4.2
MORTGAGE OWNERS
see MORTGAGE HOLDERS
MORTGAGE PAYMENTS
amount due, determining, 2.1.3
bankruptcy plans
notice of change form, 2.4.5, 11.4.6.2
proper crediting, 5.9.3.6.4, 11.4.7
change notice, 3.6.2
daily accrual loans, 5.9.3.7.3.1
deferral, 5.4.2, 5.4.5
delinquent, see DEFAULT
history of, obtaining, 10.2.5.2
late, see LATE PAYMENTS
MERS, to, 7.12.3
misapplication, 2.2.2, 2.4.3
National Mortgage Settlement
application of payments, 5.9.3.7.3
monthly statements, 5.9.3.7.1
payoff amount, 10.2.5.1
payoff statement, 2.2.9, 3.6.5, 10.2.5.1, Appx. E.2
periodic statements, 3.6.4
prepayment, see PREPAYMENTS PENALTIES
prompt crediting, 3.6.3
CFPB rule, 3.6.3.3
Dodd-Frank Act, 3.6.3.3
generally, 3.6.3.1
FRB rule, 3.6.3.2
repayment plans, see REPAYMENT PLANS
scheduled loans, 5.9.3.7.3.2
servicer obligations, 3.2.4, 3.3, 17.2.2.2
former servicers, 3.2.3.5
TILA, 3.6
servicing abuses, see SERVICING ABUSES
servicing transfers, treatment during, 3.2.3.5
TILA requirements, 3.6.2
workout agreements
Fannie Mae loans, 5.11.6.3
forbearance plans, 5.4.3
recasting of payments, 5.4.5
repayment plans, 5.4.2
UP program, 5.8.4
MORTGAGE RELEASE
see also DEEDS IN LIEU
Fannie Mae loans, 5.11.6.4
MORTGAGE SERVICERS
see SERVICERS
MORTGAGE SERVICING RULE (CFPB)
see SERVICING RULES (CFPB)
MORTGAGE TERMS
modification, see MODIFICATION OF LOAN
notice provisions, failure to comply, 3.2.9.2, 8.3.2.3
MORTGAGEES
see CREDITORS; MORTGAGE HOLDERS
MORTGAGES
see also HOME EQUITY LOANS
acceleration, see ACCELERATION
account number change after workout, 5.6.9.5, 10.9.9.1
alternative products, 1.4.4
arbitration clauses, 10.7
assignment, see ASSIGNMENTS
assistance programs, 5.3.3
assistance relief services, see FORECLOSURE RESCUE SCAMS
assumptions, see MORTGAGE ASSUMPTIONS
authority to enforce, 7.3, 7.4.4, 7.5.2, 7.5.4
bankruptcy proceedings
curing defaults, 11.4
interest on arrears, 11.4.5
monitoring fees, 2.4.6
payment in full, 11.5
present value interest, 11.5
right to cure, 11.4
servicing abuses, 2.4
stripdowns, 11.6
brokers, see MORTGAGE BROKERS
charge-offs, 5.11.1, 5.11.7.6
churning, see LOAN CHURNING
deed of trust, see DEEDS OF TRUST
default, see DEFAULT
deferred junior mortgages, 5.4.6.2
disadvantageous
assignee liability, 9.5.9
lender liability, 9.2.1, 9.2.3
discharge, see DISCHARGE OF MORTGAGE
disclosure requirements, see DISCLOSURE
documentation, 10.2.3
see also DEEDS OF TRUST; LOAN DOCUMENTS; LOAN NOTE
due on sale provisions, 5.3.5, 8.6
electronic registration system, see MORTGAGE ELECTRONIC REGISTRATION SYSTEM (MERS)
enforceability, 7.1.5
equitable mortgage doctrine, 18.4.1.2
see also EQUITABLE MORTGAGE
bona fide purchaser defense, 18.4.1.3
federal assistance programs, 5.3.3
federally-insured, see FEDERAL GOVERNMENT MORTGAGES
federally-related, see FEDERALLY-RELATED MORTGAGES
FHA mortgages, see FHA-INSURED LOANS
“follows the note” rule, 7.1.3, 7.3.2
foreclosure rescue scams as, 18.4.1
foreclosures
see also FORECLOSURES
defenses, see HOME DEFENSE
process, 8.2.2, 8.2.3
right to foreclose, 7.4, 7.5
standing to foreclose, see STANDING
forgiveness, see CANCELLATION OF DEBT (COD) INCOME
fraud, 9.11
see also FRAUD
high-rate, see HIGH-RATE MORTGAGES
HUD, see DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD)
insurance, see MORTGAGE INSURANCE; PRIVATE MORTGAGE INSURANCE (PMI)
inter vivos trust transfers as, 18.2.3, 18.4.1
lines of credit, see HOME EQUITY LINES OF CREDIT (HELOCs)
junior mortgages, see JUNIOR LIENS
know the players, 1.3, 5.2.4
appraiser, 1.3.2.6
broker, 1.3.2.2
closing agent or attorney, 1.3.2.7
default services providers, 1.3.3.6
escrow agent, 1.3.2.8
first steps, 1.2.2.5
foreclosing trustee, 1.3.3.8
government guarantors, 1.3.2.10
lender’s attorney, 1.3.3.7
loan officer, 1.3.2.3
MERS, 1.3.2.4
mortgage holder, 1.2.2.5, 1.3.3.3, 10.2.6.1
mortgage originator, 1.2.2.5, 1.3.2.1
origination process, 1.3.2
PMI companies, 1.3.2.9
post-closing, 1.3.3
real estate agent, 1.3.2.5
REO management, 1.3.3.9
secondary mortgage market, 1.3.3.2
securitized mortgages, 1.3.3.4.2
servicers, 1.2.2.5, 1.3.3.5
land installment sales contracts, treatment as, 14.3.3, 14.4.1, 14.5.1
mandatory arbitration clauses, 10.7
manufactured homes, see MANUFACTURED HOMES
market, see MORTGAGE MARKETS
MERS as nominee, 7.12.1, 7.12.3
misrepresentations, 9.11
see also MISREPRESENTATIONS
modification of terms, see MODIFICATION OF LOAN
MOMs, 7.12.1
non-traditional mortgages, 1.4.4
origination documents, 10.2.3
see also DEEDS OF TRUST; LOAN DOCUMENTS; LOAN NOTE
payments, see PAYMENTS
payoff amount, 2.2.9, 10.2.5.1, Appx. E.2
prepayment fees, 8.6.7
promissory note, relationship, 7.1.2
see also LOAN NOTE
rate reductions, 5.4.4, 5.4.6
servicemembers, 8.11.5
recasting of missed payments, 5.4.5
redemption, 8.2.6
refinancing, see REFINANCING
RESPA requirements, see REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA); SERVICER ACT
reviewing, 1.2.2.4
RHS loans, see RURAL HOUSING SERVICE (RHS) LOANS
right to cure, see RIGHT TO CURE
sale-leaseback transactions as, 18.2.2, 18.4.1
sale of loan, see ASSIGNMENTS
sample mortgage, Appx. J.3.1
Section 502 program mortgages, see SECTION 502 SINGLE-FAMILY HOUSING PROGRAM
second mortgages, see JUNIOR LIENS
secondary market, see SECONDARY MORTGAGE MARKET
securitization, see SECURITIZATION
servicers, see SERVICERS
servicing abuses, see SERVICING ABUSES
state assistance programs, 5.3.3
subprime market, see SUBPRIME MORTGAGE MARKET
tax delinquencies, effect, 17.2.2
tax sale redemptions, 17.4.3
TILA disclosure requirements, see DISCLOSURES (TILA)
TILA rescission, 9.5
TILA substantive provisions, 9.5.7
transfer of mortgage, see ASSIGNMENTS
UDAP violations, 9.4
unconscionability, 9.13
unfair lending practices, see UNFAIR LENDING PRACTICES
usurious, see USURY CLAIMS
VA-guaranteed, see VA-GUARANTEED LOANS
workout agreements, see WORKOUT AGREEMENTS
MORTGAGORS
see HOMEOWNERS
NATIONAL BANKS
federal savings associations, merger, 10.10.4
state laws, application, 10.10
NATIONAL CREDIT UNION ADMINISTRATION (NCUA)
preemption regulation, 10.11
NATIONAL MORTGAGE SETTLEMENT
consumer relief provisions, 5.9.2
lien modification, 5.9.2.2
overview, 5.9.2.1
refinancing, 5.9.2.3
dual foreclosure tracking restrictions, 5.9.4
overview, 5.9.1, Appx. C.6
servicing reforms, 5.9.3, 7.14
authority to foreclose, 5.9.3.5
NATIONAL MORTGAGE SETTLEMENT (cont.)
bankruptcy proceedings, 5.9.3.6, 11.4.6.7
documentation, 5.9.3.3
fees, 5.9.3.7.2
force-placed insurance, 5.9.3.7.4
monthly statements, 5.9.3.7.1
payment allocation, 5.9.3.6.4, 5.9.3.7.3
pre-foreclosure notice, 5.9.3.4
private enforcement, 5.9.3.2
tax consequences, 12.6.5.4
NATURAL DISASTERS
foreclosure assistance, 5.12
eviction relief, 5.12.6
Fannie Mae loans, 5.12.4, 5.12.6
federal moratoriums, 5.12.3
Freddie Mac loans, 5.11.7.4, 5.11.7.5, 5.12.4
generally, 5.12.1
lender or servicer moratoriums, 5.12.4
state assistance, 5.12.5
state moratoriums, 5.12.2, 8.8
hazard insurance, 3.2.5.2
NEGATIVE AMORTIZATION
payment option ARMS, 7.2.4.2
TILA restrictions, 9.5.7
NEGLIGENCE
servicers, 4.12.3
fee abuses, 2.2.8.1
HAMP modifications, 5.13.9
misrepresentations, 4.12.4
NEGOTIABLE INSTRUMENTS
allonges, role of, 7.1.5.3
assignments, see ASSIGNMENTS
bearer paper, 7.1.4, 7.1.5.4
definition, 7.1.4
enforcement, standing, 7.1.5
bearer paper, 7.1.5.4
generally, 7.1.5.1
holders, 7.1.5.1
non-holders, 7.1.5.5
non-UCC states, 7.2.1–7.2.3
order paper, 7.1.5.2, 7.1.5.3
person entitled to enforce, 7.1.5.1
possession of note, 7.1.5.2, 7.1.5.4, 7.1.5.6
holder-in-due-course status, 7.1.4, 9.16.2
indorsements, 7.1.5.3
notes, status as, 7.1.4
lost or destroyed, 7.1.5.5
order paper, 7.1.4, 7.1.5.2
scrutinizing, 7.7.4
NON-JUDICIAL FORECLOSURES
see also FORECLOSURE SALES; FORECLOSURES
authority to foreclose, 7.5
burden of proof, 7.5.5
challenges to, 7.5, 12.2.3.4.2
securitized loans, 7.5.4
bankruptcy stay, 11.3
bond requirements, 7.5.7
due process challenges, 8.4
generally, 8.4.1
government as mortgagee, 6.1.2
participation by state official, 8.4.2
state action requirement, 6.1.2.1, 8.4.1
government agencies, 6.1.2.1
FHA-insured mortgages, 6.2.7.11
HUD-held single family mortgages, 6.2.8
injunctive relief, 8.2.3, 8.3.1, 9.3
notice of sale, 12.2.3.4.3
post-sale eviction proceedings, 7.5.8
process, generally, 8.2.3
sample pleadings, Appx. K
setting aside sale, 12.2.2.1
defective notice, 12.2.3.4.3
no authority or standing, 7.5, 12.2.3.4.2
NONNEGOTIABLE NOTES
see also LOAN NOTE
assignee liability, 7.2.4.6
enforcement, 7.2.4.1, 7.2.4.3
HE3LOCs, see HOME EQUITY LINES OF CREDIT (HELOCs)
holder-in-due-course doctrine, application, 7.2.4.6
securitization, 7.2.4.5
status as, 7.2.4.2
transfer or sale, 7.2.4.3
UCC, application, 7.2.4.3
NON-TRADITIONAL MORTGAGES
foreclosure role, 1.4.4
nonnegotiable note status, 7.2.4.2
payment change notice, 3.6.2
rate change notice, 3.6.2
sample notice, Appx. J.3.4
sample promissory note, Appx. J.3.3
NOTE
see LOAN NOTE
NOTICE
see also DISCLOSURE
acceleration of loan, 8.3.2.3
FHA-insured loans, 6.2.7.8
RHS direct loans, 6.4.2.2
assignment of loan, see TRANSFER OF OWNERSHIP NOTICE
Bankruptcy Rule 3002.1
final cure payment, 11.4.6.5
payment change, 11.4.6.2
postpetition fees, 11.4.6.3
bankruptcy stay, 11.3.5
bona fide purchaser defense, effect, 18.4.1.3
condominium association foreclosures
see also under CONDOMINIUM ASSOCIATION FORECLOSURES
conflict with declaration, 15.3.1, 15.4.2.4.2, 15.4.2.7
contest of lien, 15.4.1.3
delinquency statement, 15.3.3.2, 15.4.2.3
notice of sale, 15.4.2.4.2
requirements, 15.3.3
default
FHA-insured mortgages, 6.2.7.5
land installment sales contracts, 14.3.2
National Mortgage Settlement, 5.9.3.3.2
state law summary, Appx. F
VA-guaranteed mortgages, 6.3.3
errors, see NOTICE OF ERROR; QUALIFIED WRITTEN REQUESTS
evidence of compliance, 8.3.2.5
escrow accounts
fees, 3.3.5
shortages or deficiencies, 3.3.4.5
FDCPA validation notice, 4.5.3
force-place insurance
format of notice, 3.2.5.3.4
initial notice, 3.2.5.3.2
subsequent notice, 3.2.5.3.3
foreclosure sales, 8.3.2.4, 12.2.3.4.3
FTC Holder Rule, see HOLDER NOTICE (FTC)
HAMP denial, 5.8.2.9.1
HECM foreclosures, 16.3
HOEPA, 9.5.9
interest rate change, 3.6.2
invalid notices, 8.3.2.1
judicial notice, see JUDICIAL NOTICE
land installment sales contracts, forfeiture, 14.3.2
loan transfer, see TRANSFER OF OWNERSHIP NOTICE
loss mitigation
loan modification denial, 3.2.8.2.10
options, 3.2.6.3, 8.3.2.2, 12.2.3.4.4
overview, 3.2.8.6
payment change notice, 3.6.2
power of sale
condominium associations, 15.4.2.4.2
due process requirements, 6.1.2.2, 8.4.1
HUD-held mortgages, 6.2.8.1
identifying information, 7.13
improper notice, 8.3.2.4, 12.2.3.2
safeguard against unfair price, 12.2.3.5.4
sale under, 8.2.3
state law summary, Appx. F
pre-foreclosure notices
loss mitigation options, 3.2.6.3
National Mortgage Settlement, 5.9.3.4
noncompliance, 8.3.2.2, 8.3.2.3, 8.3.4
procedural defenses, 8.3.2
proof of notice, 8.3.2.5
RESPA, under
notice of error, see NOTICE OF ERROR
preforeclosure notice, 3.2.6.3
qualified written request, see QUALIFIED WRITTEN REQUESTS
request for information, see REQUEST FOR INFORMATION
RHS direct loans
acceleration, 6.4.2.2
adverse decision notice, 6.4.2.4
right to cure, 8.3.2.2, 8.3.2.3
servicers, designated address, 3.2.2.8
servicing transfers, 3.2.3, 10.2.5.6
sample notice, Appx. J.3.6
time of loan application, 3.2.3.2
time of transfer, 3.2.3.3
servicing violations, contractual rights, 3.2.9.2
tax sales
adequate notice, 17.3.4.3
generally, 17.2.3.2, 17.3.4.2
post-sale procedures, 17.3.4.4
right of redemption, 17.3.4.4
tenant of landlord’s foreclosure, 12.7.2.3
TILA requirements, see DISCLOSURES (TILA)
TILA rescission rights, 9.5.2, 10.2.3
VA-guaranteed mortgages
appeals, 6.3.5.1
default, 6.3.3
NOTICE OF ERROR
see also QUALIFIED WRITTEN REQUESTS
CFPB regulations, 3.2.2.1
duplicative or overbroad notices, 3.2.2.4.4
general servicing errors, 3.2.2.4.2
loss mitigation applications, 3.2.2.4.3
overview, 3.2.2.2
payoff statements, 3.6.5.5
previous requirements, 3.2.2.3
requirements after January 10, 2014, 3.2.2.4
overview, 3.2.2.4.1
servicer compliance, 3.2.2.10.3
servicer charges, 3.2.2.11
servicer obligations upon receipt, 3.2.2.10
adequate investigation, 3.2.2.10.5
adverse credit reporting, prohibition, 3.2.2.10.4
generally, 3.2.2.10.1
overview, 3.2.2.10.3
servicer remedies during response period, 3.2.2.10.4
servicer violations
class actions, 3.2.2.12
pleading, 3.2.2.13
time limits
responding, 3.2.2.10.3
sending, 3.2.2.7
where to send, 3.2.2.8
who may send, 3.2.2.9
OFFICE OF THE COMPTROLLER OF THE CURRENCY (OCC)
foreclosure policy review, Appx. C.5
preemption rules, 10.10.2
after Dodd-Frank, 10.10.2.2
federal savings associations, application, 10.10.4
interpretation, 10.10.3.3.2
mortgage servicing, application, 10.10.3.2
prior to Dodd-Frank, 10.10.2.1, 10.10.3
replacement of OTS rules, 10.10.3.3.2
OFFICE OF THRIFT SUPERVISION (OTS)
foreclosure policy review, Appx. C.5
manufactured home right to cure regulations, 13.5.2
preemption rules, 10.10.2
after Dodd-Frank, 10.10.2.2
HOLA rule, 10.10.3.3.1
merged institutions, application, 10.10.4
mortgage servicing, application, 10.10.3.1
prior to Dodd-Frank, 10.10.2.1, 10.10.3
replacement by OCC rules, 10.10.3.3.2
ORIGINATORS
see MORTGAGE ORIGINATORS
OVERREACHING BY CREDITORS
challenging, 9.2.1, 9.5.7
OWNER OF OBLIGATION
see MORTGAGE HOLDERS
PACKING
see LOAN PACKING
PAIN AND SUFFERING DAMAGES
see also DAMAGES; EMOTIONAL DISTRESS
recovery of, 3.2.10.2.2
tax issues, 10.8.2
PARTIAL CLAIMS
FHA-insured loans, 6.2.3.1
HAMP calculation, 6.2.3.3
PARTIES
see also DEFENDANTS; STANDING
bankruptcy stay, motion for relief, 11.3.7.3
foreclosure actions
authority to foreclose, 7.4.3
real party in interest, 7.4.6
foreclosure sales, setting aside, 12.2.2.1
Rooker-Feldman doctrine, application, 10.6.4.4, 10.6.4.7
PAYMENT ASSISTANCE
see GOVERNMENT ASSISTANCE
PAYMENT OPTION ARMS
see NON-TRADITIONAL MORTGAGES
PAYMENT PLANS
see WORKOUT AGREEMENTS
PAYMENTS
see MORTGAGE PAYMENTS
PAYOFF OF MORTGAGE
see also DISCHARGE OF MORTGAGE
amount required, see PAYOFF STATEMENTS
escrow account refund, 3.2.4.3
fees, 2.2.9
qualified written requests after, 3.2.2.7
reverse mortgages, 16.1, 16.3.3.4.3
servicing abuses after, 2.3
PAYOFF STATEMENTS
see also PAYOFF OF MORTGAGE
accuracy, right to dispute, 3.6.5.5
fees, 2.2.9
former rules, 3.6.5.3
limits on duty, 3.6.5.4
problems with, 2.2.9
request by consumer’s agent, 3.6.5.2
servicer obligations, 2.2.9, 3.6.5, 10.2.5.1
state law requirements, 2.2.9, 3.6.5.6, Appx. E.2
TILA requirements, 2.2.9, 3.6.5
timely provision, 3.6.5.1, 10.2.5.1
PENALTIES
see PREPAYMENT PENALTIES; STATUTORY DAMAGES
PERFECTION OF SECURITY INTERESTS
manufactured homes, 13.12
PERIODIC STATEMENTS
see STATEMENT OF ACCOUNT
PERSONAL PROPERTY
manufactured homes, status, 13.2
conversion to real property, 13.2.3
implications, 13.2.2
mortgages with additional security, 11.6.4
PLEADINGS
actual damages, 3.2.10.2.3
affirmative defenses, requirement, 6.3.4.2
authority to foreclose, 7.4.7
breach of contract, 4.9.1
foreclosures
authority to foreclose, 7.1.3, 7.4.2
home improvement fraud, 9.2.7
procedural defenses, 8.3.4
sample pleadings, Appx. K
fraud or misrepresentation, 9.11
NCLC treatise, 1.1, 10.1
appendices, 1.1.2, Appx. K
on-line resources, 1.1.3, Appx. N
qualified written request violations, 3.2.2.13
refinancing schemes, 5.3.2
servicing guidelines re, 5.9.3.3.2
summary judgment, see SUMMARY JUDGMENT
POLICE OFFICERS
see LAW ENFORCEMENT OFFICIALS
POOLING AND SERVICING AGREEMENTS (PSA)
securitized mortgages, 1.3.3.4.3
servicing records, 10.2.5.5
unauthorized loans, 7.7.3.3
workout limits, 5.6.2.2
POSSESSION
loan note
enforcement without, 7.1.5.5
necessity, 7.1.5.2, 7.1.5.4
right time, 7.1.5.6
secured property
foreclosure by entry and possession, 8.2.4
former homeowners after foreclosure, 12.8
judgment for, setting aside, 12.2.2.1
tax lien sales, following, 17.4.1
tenants following foreclosure, 12.7
POWER OF ATTORNEY
mortgage assignment, 7.7.2
POWER OF SALE FORECLOSURES
see NON-JUDICIAL FORECLOSURES
PRACTICE TIPS
see also LITIGATION AIDS
amount due, determining, 2.1.3
bankruptcy, 1.2.8
relief from stay motion, 11.3.7.8.2, 11.3.7.8.4
client interview, 10.2.1
client’s objectives, understanding, 1.2.2.3, 5.2.3
COD income, 12.6.5
default, understanding, 2.1.4
deficiencies, 1.2.13
discovery, see DISCOVERY
documents, obtaining and storing, 10.2.2
FHA litigation, 6.2.7.12
foreclosure case, generally, 1.2
first steps, 1.2.2
follow the money, 1.2.3
legal defenses, 1.2.5, 8.1
procedural defenses, 1.2.6, 8.3
substantive defenses, 9.3
foreclosure rescue scams, 18.1, 18.3
foreclosure sales
prevention, 5.2.7
price adequacy, 12.2.3.5.4
setting aside, 1.2.12
fraud as defense, 9.11
land installment sales contracts, 1.2.10
litigating, see LITIGATION AIDS
loan documents, scrutinizing, 7.7.4
manufactured homes, 1.2.9
moratoriums, 5.12, 8.8
mortgage market, understanding, 1.3
subprime market, 1.4
natural disasters, 5.12
NCLC treatise, using, 1.1
on-line resources, 1.1.3, Appx. N
web-based text searching, 1.1.4
pleadings, see PLEADINGS
resources, see RESOURCE AIDS
sample forms and documents, Appx. J
servicers, claims against, 1.2.4
RESPA/TILA chart, 3.8
summary judgment, avoiding, 7.8.8
tax liens, 1.2.10
web resources, see WEB RESOURCES
workout agreements
documenting, 5.6.9
evaluating offer, 5.6.8
getting started, 5.2
negotiating, 1.2.7, 5.6
unresponsive servicers, 5.6.7
PREDATORY MORTGAGE MARKET
see also HIGH-RATE MORTGAGES; MORTGAGE MARKETS; SUBPRIME MORTGAGE MARKET
described, 1.4.1
overreaching creditors, 9.2.1
PREEMPTION OF STATE LAW
arbitration clauses, 10.7.5
Bankruptcy Code, 3.2.9.3.2
CFPB servicing regulations, 3.5, 3.6.5.6
FCRA, 4.6
federal credit unions, 10.11
federal savings associations, 10.10
generally, 10.10.1
HUD foreclosure statute, 6.2.8.1, 6.2.8.2
national banks, 10.10
OCC and OTS preemption rules, 10.10.2
after Dodd-Frank changes, 10.10.2.2
application to mortgage servicing, 10.10.3.1, 10.10.3.2
merger of bank and savings association, effect, 10.10.4
prior to Dodd-Frank changes, 10.10.2.1
pre-foreclosure requirements, 10.10.3.3
contractual requirements, 10.10.3.3.3
HOLA regulations, 10.10.3.3.1
OCC regulations, 10.10.3.3.2
RESPA/Servicer Act, 3.5
servicing laws and claims, 10.10.3
OCC rule, 10.10.3.2
OTS rule, 10.10.3.1
pre-foreclosure requirements, 10.10.3.3
UCC provisions, 7.2.2
usury laws, 9.14
OTS manufactured home regulations, 13.5.2
VA regulations, 6.3.4.1
PREFERENCES
bankruptcy, avoidance, 12.2.4.4
PRE-FORECLOSURE SALES
Fannie Mae loans, 5.11.6.4
FHA-insured loans, 6.2.4
foreclosure sale alternative, 8.7.3
Freddie Mac loans, 5.11.7.5
full sales, 5.3.4
mortgage assumptions, 5.3.5
RHS-guaranteed loans, 6.4.3.2.5
short sales, see SHORT SALES
PREPAYMENT PENALTIES
HOEPA trigger, 9.5.9
loan churning, 9.2.4
mortgage assumptions, rejected, 8.6.7
nonvoluntary prepayment, 8.6.7
payoff fees, status, 2.2.9
subprime loans, 1.4.1
TILA restrictions, 9.5.5, 9.5.7, 13.6.1
PRE-SALES
see PRE-FORECLOSURE SALES
PRIME MORTGAGE MARKET
see CONVENTIONAL MORTGAGE MARKET
PRINCIPAL REDUCTION ALTERNATIVE (PRA)
see HAMP PRINCIPAL REDUCTION ALTERNATIVE (PRA)
PRINCIPAL RESIDENCES
see also HOMESTEAD EXEMPTION
bankruptcy, stripdowns, 11.6.1
incidental property, 11.6.4
manufactured homes, 11.6.3, 13.12
unsecured junior mortgages, 11.6.2
COD income exclusion, 12.6.4.7
HAMP PRA, 12.6.4.7.3
HECMs, requirements, 16.3.3.2
PRIORITIES
condominium association liens, 15.5.2, 15.5.3
tax liens, 17.2.2.1
PRIVATE MORTGAGE INSURANCE (PMI)
see also CREDIT INSURANCE
automatic cancellation, 2.2.11
described, 1.3.2.9
scrutinizing, 5.2.5.1
servicing abuses, 2.2.11
PRODUCTION OF DOCUMENTS
see DISCOVERY
PROMISSORY ESTOPPEL
see ESTOPPEL
PROMISSORY NOTE
see LOAN NOTE
PROOF
see BURDEN OF PROOF; EVIDENCE
PROPERTY
flipping scams, see PROPERTY FLIPPING SCAMS
incidental property, 11.6.4
inspections, see PROPERTY INSPECTION FEES
maintenance costs, see PROPERTY CHARGES
personal property, see PERSONAL PROPERTY
real property, see REAL PROPERTY
tax assessments, see PROPERTY TAX ASSESSMENTS
PROPERTY CHARGES
escrow accounts, see ESCROW ACCOUNTS
insurance, see PROPERTY INSURANCE
reverse mortgages, payment default, 16.3.2
taxes, see PROPERTY TAX ASSESSMENTS
PROPERTY FLIPPING SCAMS
overview, 9.2.3
PROPERTY INSPECTION FEES
broker price opinions, 2.2.8.3
National Mortgage Settlement, 5.9.3.7.2.4
servicing abuses, 2.2.8.2
PROPERTY INSURANCE
force-placed, 2.2.6
PROPERTY PRESERVATION FEES
see PROPERTY INSPECTION FEES
PROPERTY TAX ASSESSMENTS
see also TAX LIENS
agreement and compromise, 17.3.1.4
challenging
administrative procedures, 17.3.1.2.3
disproportionate assessments, 17.3.1.2.2
due process rights, 17.3.4.5
exceeds taxable value, 17.3.1.2.1
judicial process, through, 17.3.2.2, 17.3.2.3
collection abuses, 17.6
deferred payment plans, 17.3.1.5
fraud, raising post sale, 17.3.3.2.4
escrow account, payment through, 17.2.2.1
lender liability for arrears, 17.2.2.2
minimizing, 17.3.1
mortgage arrears, inclusion, 17.2.2.1
private collection, 17.6
process, 17.2.1
special relief programs, 17.3.1.3, 17.3.1.5
overview, 17.3.1.3.1
seeking relief, 17.3.1.3.3
state law summaries, Appx. G
types, 17.3.1.3.2
PROPRIETARY REVERSE MORTGAGES
see also REVERSE MORTGAGES
described, 16.1
regulation of, 16.1
PROTECTIVE ADVANCES
RHS direct loans, 6.4.2.1.5
PUBLIC RECORDS
information source
consumer complaints, 10.2.7.2
corporate records, 10.2.7.4
internet searches, 10.2.7.3
land records, 10.2.7.1
lawsuits, 10.2.7.7
newspaper articles, 10.2.7.3
rating agencies, 10.2.7.6
SEC documents, 10.2.7.5
MERS, 7.12.9
PURCHASE MONEY SECURITY INTERESTS
see also MORTGAGES
PMI, 5.2.5.1
QUALIFIED WRITTEN REQUESTS
see also REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA)
adequate investigation, 3.2.2.10.5
CFPB regulations, 3.2.2.1
class action issues, 3.2.2.12
confidential information, 3.2.2.6.4
designated address, 3.2.2.8
duplicative or overbroad requests, 3.2.2.4.4, 3.2.2.6.4
fees, 3.2.2.11
irrelevant information, 3.2.2.6.4
loss mitigation applications
notice of error, 3.2.2.4.3
request for information, 3.2.2.6.2, Appx. J.2.5
notice of error, 3.2.2
see also NOTICE OF ERROR
CFPB regulations, 3.2.2.1
current requirements, 3.2.2.4, 3.2.2.10.3–3.2.2.10.5
dual tracking violations, Appx. J.2.6
previous requirements, 3.2.2.3, 3.2.2.10.2
sample notices, Appx. J.2
what is, 3.2.2.2
overview, 3.2.2.1
payoff statements, 3.6.5.5
request for information, 3.2.2
see also REQUEST FOR INFORMATION
CFPB regulations, 3.2.2.1
current requirements, 3.2.2.6, 3.2.2.10.6–3.2.2.10.7
previous requirements, 3.2.2.5, 3.2.2.10.2
sample requests, Appx. J.2
what is, 3.2.2.2
RESPA requirements, 3.2.2, 5.2.5.3
sample request, Appx. J.2.1
servicer obligations, 3.2.2.10
current requirements, 3.2.2.10.3–3.2.2.10.7
generally, 3.2.2.10.1
previous requirements, 3.2.2.10.2
servicer violations
class actions, 3.2.2.12
pleading, 3.2.2.13
time limits
requesting, 3.2.2.7
responding, 3.2.2.10.3, 3.2.2.10.6
unduly burdensome requests, 3.2.2.6.4
what is, 3.2.2.2
where to send, 3.2.2.8
who may send, 3.2.2.9
RACKETEER INFLUENCED AND CORRUPT ORGANIZATIONS ACT (RICO)
see RICO CLAIMS
REAL ESTATE AGENTS
knowing the players, 1.3.2.5
state licensing, 18.4.11.1
REAL ESTATE INSTALLMENT SALES
see LAND INSTALLMENT SALES CONTRACTS
REAL ESTATE OWNED (REO)
see REO MANAGEMENT
REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA)
Bankruptcy Code, conflicts, 3.2.9.3.2
CFPB rule, see SERVICING RULES (CFPB)
citation chart, 3.8
disclosure provisions, 3.2.2, 5.2.5.3, 9.6.2
escrow account provisions, 3.3
foreclosure rescue scams, application, 18.4.13
legislative history, 3.1.2, 4.4
loss mitigation requirements, 3.2.8, 5.10
manufactured home foreclosures, application, 13.7
overview, 3.1, 4.4, 9.6.1
legislative history, 3.1.2
scope, 3.1.4
payoff statements, application, 3.6.5.5
potential defenses, 1.2.5
private enforcement, 3.2.1, 3.2.10
prohibited conduct, 9.6.3
purpose, 3.1.2, 4.4, 9.6.1
qualified written request, see QUALIFIED WRITTEN REQUESTS
Regulation X, 3.1.3, Appx. A.3
regulatory history, 3.1.3
rulemaking authority, 3.1.3
“safe harbor” defense, 3.2.9.1
sample pleadings, Appx. K
scope, 3.1.4
certain entities exempt, 3.1.4.2
certain loans exempt, 3.1.4.4
overview, 3.1.4.1
small servicer exemptions, 3.1.4.3, 3.2.8.9
REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA) (cont.)
selected provisions, Appx. A.2
selected regulations, Appx. A.3
servicing provisions, see SERVICER ACT
servicing rule, see SERVICING RULES (CFPB)
small servicers, exemptions, 3.1.4.3, 3.2.8.9
state law preemption, 3.5
violations
breach of contract, as, 4.9
damages, 17.2.2.2
escrow account provisions, 3.3.6
limitations, 17.2.2.2
private remedies, 3.2.1, 3.2.10
servicers, 3.2.9, 4.4
UDAP violations, as, 4.2
REAL PARTY IN INTEREST
see also PARTIES
securitized loans, 7.9
standing requirement, 7.4.6
retroactivity, 7.4.8
REAL PROPERTY
appraisals, see APPRAISALS
flipping scams, 9.2.3
foreclosure, see FORECLOSURES
inspection fees, see PROPERTY INSPECTION FEES
installment sales, see LAND INSTALLMENT SALES CONTRACTS
manufactured homes, status, 13.2
absence of state statute, 13.2.5
conversion statutes, 13.2.3
implications, 13.2.2
tax statutes, 13.2.4
mortgages, see MORTGAGES
principal residence, see PRINCIPAL RESIDENCES
records, information source, 10.2.7.1
taxation, see PROPERTY TAX ASSESSMENTS
REAMORTIZATION
loan modification, 5.4.6.2
RHS direct loans, 6.4.2.1.6
RECASTING
missed payments, 5.4.5
RECEIVER, FEDERAL
see FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC)
RECORDS
business records, 7.8.5, 10.2.7.4
foreclosure rescue scams, 18.3.2.2
MERS, 7.12.2
public records, 10.2.7
servicing records, 10.2.5
REDEMPTION
see also REINSTATEMENT
bankruptcy situations
post-foreclosure, 11.4.2.2
statement of intention, 11.8.1
tax foreclosures, 17.4.4
manufactured homes after repossession, 13.3.5
pre-foreclosure, 8.2.6, 12.1.1
post-foreclosure, 12.1.2
condominium association liens, 15.5.1
HUD-held mortgages, 6.2.8.1
state law, 12.1.2.1
utility of, 12.1.2.2
tax foreclosures
bankruptcy situations, 17.4.4
borrowing to effectuate, 17.4.3
fraud by speculators, 17.5
generally, 17.2.3.4, 17.4.1
redemption amount, 17.4.2
tenants’ rights, 12.7.2.4
tender, tax lien sales, 17.4.1
REFINANCING
churning, see LOAN CHURNING
disadvantageous, creditor overreaching, 9.2.1
ECOA, application, 5.3.2
FHA-insured loans, 6.2.6
FHA2LP program, 5.8.7
foreclosure prevention, 5.3.2
HARP program, 5.8.6
National Mortgage Settlement, 5.9.2.3
overview, 5.3.2
RHS direct loans, 6.4.2.3
tax sale redemptions, 17.4.3
VA-guaranteed loans, 6.3.2.10
workout alternative, 5.3.2
REFUNDING
VA-guaranteed loans, 6.3.2.9
REGISTRATION SYSTEM
see MORTGAGE ELECTRONIC REGISTRATION SYSTEM (MERS)
REINSTATEMENT
see also REDEMPTION; WORKOUT AGREEMENTS
agreements, see REPAYMENT PLANS
FHA-insured loans, 6.2.7.9
Freddie Mac loans, 5.11.7.3
VA-guaranteed loans, 6.3.3
RELEASE FORMS
see also WAIVERS
information release authorization, 5.2.5.2
RELIEF FROM STAY
see BANKRUPTCY
REMEDIES
see also CONSUMER DEFENSES; DAMAGES
appraisal fraud, 9.2.3
bankruptcy impact, 11.10.3
bankruptcy stay violations, 11.3.6, 12.2.4.1.1
generally, 11.3.6.1
government entities, 11.3.6.2
procedure, 11.3.6.3
broker originated loans, 9.2.6
common law
civil conspiracy, 18.4.7.7
contract law, 4.9
emotional distress, 18.4.8.5
fiduciary duty, 4.11, 18.4.8.4
fraud claims, 18.4.7.6
good faith and fair dealing, 4.10, 18.4.8.3
other claims, 18.4.8.6
torts, 4.12
unconscionability, 18.4.8.2
condominium association liens, 15.4.1
credit insurance nonpayment, 9.2.2.4
damages, see DAMAGES
FCRA, 4.6
FDCPA, 4.5.4
fee overcharges, 2.2.8.1, 9.6.3
FHA-insured mortgages, regulatory non-compliance
affirmative lawsuits, 6.2.7.11
defense to foreclosure, 6.2.7.10
forbearance agreements, failure to honor, 5.13.10
foreclosure defense, see HOME DEFENSE
foreclosure rescue scams, 9.2.8, 18.4
HOEPA, 9.5.9
home improvement scams, 9.2.7
improvident lending, 9.2.1
injunctive relief, see INJUNCTIVE RELIEF
loan churning, 9.2.4
loan modification agreements, failure to honor, 5.13.10
mandatory arbitration, see ARBITRATION CLAUSES
manufactured home park owners, against, 13.14
MARS Rule violations, 18.2.4, 18.4.4.6
mortgage brokers, against, 9.2.6
non-judicial foreclosures, 8.2.3, 8.3.1
notice noncompliance, 8.3.2.6
property flipping scams, 9.2.3
qualified written request violations, 3.2.2.13
RESPA, 3.3.6, 4.4
claims chart, 3.8
disclosure violations, 9.6.2
foreclosure rescue scams, 18.4.13
servicing violations, 3.2.7.5, 3.2.8.1, 3.2.10
RICO, 9.8, 18.4.12
sample pleadings, 1.1.2, Appx. K
on-line resources, 1.1.3, Appx. N
SCRA, 8.11.7
Servicer Act, 3.2.7.5, 3.2.8.1, 3.2.10
servicing abuses, 4
claims chart, 3.8
contract law, 4.9, 5.13.8, 5.13.10
FCRA, 4.6
FDCPA, 4.5
fiduciary duty, 4.11
implied covenant of good faith, 4.10
other consumer protection laws, 3.7
RESPA/Servicer Act, 3.2–3.5, 3.8, 4.4
state law, 4.5.5, 4.8
TCPA, 4.7
TILA, 3.6, 3.8, 4.3
tort claims, 4.12
UDAP, 4.2
steering and targeting abuses, 9.2.5
tax collection abuse, 17.6
TCPA, 4.7
TILA, 3.6.6, 4.3, 9.5, 18.4.2
claims chart, 3.8
damages, 9.5.6
high-cost loan violations, 9.5.9
higher-priced loan violations, 9.5.8
rescission, see RESCISSION (TILA)
servicing violations, 3.6.6
transfer notice violations, 10.2.6.6
UDAP, 4.2, 9.4, 18.4.5.5
usury violations, 9.14, 18.4.9.1
wrongful foreclosure, 12.5
REO MANAGEMENT
post-foreclosure, 1.3.3.9
Fannie Mae and Freddie Mac, 12.7.1.2
REPAYMENT PLANS
see also WORKOUT AGREEMENTS
default cure, 5.4.2
Fannie Mae loans, 5.11.6.3
forbearance plan distinguished, 5.4.3
Freddie Mac loans, 5.11.7.3, 5.11.7.4
VA-guaranteed loans, 6.3.2.2
REPOSSESSIONS
bankruptcy stay, 11.3.4.2
violations, remedies, 11.3.6.1
manufactured homes, 13.3
default precondition, 13.3.3
deficiency or surplus, 13.3.7
personalty or realty, 13.2
right of redemption, 13.3.5
sale of home, 13.3.6
security interest precondition, 13.3.2
self-help repossessions, 13.3.4
state restrictions, 13.4
strict foreclosure, 13.3.8
UCC Article 9 violations, 13.3.9
REQUEST FOR ADMISSIONS
see DISCOVERY
REQUEST FOR INFORMATION
see also INFORMATION REQUESTS; QUALIFIED WRITTEN REQUESTS
CFPB regulations, 3.2.2.1
confidential information, 3.2.2.6.4
duplicative or overbroad requests, 3.2.2.6.4
irrelevant information, 3.2.2.6.4
loss mitigation applications, 3.2.2.6.2
mortgage holder, requests re, 3.2.2.10.7
overview, 3.2.2.2
previous requirements, 3.2.2.5
requirements after January 10, 2014, 3.2.2.6
overview, 3.2.2.6.1
servicer compliance, 3.2.2.10.6, 3.2.2.10.7
servicer charges, 3.2.2.11
servicer obligations upon receipt, 3.2.2.10
generally, 3.2.2.10.1
mortgage holder information, 3.2.2.10.7
overview, 3.2.2.10.6
servicer violations
class actions, 3.2.2.12
pleading, 3.2.2.13
servicing file requests, 3.2.2.6.3
time limits
requests, 3.2.2.7
responding, 3.2.2.10.6, 3.2.2.10.7
unduly burdensome requests, 3.2.2.6.4
where to send, 3.2.2.8
who may send, 3.2.2.9
RES JUDICATA
bankruptcy impact, 11.10.3
consumer claims after foreclosure, 12.2.2.2
generally, 10.6.5
RESCISSION
door-to-door sales, 18.4.10.2
foreclosure rescue statutes, 18.4.6.3
TILA, see RESCISSION (TILA)
RESCISSION (TILA)
see also TRUTH IN LENDING ACT (TILA)
assignees, application, 4.3
foreclosure rescue scams, 18.4.2.4
bankruptcy forum, 9.5.5
conditional rescission, 18.4.2.2.3
documentation, 10.2.3
exercising the right, 9.5.3
foreclosure rescue scams, 18.3.4.4, 18.4.2.2
manufactured homes, application, 13.6.2
notice of rights, 10.2.3
overview, 9.5.2, 18.4.2.2.1
Rooker-Feldman doctrine, application, 10.6.4.9.2
sample pleadings, Appx. K
servicers, application, 4.3
tax consequences, 12.6.4.5
tender obligations, 9.5.4
damages claims, set-offs, 9.5.6
foreclosure rescue scams, 18.4.2.2.3
RESCUE SCAMS
see FORECLOSURE RESCUE SCAMS
RESEARCH AIDS
see RESOURCE AIDS
RESIDENTIAL MORTGAGE LOANS
see MORTGAGES
RESOLUTION TRUST CORPORATION (RTC)
Servicer Act, application, 3.1.4.2
RESOURCE AIDS
see also PRACTICE TIPS
gathering information, 10.2
foreclosure rescue scams, 18.3.2
mortgage and foreclosure law
mortgage discharge, Appx. E.3
mortgage servicing, Appx. E.1
payoff statements, Appx. E.2
state law summaries, Appx. F
NCLC treatise, 1.1
appendices, 1.1.2
on-line resources, 1.1.3, Appx. N
pleadings, 1.1.2, 1.1.3, Appx. K, Appx. N
scope, 1.1.1
web-based text searching, 1.1.4
workouts, 5.1.2
PACER system, 10.2.7.7
pleadings, 1.1, 10.1
on-line resources, 1.1.3, Appx. N
sample pleadings, 1.1.2, Appx. K
public records, 10.2.7
servicing records, 10.2.5
state law
condominium laws, Appx. I
foreclosure laws, Appx. F
mortgage discharge, Appx. E.3
mortgage servicing, Appx. E.1
payoff statements, Appx. E.2
real estate tax abatements, Appx. G
tax lien foreclosures, Appx. H
web resources, see WEB RESOURCES
workout negotiation, 5.2.1
RESTITUTION
National Mortgage Settlement, 5.9.2.4
RESTRAINING ORDERS
see INJUNCTIVE RELIEF
REVERSE MORTGAGES
HECMs, see HOME EQUITY CONVERSION MORTGAGES (HECMs)
death of homeowner, 16.3.3.3, 16.3.3.4
foreclosure, 16.3
joint mortgages, 16.3.3.3
maturity of mortgage, 16.3.3
non-borrowing spouses, 16.3.3.3
non-occupancy, 16.3.3.2
origination claims, raising, 16.4
overview, 16.1
HECMs, 16.2
REVERSE MORTGAGES (cont.)
private institutions, see PROPRIETARY REVERSE MORTGAGES
property charges, 16.3.2
REVERSE REDLINING
defensive claims, 9.7
RHS LOANS
see RURAL HOUSING SERVICE (RHS) LOANS
RICO CLAIMS
analyzing case for, 1.2.5
foreclosure rescue scams, 18.4.12
overview, 9.8
RIGHT OF REDEMPTION
see REDEMPTION
RIGHT TO CANCEL
see COOLING-OFF PERIODS
RIGHT TO CURE
see also DEFAULT
bankruptcy
effect, 11.4.3
long-term debts, 11.4.1
notice of final payment, 11.4.6.5
timing, 11.4.2, 14.5.3
condominium association dues, 15.4.3
HECMs, property charge default, 16.3.2
improper notice, 8.3.2.2, 8.3.2.3
land installment sales contracts, 14.3.2, 14.4.2
bankruptcy, 14.5.3
manufactured homes, 13.5
federal law, 13.5.2
state law, 13.5.1
mortgages
bankruptcy filing, 11.4
generally, 8.2.5
non-mortgagor, by, 11.4.1
servicing violations, 3.2.9.2
ROOKER-FELDMAN DOCTRINE
federal review of state court decisions, 10.6.4, 12.2.2.2
bankruptcy proceedings, 10.6.4.8
cases removed from state court, 10.6.4.2
claims not available in state court, 10.6.4.5
homeowner defendant in federal case, 10.6.4.6
independent claims, 10.6.4.9
parties different, 10.6.4.4
plaintiff same in both courts, 10.6.4.7
state case not reached final judgment, 10.6.4.3
summary of doctrine, 10.6.4.1
RURAL HOUSING SERVICE (RHS) LOANS
see also SECTION 502 SINGLE-FAMILY HOUSING PROGRAM
acceleration of loans, 6.4.2.2
challenges to, 6.4.2.4
adverse decisions, appeals
direct loans, 6.4.2.4
guaranteed loans, 6.4.3.3
debt collection by federal government, 6.5
direct loans, 6.4.2
acceleration, 6.4.2.2, 6.4.2.4
administrative challenges, 6.4.2.4
foreclosure, 6.4.2.2
refinancing requirement, 6.4.2.3
selected regulations, Appx. B.4.2
selected statutes, Appx. B.4.1
servicing, 6.4.2.1.1, 6.4.2.5
workout options, 6.4.2.1
foreclosures
direct loans, 6.4.2.2
due process requirements, 6.1.2
guaranteed loans, 6.4.3.3
moratoriums, 5.12.3
guaranteed loans, 6.4.3
foreclosure, 6.4.3.3
generally, 6.4.3.1
interest assistance, 6.4.3.3
selected administrative notices, Appx. B.6
selected regulations, Appx. B.5
servicing, 6.4.3.3
workout options, 6.4.3.2
history of, 6.4.1
interest assistance
direct loans, 6.4.2.1.2
guaranteed loans, 6.4.3.3
know the players, 1.3.2.10
loss mitigation, guaranteed loans, 6.4.3.2
deed in lieu, 6.4.3.2.6
generally, 6.4.3.2.1
loan modification, 6.4.3.2.3
pre-foreclosure sale, 6.4.3.2.5
RHS-HAMP, 6.4.3.2.4
special forbearance, 6.4.3.2.2
natural disasters, 5.12.3
overview, 6.4.1
refinancing
direct loans, 6.4.2.3
guaranteed loans, 6.4.3.3
selected regulations
direct loans, Appx. B.4.2
guaranteed loans, Appx. B.5
selected statutes, direct loans, Appx. B.4.1
servicing requirements
direct loans, 6.4.2.1
failure to comply, 6.4.2.5, 6.4.3.3
guaranteed loans, 6.4.3.3
natural disasters, 5.12.3
types of loans, described, 6.4.1
workout options, direct loans, 6.4.2.1
deed in lieu, 6.4.2.1.8
delinquency workout agreement, 6.4.2.1.4
interest credit, 6.4.2.1.2
payment assistance, 6.4.2.1.2
payment moratorium, 6.4.2.1.3
protective advances, 6.4.2.1.5
reamortization, 6.4.2.1.6
short sales, 6.4.2.1.7
SAFE ACT
foreclosure rescue scams, application, 18.4.14
licensing requirements, 9.2.6, 9.9, 18.4.14
overview, 9.9, 18.4.14
Regulation H, 18.4.14
SALE OF LOAN
see ASSIGNMENTS
SALE PRICE
foreclosure sales, adequacy, 12.2.3.5, 12.2.4.2, 17.3.3.2.8
condominium sales, 15.4.2.4.3
tax sales, adequacy, 17.3.3.2.8
SALE-LEASEBACK TRANSACTIONS
see also FORECLOSURE RESCUE SCAMS
HOEPA, application, 18.4.3
loan status, 18.2.2, 18.4.1
scams, described, 18.2.2
TILA, application, 18.4.2
disclosure requirements, 18.4.2.1
rescission, 18.4.2.2
scope, 18.4.2.2
SALES
compromise sales, see COMPROMISE SALES
debtor prior to foreclosure, see PRE-FORECLOSURE SALES
execution sales, see JUDICIAL SALES
foreclosure sales, see FORECLOSURE SALES
pre-foreclosure sales, see PRE-FORECLOSURE SALES
repossessed manufactured homes, 13.3.6
tax liens, see TAX SALES
SALES BY DEBTOR
see PRE-FORECLOSURE SALES; THIRD PARTY TRANSFERS
SCAMS
appraisal fraud, 9.2.3
credit repair, 5.7.2, 18.4.10.3
foreclosure rescue, see FORECLOSURE RESCUE SCAMS
home improvements, 9.2.7
loan modification scams, 18.2.4
MARS rule, 18.2.4
property flipping, 9.2.3
sale-leaseback, 18.2.2
short sale scams, 18.2.5
“surplus retrieval” consultants, 12.4.5
SECOND LIEN MODIFICATION PROGRAM (2MP)
see also HOME AFFORDABLE MODIFICATION PROGRAM (HAMP)
borrowers in bankruptcy, 5.8.3.4
described, 5.8.3.1, 5.11.4
extinguishment, 5.8.3.3
Fannie Mae program, 5.11.3
incentives, 5.8.3.5
modification, 5.8.3.3
trial period plan, 5.8.3.2
SECOND LIEN PROGRAM (FHA2LP)
see TREASURY/FHA SECOND LIEN PROGRAM (FHA2LP)
SECOND MORTGAGES
see JUNIOR LIENS
SECONDARY MORTGAGE MARKET
described, 1.3.3.2
Fannie Mae, see FEDERAL NATIONAL MORTGAGE ASSOCIATION (FANNIE MAE)
Freddie Mac, see FEDERAL HOME LOAN MORTGAGE CORPORATION (FREDDIE MAC)
securitization, see SECURITIZATION
SECTION 502 SINGLE-FAMILY HOUSING PROGRAM
see also RURAL HOUSING SERVICE (RHS) LOANS
described, 6.4.1
SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING ACT
see SAFE ACT
SECURITIES AND EXCHANGE COMMISSION (SEC)
public records, 10.2.7.5
SECURITIZATION
arbitration clauses, 10.7
documentation underlying, 1.3.3.4.3, 7.7.3.1, 10.2.5.5
see also POOLING AND SERVICING AGREEMENTS (PSA)
scrutinizing, 7.7.4
generally, 1.3.3.4.1
gulf created by, 8.8.1
knowing the players, 1.3.3.4.2
servicers, 1.3.3.5
modification workouts, 5.6.2.2
nonnegotiable notes, 7.2.4.5
secondary mortgage market, 1.3.3.2
standing to challenge, 7.7.3.3
standing to foreclose, 7.1.1, 7.9
non-judicial foreclosure, 7.5.4
nonnegotiable notes, 7.2.4.5
proving transfer, 7.7.3.1
unauthorized loans, 7.7.3.3
tax lien certificates, 17.6
SECURITY INSTRUMENT
see MORTGAGES
SECURITY INTERESTS
invalidity, 9.15.3
land, see MORTGAGES
land installment sales contracts, status, 14.5.1
manufactured homes, 13.2.2, 13.3.2
SEIZURE
foreclosure by entry and possession, 8.2.4
SENIORS
reverse mortgages, see REVERSE MORTGAGES
SERVICEMEMBERS CIVIL RELIEF ACT
see also MILITARY PERSONNEL
bankruptcy cases, application, 8.11.9
civil litigation, procedural protections, 8.11.3
foreclosure protections, 6.3.3, 8.11.3
interest rate reductions, 8.11.5
judicial intervention required, 8.11.3
land installment contracts, 8.11.4
overview, 8.11.1
private right to enforce, 8.11.8
scope, 8.11.2
selected provisions, Appx. A.5
tax sales restrictions, 8.11.3, 17.3.1.8
violations, remedies, 8.11.7
waiver of rights, 8.11.6
SERVICER ACT
see also REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA)
application, 3.1.4
no bankruptcy exemption, 3.2.9.3.1
bankrupt borrowers, application, 3.2.9.3
CFPB rule, see SERVICING RULES (CFPB)
disclosure requirements, 3.2.2, 5.2.5.3
overview, 3.2.2.1
request for information, 3.2.2.2
time of loan application, 3.2.3.2
error correction, 3.2.2, 3.2.9.1, 5.2.5.3
notice of error, 3.2.2.2, 3.2.9.2
overview, 3.2.2.1
general servicing policies and procedures, 3.4
legislative history, 3.1.2
privately enforceable provisions, 3.2
error correction, 3.2.2
information provision, 3.2.2
generally, 3.2.1, 3.2.10.1
remedies, 3.2.10
qualified written requests, see QUALIFIED WRITTEN REQUESTS
Regulation X, Appx. A.3
“safe harbor” defense, 3.2.9.1
selected provisions, Appx. A.2
state law preemption, 3.5
transfer of servicing provisions, 3.2.3
tax and insurance premium payments, 17.2.2.2
violations
class actions, 3.2.2.12
defenses, 3.2.9
pleading, 3.2.2.13
private right of action, 3.2.1, 3.2.10.1
remedies, 3.2.10
SERVICERS
abuses by, see SERVICING ABUSES
Attorneys General settlement with, see NATIONAL MORTGAGE SETTLEMENT
authority to foreclose, 7.9
misrepresentations, 7.11
National Mortgage Settlement, 5.9.3.5
Bankruptcy Rule 3002.1, 11.4.6
settlement with major servicers, 5.9.3.6, 11.4.6.7
bona fide errors, 3.2.9.1
breach of contract, 4.9, 5.13.10
FHA-insured mortgages, 6.2.7.11
HAMP, 5.13.8
right to notice and cure, 3.2.9.2
CFPB rules, see SERVICING RULES (CFPB)
claims against, 10.3.3
analyzing the case, 1.2.4
chart, 3.8
defenses, 3.2.9
HAMP related, 5.13.8, 5.13.9
sample pleadings, Appx. K
servicer defenses, 3.2.9
compensation structure, 2.1.2
condominium assessments, liability, 15.4.6
contact history, 10.2.5.3
continuity of contact, see CONTINUITY OF CONTACT
corporate advances, 2.2.8.5
debt collectors, as, 4.5
FDCPA, 4.5.1–4.5.4
HAMP, 5.13.9
state law, 4.5.5
default service providers, use, 1.3.3.6, 2.2.8.1
defenses, 3.2.9
contractual right to cure, 3.2.9.2
“safe harbor” defense, 3.2.9.1
defined, 3.1.4.1, 3.2.2.2
described, 1.2.2.5, 1.3.3.1, 1.3.3.5, 2.1.1, 4.1
designated address, 3.2.2.8
duty of good faith and fair dealing, 4.10
HAMP, 5.13.9
early intervention, see EARLY INTERVENTION
SERVICERS (cont.)
errors, 3.2.2
see also NOTICE OF ERROR; QUALIFIED WRITTEN REQUESTS
correction, 3.2.9.1
escrow account analysis, 3.3.2
Fannie Mae servicers, see FEDERAL NATIONAL MORTGAGE ASSOCIATION (FANNIE MAE)
FCRA violations, 4.6
FDCPA violations, 4.5
application of Act, 4.5.2
fees, 2.2.7, 2.2.8
National Mortgage Settlement, 5.9.3.7.2
fiduciary duty, 4.11
files, requests to see, 3.2.2.6.3
foreclosure documentation, 5.9.3.3
fraud, 4.12.2
Freddie Mac servicers, see FEDERAL HOME LOAN MORTGAGE CORPORATION (FREDDIE MAC)
glossary of terms, Appx. L.2
GSE servicers, see GOVERNMENT SPONSORED ENTITIES (GSEs)
guidelines, see SERVICING GUIDELINES
HAMP program
application review, 5.8.2.9
breach of contract claims, 5.13.8
escalated cases, 5.8.2.10
incentives, 5.8.2.17, 5.8.3.5
obligations, 5.8.2.15, 5.13.8
participation, 2.2.10, 5.8.2.1, 5.8.2.6, 5.8.2.9.3
signing of agreement, 5.13.8.2
identity, disclosure requirements, 3.2.3.2, 3.2.3.3
information requests, 3.2.2
formal requests, see REQUEST FOR INFORMATION; QUALIFIED WRITTEN REQUESTS
informal, 5.2.5.2
liability, 10.3.3
conduct of subagent, 10.3.2.3.2
loss mitigation, 2.2.10, 3.2.8
application evaluation, 3.2.2.4.3, 3.2.8.2
documentation, 10.2.5.4
FHA loans, 6.2.2, 6.2.7.10
HAMP, 5.8.2, 5.13.8
information requests, 3.2.2.6.2
MARS Rule exemption, 18.4.4.5.1
mediation programs, 8.8.7
misrepresentations, 4.12.2, 4.12.4
National Mortgage Settlement, 5.9.3
negligence, 4.12.3, 4.12.4
HAMP, 5.13.9
obligations
bankruptcy, effect, 3.2.9.3
breach of contract claims, 5.13.8
change notices, 3.6.2
continuity of contact, 3.2.7
early intervention, 3.2.6
escrow accounts, 3.3
fiduciary duty, 4.11
good faith and fair dealing, 4.10
HAMP, 5.13
information and error correction, 3.2.2, 5.2.5.3
loss mitigation alternatives, 2.2.10, 3.2.8
mediation, 8.8.7
opportunity to cure defects, 3.2.9.2
payoff statement, 2.2.9, 3.6.5, 10.2.5.1
periodic statements, 3.6.4
private enforcement, 3.2.1, 3.6.6
prompt crediting of payments, 3.6.3
qualified written requests, 3.2.2.10
RESPA chart, 3.8
state law, 4.8, Appx. E.1
taxes and insurance premiums, 3.2.5.5, 17.2.2.2
TILA chart, 3.8
payoff statements, see PAYOFF STATEMENTS
payments history, 10.2.5.2
payments, prompt crediting, 3.6.3
periodic statements, 3.6.4
policies and procedures, 3.4
pooling and servicing agreement, 10.2.5.5
promissory estoppel, 4.12.11
HAMP, 5.13.9
qualified written requests, 3.2.2, 5.2.5.3
see also QUALIFIED WRITTEN REQUESTS
address for receipt, 3.2.2.8
fees, 3.2.2.11
notice of error, see NOTICE OF ERROR
obligations upon receipt, 3.2.2.10
overview, 3.2.2.1
request for information, see REQUEST FOR INFORMATION
sample request, Appx. J.2
records, information source, 10.2.5
REO management, use, 1.3.3.9
RESPA/Servicer Act requirements, 3.2, 3.3, 4.4
application, 3.1.4
chart, 3.8
continuity of contact, 3.2.7
early intervention, 3.2.6
escrow accounts, 3.2.4, 3.2.5.5, 3.3
force-placed insurance, 3.2.5
identity disclosure, 3.2.3.2, 3.2.3.3
information and errors, 3.2.2, 5.2.5.3
loss mitigation, 3.2.8
policies and procedures, 3.4
Regulation X, Appx. A.3
selected provisions, Appx. A.2
transfer of servicing, 3.2.3
violations, 3.2.2.13, 3.2.9, 3.2.10
“safe harbor” defense, 3.2.9.1
sample forms and practice aids, Appx. J
second mortgages, 5MP program
incentives, 5.8.3.5
participation, 5.8.3.1
securitized mortgages, 1.3.3.4.2, 1.3.3.5
pooling and servicing agreement, 10.2.5.5
small servicers, 3.1.4.3, 3.2.8.9
state law, 4.8
federal preemption, 10.10.3
summaries, Appx. E.1
subservicers, 4.5.2
suspense accounts, 2.2.3
TCPA, application, 4.7
TILA requirements, 3.6
chart, 3.8
interest rate notices, 3.6.2
payment change notices, 3.6.2
prompt crediting of payments, 3.6.3
Regulation Z, Appx. A.4
violations, 3.6.6, 4.3
tort liability, 4.12
transfer of servicing, see TRANSFER OF SERVICING
trial testimony, 7.8.4
UDAP violations, 4.2
HAMP, 5.13.9
uncooperative, 5.6.7
unjust enrichment, 4.12.7
workout agreements
see also WORKOUT AGREEMENTS
dealing with unresponsive, 5.6.7
guidelines, 5.4.1, 5.6.2
initiating, 5.6.4
SERVICING ABUSES
see also SERVICING GUIDELINES
attorney fees, 2.2.8.6
bankruptcy situations, 2.4
Rule 3002.1, 11.4.6
breach of contract, 5.13.8, 5.13.10
breach of duty of good faith and fair dealing, 4.10, 5.13.9
breach of fiduciary duty, 4.11
broker’s price opinions, 2.2.8.3
claims chart, 3.8
contractual right to notice, 3.2.9.2
conversion, 4.12.9
corporate advances, 2.2.8.5
credit reporting, 2.3.3
discharge, failure to provide timely, 2.3.2
emotional distress, intentional infliction, 4.12.5
escrow accounts, 2.2.5, 2.4.4
federal regulation, 3
CFPB rules, see SERVICER RULES (CFPB)
other consumer protection laws, 3.7
overview, 3.1
RESPA provisions, see SERVICER ACT
selected provisions, Appx. A
TILA, see TRUTH IN LENDING ACT (TILA)
fees, generally, 2.2.8.1
force-placed insurance, 2.2.6
foreclosure fees, 2.2.8.4
fraud, 4.12.2
information requests, see QUALIFIED WRITTEN REQUESTS
interest overcharges, 2.2.4, 2.4.2
late fees, 2.2.7
liability of mortgage owner, 10.3.2.3
libel, 4.12.8
litigating, see LITIGATION AIDS
loss mitigation, failure to engage in, 2.2.10
misapplication of payments, 2.2.2, 2.4.3
National Mortgage Settlement, 5.9.3
see also NATIONAL MORTGAGE SETTLEMENT
overview, 2.2.1
payoff fees, 2.2.9
post-foreclosure, 2.3
post-payoff, 2.3
private mortgage insurance, 2.2.11
property inspection fees, 2.2.8.2
qualified written requests re, see QUALIFIED WRITTEN REQUESTS
remedies, 4
claims chart, 3.8
contract law, 4.9
FCRA, 4.6
FDCPA, 4.5
fiduciary duty, 4.11
HAMP violations, 5.13.8, 5.13.9
implied covenant of good faith, 4.10
other consumer protection laws, 3.7
RESPA/Servicer Act, 3.2–3.5, 3.8, 4.4
state law, 4.5.5, 4.8
TCPA, 4.7
TILA, 3.6, 3.8, 4.3
tort claims, 4.12
UDAP, 4.2
sample pleadings, 1.1.2, Appx. K
on-line resources, 1.1.3, Appx. N
Section 502 Direct Loans, 6.4.2.4, 6.4.2.5
servicing, defined, 3.1.4.1, 3.2.2.2
suspense accounts, 2.2.3
trespass to property, 4.12.12
wrongful foreclosure, 2.3.1, 2.3.4, 4.12.11
SERVICING ALIGNMENT INITIATIVE (GSEs)
CFPB rules, relationship, 5.11.2.1
dual tracking of foreclosure proceedings, 5.11.2.3
after referral to foreclosure attorney, 5.11.2.3.3
generally, 5.11.2.3.1
prior to referral to foreclosure attorney, 5.11.2.3.2
loan modification appeal process, 5.11.2.2
mortgage assumptions, 5.3.5.2
overview, 5.11.2.1
SERVICING GUIDELINES
see also FORECLOSURES; MORTGAGES; SERVICERS
bankruptcy situations, 11.10.2.2
CFPB rules, see SERVICING RULES (CFPB)
failure to comply
HAMP, 5.13
HUD guidelines, 6.4.5.3
RHS guidelines, 6.4.2.5, 6.4.3.3
VA guidelines, 6.3.4.2
Fannie Mae, 5.11.1, 5.11.2, 5.11.6, 7.10.1
see also SERVICING ALIGNMENT INITIATIVE (GSEs)
HECMs, 16.3.1
industry standard, 5.6.2.1, 5.11.1
natural disasters, 5.12.4, 5.12.6
foreclosure policies
dual tracking restrictions, 5.9.4, 5.11.2
federal interagency review, Appx. C.5
major servicers, see NATIONAL MORTGAGE SETTLEMENT
Freddie Mac, 5.11.1, 5.11.2, 5.11.7, 7.10.1
see also SERVICING ALIGNMENT INITIATIVE (GSEs)
natural disasters, 5.12.4
GSEs, see SERVICING ALIGNMENT INITIATIVE (GSEs)
HAMP, 5.13.4
HECMs, 16.3
foreclosure, 16.3.1
loss mitigation, 16.3.2
non-occupancy, 16.3.3.2
payout amount, 16.3.3.4.3
HUD/FHA mortgages
foreclosures, 6.2.7.10
loss mitigation, 6.2.2.1, 6.2.5, 6.2.7
natural disasters, 5.12.3
loan modification, 5.4.6.1
HAMP as industry standard, 5.13.5
loss mitigation
bankruptcy policies, 11.10.2.2
Fannie Mae and Freddie Mac, 5.11
federal agencies, Appx. C.2
FHA mortgages, 6.2.2.1, 6.2.5, 6.2.7
mortgage assumption, 5.3.5.2
National Mortgage Settlement, see NATIONAL MORTGAGE SETTLEMENT
natural disasters, 5.12
RESPA provisions
private enforcement, 3.2.1, 3.2.10
selected provisions, Appx. A.2
Servicer Act, see SERVICER ACT
RHS mortgages
direct loans, 6.4.2.1
failure to comply, 6.4.2.5, 6.4.3.3
guaranteed loans, 6.4.3.3
natural disasters, 5.12.3
Servicing Alignment Initiative, see SERVICING ALIGNMENT INITIATIVE (GSEs)
servicing, defined, 3.1.4.1, 3.2.2.2
state law, 4.8, Appx. E.1
VA-guaranteed mortgages
failure to comply, 6.3.4.2
natural disasters, 5.12.3
pre-foreclosure requirements, 6.3.3
workouts, 5.4.1, 5.6.2
bankruptcy policies, 11.10.2.2
Fannie Mae and Freddie Mac, 5.11
natural disasters, 5.12
SERVICING RULES (CFPB)
continuity of contact requirements, 3.2.7
early intervention requirements, 3.2.6
foreclosure sales, use in challenging, 7.5.5
general servicing policies and procedures, 3.4
GSE compliance, 5.11.2.1
implementation, 3.1.3
loss mitigation requirements, 3.2.8, 5.10
mortgage assumptions, 5.3.5.2
mortgage payments, prompt crediting, 3.6.3.3
payoff statements, 3.6.5
periodic statements, 3.6.4
preemption of state law, 3.5, 3.6.5.6
Servicing Alignment Initiative, relationship, 5.11.2.1
small servicer exemptions, 3.1.4.3, 3.2.8.9
violations, 3.2.10, 3.6.6
SETTLEMENT AGENTS
see also REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA)
HUD-1 settlement statement, provision, 10.2.3
knowing the players, 1.3.2.7
SETTLEMENT CONFERENCES
see MEDIATION PROGRAMS
SETTLEMENTS
see also WORKOUT AGREEMENTS
account number change after, 10.9.9.1
attorney fees, 10.9.5
bankruptcy of defendant, protecting against, 10.9.6
confidentiality agreements, 10.9.2
credit record, protecting, 10.9.3
enforceability, 10.9.7
future solicitation protection, 10.9.9.2
multiple defendants, 10.9.1
national mortgage settlement, see NATIONAL MORTGAGE SETTLEMENT
public benefits consequences, 10.9.8
tax consequences, 10.8, 10.9.4, 12.6.3
allocating damages, 10.9.4.2
SETTLEMENTS (cont.)
attorney fees, 10.8.7
canceled interest and fees, 12.6.4.5
disputed debts, 12.6.4.4
Form 1099-C, 12.6.3.5, 12.6.5.3
National Mortgage Settlement, 12.6.5.4
practice tip, 12.6.5.3
reflecting, 10.9.4.3
SHORT SALES
Fannie Mae loans, 5.11.6.4
Freddie Mac loans, 5.11.7.5
HAFA program, 5.8.5.2, 5.11.5
pre-foreclosure, 5.5.1
RHS direct loans, 6.4.2.1.7
scams, 18.2.5
tax consequences, 5.7.1, 12.6.3
SOLDIERS’ AND SAILORS’ CIVIL RELIEF ACT
see SERVICEMEMBERS CIVIL RELIEF ACT
SPECIAL FORBEARANCE
see FORBEARANCE PLANS
SPECULATORS
tax sales, 17.5
STANDING
arbitration clauses, enforcement, 10.7.5
bankruptcy stay relief, 11.3.7.3
MERS, 7.12.7
constitutional requirements, 7.4.5
foreclosure proceedings
authority to foreclose, 7.4.3, 7.4.5, 7.5, 7.7.1
bankruptcy proceedings, 7.6
borrowers, 7.5.2, 7.7.1
current assignee, 7.4.4
faulty documentation challenges, 7.7
judicial foreclosures, 7.4
irregularities, curing, 7.4.8
judgment, challenges after, 7.4.9
MERS, 7.12
misrepresentations, 7.11
negotiable notes, 7.1.5
non-judicial foreclosures, 7.5
nonnegotiable notes, 7.2
overview of issue, 7.1.1
“person entitled to enforce note,” 7.1.5.1
primacy of the note, 7.1.3, 7.3.2
procedure for challenging, 7.4.7
retroactivity, 7.4.8
sample pleadings, Appx. K
securitized loans, 7.1.1, 7.7.3
servicers, 7.9
scrutinizing proffered documents, 7.7.4
state foreclosure laws, 7.2, 7.5
UCC provisions, 7.1.5, 7.2.1
waiver of right to challenge, 7.4.9
foreclosure sale, setting aside based on lack of, 7.4.9, 12.2.3.4.2
note enforceability, 7.1.5, 7.2, 7.5.3
MERS, 7.12
bankruptcy proceedings, 7.12.7
court rulings, 7.12.5
post-sale eviction proceedings, challenging at, 7.5.8
“prudential” standing doctrine, 7.4.6
real party in interest, 7.4.6
transfer documentation challenges, 7.7
borrowers, 7.5.2, 7.7.1
power of attorney transfers, 7.7.2
STATE ACTION
see also DUE PROCESS
bankruptcy stay violations, 11.3.6.2
due process violation, necessity, 6.1.2.1
foreclosures by power of sale
generally, 8.4.1
government as mortgagee, 6.1.2.1
state official participation, 8.4.2
STATE ADMINISTRATIVE AGENCIES
information source, 10.2.7.8
STATE ASSISTANCE
see also GOVERNMENT ASSISTANCE
mortgage assistance programs, 5.3.3
natural disasters, 5.12.5
statutory, see STATE LAW
STATE COURT
see FORUM SELECTION
STATE HOUSING FINANCE AGENCIES
guaranteed loans, 1.3.2.10
STATE LAW
bankruptcy proceedings, use, 7.6, 12.2.4.3, 12.2.4.5
condominiums, 15.1.3
conflict with declaration, 15.3.1, 15.4.2.4.2, 15.4.2.7
preclusion of defenses, 15.4.2.2
statement of amount due, 15.4.2.3
summaries, Appx. I
UCIOA, 15.1.4
credit repair organizations, 18.4.10.3
credit statutes, see CONSUMER CREDIT STATUTES (STATE)
deceptive practices statutes, see UNFAIR AND DECEPTIVE ACTS AND PRACTICES (UDAP)
deficiency judgments, restrictions, 12.3.2
door-to-door sales, 18.4.10.2
due on sale clauses, 8.6.1, 8.6.4
eviction statutes, 12.7.2.2
federal preemption, see PREEMPTION OF STATE LAW
foreclosure rescue statutes, 18.4.6
NCLC model statute, 18.4.6.6
foreclosure sales
post-sale redemption, 12.1.2.1
setting aside, 12.2.4.3
foreclosures
deceased homeowners, 16.3.3.4.2
generally, 8.2.1
manufactured homes, 13.2
moratorium, 5.12.2, 8.8
right to foreclose, 7.2, 7.4.2, 7.5
strict foreclosure, 8.2.4
summary, Appx. F
tenants in possession, 12.7.2
UCC, conflicts with, 7.2.1–7.2.3
fraudulent transfers, 18.5.3.2.3
high-cost mortgages, 9.10
home improvement statutes, 9.2.7
land installment sales contracts, 14.3
licensing requirements, 9.2.6, 9.9, 18.4.9.3
manufactured home defenses based on, 13.8
default, right to cure, 13.5.1
manufactured home repossessions, 13.4
manufactured homes, treatment, 13.2
real property conversion statutes, 13.2.3
tax statutes, 13.2.4
mediation programs, 8.8.2
judicial enforcement, 8.9
mortgage assistance programs, 5.3.3
mortgage brokers, 9.2.6
mortgage discharge laws, Appx. E.3
mortgage holder identification, 7.13
mortgage servicing laws, 4.8
summaries, Appx. E.1
natural disasters, 5.12.2
payoff statement requirements, Appx. E.2
pre-foreclosure notice, summary, Appx. F
property tax assessments, see PROPERTY TAX ASSESSMENTS
real estate requirements, 18.4.11
redemption after foreclosure, 12.1.2.1
right to cure statutes, 8.2.5, 13.5.1
SAFE Act requirements, 9.2.6, 9.9, 18.4.14
tax liens
abatement law summaries, Appx. G
foreclosure law summaries, Appx. H
UCC, conflicts with, 7.2.1–7.2.3
unfair acts and practices, see UNFAIR AND DECEPTIVE ACTS AND PRACTICES (UDAP)
usury laws, 18.4.9
STATED-INCOME MORTGAGES
see NON-TRADITIONAL MORTGAGES
STATEMENT OF ACCOUNT
escrow accounts, 3.3.3
annual statement, 3.3.3.2
delivery of statement, 3.3.3.3
fees, 3.3.5
initial statement, 3.3.3.1
sample statement, Appx. J.3.5
payoff statements, see PAYOFF STATEMENTS
periodic mortgage statements, 3.6.4
coupon book exemption, 3.6.4.4
exemptions from coverage, 3.6.4.5
form and content, 3.6.4.3
generally, 3.6.4.1
requirements, application, 3.6.4.2
STATUTE OF LIMITATIONS
see also TIME LIMITS
ECOA claims, 9.7
FHA claims, 9.7
redemption period, 12.1.2.1
RESPA/Servicer Act, 3.2.10.1, 17.2.2.2
TILA, 18.4.2.3
transfer notice violations, 10.2.6.6
STATUTES
DIA, see DEPOSITORY INSTITUTIONS ACT (DIA)
ECOA, see EQUAL CREDIT OPPORTUNITY ACT (ECOA)
HOEPA, see HOME OWNERSHIP AND EQUITY PROTECTION ACT (HOEPA)
military personnel, see SERVICEMEMBERS CIVIL RELIEF ACT
RESPA, see REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA)
RICO, see RICO CLAIMS
Servicer Act, see SERVICER ACT
state, see STATE LAW
TILA, see TRUTH IN LENDING ACT (TILA)
UCC, see UNIFORM COMMERCIAL CODE (UCC)
UDAP, see UNFAIR AND DECEPTIVE ACTS AND PRACTICES (UDAP)
STATUTORY DAMAGES
see also DAMAGES
Servicer Act, 3.2.10.3
tax issues, 10.8.3
STAY OF PROCEEDINGS
see also MORATORIUMS
bankruptcy stay, see BANKRUPTCY
servicemembers, 8.11.3
STEERING
unfair lending practice, 9.2.5
TILA restrictions, 9.5.7
STRICT FORECLOSURE
see also FORECLOSURES
manufactured homes, 13.3.8
real property, 8.2.4
STRIP DOWN
see BANKRUPTCY
SUBPRIME MORTGAGE MARKET
see also HIGH-RATE MORTGAGES; MORTGAGE MARKETS
arbitration clauses, 10.7.1
borrower characteristics, 1.4.2
described, 1.4.1
foreclosure rates, 1.4.3
non-traditional mortgages, 1.4.4
predatory market, 1.4.1
SUBSIDIES
see GOVERNMENT ASSISTANCE
SUMMARY JUDGMENT
avoiding
affidavits, challenging, 7.8.4
business records, 7.8.5
challenging lender’s record, 7.8.7
summary of ways, 7.8.8
SURPLUSES
escrow accounts, 3.3.4.2
foreclosure sales, 12.4
condominiums, 15.5.4, 15.5.5
homeowner’s steps, 12.4.3
homestead rights, 12.4.4
procedures, 12.4.1
retrieval consultants, 12.4.5
timelines, 12.4.2
land installment sales contracts, 14.3.5
manufactured home repossessions, 13.3.7
tax sales, 17.2.3.3.2
SUSPENSE ACCOUNTS
servicing abuses, 2.2.3
TARGETING
unfair lending practice, 9.2.5
TAX CONSEQUENCES
acquisition indebtedness, 12.6.4.7
government subsidies, 12.6.4.7.3
attorney fees, 10.8.7
foreclosures
COD income, 10.8.6, 12.6.3
generally, 12.6.1
taxable capital gain, 12.6.2
Form 982, 12.6.3.6
Form 1009-A, 12.6.2.3
Form 1099-C, 12.6.3.5, 12.6.5.3
general rule, 10.8.1
HAMP PRA, 5.7.1, 12.6.4.7.3
loan forgiveness, 10.8.6, 12.6.3
creditor reporting, 12.6.3.3–12.6.3.5
exclusions from taxation, 12.6.4
practice tips, 12.6.5
taxpayer reporting, 12.6.3.6
multiple damages, 10.8.3
National Mortgage Settlement, 12.6.5.4
overpayments, recovery, 10.8.5, 12.6.5.2
pain and suffering damages, 10.8.2
prejudgment and postjudgment interest, 10.8.4
punitive damages, 10.8.3
purchase price infirmity doctrine, 12.6.4.6
qualified principle residence indebtedness, 12.6.4.7
sample pleadings, Appx. K
settlements, 10.8.1, 10.9.4
confidentiality clauses, 10.9.2
statutory damages, 10.8.3
workouts, 5.7.1, 12.6.3
government subsidies, 12.6.4.7.3
TAX DEEDS
see also TAX SALES
fraudulently obtaining, 17.3.3.2.4
recording, 17.3.3.2.2
right of redemption, 17.2.3.4
sale by auction, 17.2.3.3.1
setting aside, 17.3.3.2.1
TAX FORECLOSURES
see also FORECLOSURES; TAX LIENS; TAX SALES
amount due, 17.4.2
analyzing the case, 1.2.11
bankruptcy stay, 17.3.1.6, 17.4.4
contesting, 17.1, 17.3.2, 17.3.3, 17.3.4
due process, 17.3.4
excusable neglect, 17.3.3.2.6
fraud in process, 17.3.3.2.4, 17.5
overview, 17.1
prevention, 17.3
agreement and compromise, 17.3.1.4
bankruptcy option, 17.3.1.6
constitutional challenges, 17.3.4
contesting sale, 17.3.2
deferred payment plans, 17.3.1.5
minimizing liability, 17.3.1
setting aside completed sale, 17.3.3
special tax relief programs, 17.3.1.3, Appx. G
redemption rights, 17.2.3.4, 17.4
notice requirements, 17.3.4.4
sale of liens, 17.2.3.3.4, 17.2.3.3.5, 17.6
sale of property, see TAX SALES
securitization of debt, 17.2.3.3.5, 17.6
state law, Appx. H
taxation process, 17.2
transfer without sale, 17.2.3.3.3
TAX LIENS
see also PROPERTY TAX ASSESSMENTS
agreement and compromise, 17.3.1.4
bankruptcy plans, payments under, 17.3.1.6
collection abuses, 17.6
defects in the lien, 17.3.3.2.2
foreclosures, see TAX FORECLOSURES
interest on taxes, 17.3.1.7
mortgage holder liability for unpaid taxes, 17.2.2.2
priority of lien, 17.2.2.1
private enforcement, 17.6
process, 17.2.2
sale of lien, 17.6
bulk sales, 17.2.3.3.4
price not indicative of value, 12.2.4.2
securitization, 17.2.3.3.5, 17.6
sale of property, see TAX SALES
TAX LIENS (cont.)
special relief programs, 17.3.1.3, 17.3.1.5, Appx. G
state law summaries
abatement laws, Appx. G
foreclosure laws, Appx. H
TAX PAYMENTS
servicer obligations, 3.2.4, 3.3, 17.2.2.2
TAX REFUND INTERCEPTS
federal debt collection, 6.5
TAX SALES
see also FORECLOSURE SALES; TAX FORECLOSURES; TAX LIENS
analyzing the case, 1.2.11
auctions
bidding procedure, 17.2.3.3.2
generally, 17.2.3.3.1
bankruptcy stay, 17.3.1.6, 17.4.4
constitutional challenges, 17.3.4
adequate notice, 17.3.4.3
asserting, 17.3.4.6
due process, 17.3.4.1
opportunity to protest, 17.3.4.5
redemption rights, 17.3.4.4
contesting the sale
due process challenges, 17.3.4.6
due process rights, 17.3.4.5
injunctive relief, 17.3.2.3
judicial process, defenses, 17.3.2.2
deeds, see TAX DEEDS
inadequate price, effect, 17.3.3.2.8
independent companies, by, 17.6
irregularities, 17.3.3.2.2
burden of proof, 17.3.3.2.1
negotiated bulk sales, 17.2.3.3.4
notice requirements, 17.2.3.2, 17.3.4.2
adequate notice, 17.3.4.3
post-sale procedures, 17.3.4.4
right of redemption, 17.3.4.4
process, 17.2.3
fraud in the process, 17.3.3.2.4
overview, 17.2.3.1
notice, 17.2.3.2, 17.3.4.2–17.3.4.4
post-sale procedures, 17.3.4.4
sale itself, 17.2.3.3
purchaser’s authority to bid, 17.3.3.2.5
redemption after
bankruptcy situations, 17.4.4
borrowing to effectuate, 17.4.3
rights, 17.2.3.4, 17.4.1
securitization of certificates, 17.2.3.3.5, 17.6
servicemembers, limitations, 8.11.3, 17.3.1.8
setting aside
generally, 17.3.3.1
grounds, 17.3.3.2
invalid sale or tax, 17.3.3.2.3
procedure, 17.3.3.2.1
speculators, fraud by, 17.5
transfer of property without, 17.2.3.3.3
TELEPHONE CONSUMER PROTECTION ACT (TCPA)
servicing abuses, application, 4.7
TEMPORARY INDULGENCE
see FORBEARANCE PLANS
TENANTS
see also EVICTIONS
“bona fide” tenants, 12.7.1.1
condominium dues, liability for, 15.6
“good cause” eviction statutes, 12.7.2.2
landlord, foreclosure on, rights, 12.7
bankruptcy filing, effect, 12.7.3
federal protections, 12.7.1
FHA-insured mortgages, 12.7.1.3
redemption rights, 12.7.2.4
sample pleading, Appx. K
Section 8 tenants, 12.7.1.4
state protections, 12.7.2
manufactured homeowners as, 13.15
Protecting Tenants at Foreclosure Act, 12.7.1.1, 12.7.1.4
TENDER
see also BONDS
redemption, tax lien sales, 17.4.1
TILA rescission, 9.5.4
damages claims, set-offs, 9.5.6
foreclosure rescue scams, 18.4.2.2.3
THEFT
see FRAUD
THIRD PARTY TRANSFERS
bankruptcy filing, avoidance, 12.2.4.2, 12.2.4.4
due on sale provisions, 5.3.5, 8.6
foreclosure sales, setting aside, 12.2.2.1
fraudulent conveyances, see FRAUDULENT CONVEYANCES
mortgage assumptions, see MORTGAGE ASSUMPTIONS
preferences, see PREFERENCES
pre-sales, 5.3.5
TIME LIMITS
see also STATUTE OF LIMITATIONS
bankruptcy proceedings
automatic stay, 11.3.3.1, 11.3.7.4
reaffirmation or redemption, 11.8.2
statement of intention, 11.8.1
foreclosure cases, determining, 1.2.2.2
foreclosure sales
setting aside, 12.2.2.1
surplus distribution, 12.4.2
mortgage assumptions, rejection, 8.6.4, 8.6.6
payoff statement, provision, 10.2.5.1
qualified written requests
requesting, 3.2.2.7
responding, 3.2.2.10.3, 3.2.2.10.6
TITLE
see also DEEDS
foreclosure rescue scams, see FORECLOSURE RESCUE SCAMS
fraudulent transfers, see FRAUDULENT CONVEYANCES; TITLE FRAUD
manufactured homes, conversion to real property, 13.2.3
pre-foreclosure surrender, 5.5.2
see also DEEDS IN LIEU
tax sales, 17.2.3.3.1, 17.2.3.4, 17.4.1
TITLE FRAUD
see also FRAUD
false notarization, 18.4.11.2
forged deeds, 18.4.1.3
sample pleadings, Appx. K
TORT CLAIMS
fraud, 4.12.2, 18.4.7
intentional infliction of emotional distress, 4.12.5, 18.4.8.5
servicer abuses, 4.12
breach of duty of good faith, 4.10
conversion, 4.12.9
emotional distress, 4.12.5
fraud, 4.12.2
fraudulent misrepresentation, 4.12.2
interference with contract, 4.12.6
libel, 4.12.8
negligence, 4.12.3
negligent misrepresentation, 4.12.4
promissory estoppel, 4.12.11
trespass, 4.12.12
unjust enrichment, 4.12.7
wrongful foreclosure, 4.12.10
wrongful foreclosure, 4.12.10, 12.5
TRANSFER OF OWNERSHIP NOTICE
see also ASSIGNMENTS; MORTGAGE HOLDERS
content, 10.2.6.5
agent’s contact information, 10.2.6.5.4
identification of loan, 10.2.6.5.1
new owners’ identity, 10.2.6.5.2
optional disclosures, 10.2.6.5.6
recording location, 10.2.6.5.5
transfer date, 10.2.6.5.3
covered persons
persons entitled to receive, 10.2.6.4
persons required to give, 10.2.6.2
generally, 1.3.3.3.2
overview, 3.2.3.1, 10.2.6.1
remedies for violations, 10.2.6.6
sample notice, Appx. J.3.7
timing, 10.2.6.3
TRANSFER OF SERVICING
see also SERVICERS
disclosure at time of loan application, 3.2.3.2
escrow accounts
initial account statement, 3.3.3.1
treatment, 3.2.3.4
loss mitigation applications, 3.2.8.3, 3.2.8.8.2
notice at time of transfer, 3.2.3.3
information source, 10.2.5.6
sample notice, Appx. J.3.6
overview, 3.2.3.1
payments, treatment during transfer, 3.2.3.5
policies and procedures, 3.4
qualified written requests after, 3.2.2.7
TRANSFERS
mortgages, see ASSIGNMENTS
servicing, see TRANSFER OF SERVICING
TREASURY/FHA SECOND LIEN PROGRAM (FHA2LP)
overview, 5.8.7
TREASURY SECOND LIEN MODIFICATION PROGRAM
see SECOND LIEN MODIFICATION PROGRAM (2MP)
TRESPASS TO PROPERTY
servicer liability, 4.12.12
TRUST AGREEMENTS
see POOLING AND SERVICING AGREEMENTS (PSA)
TRUST DEEDS
see DEEDS OF TRUST
TRUSTEES
bankruptcy, see TRUSTEES IN BANKRUPTCY
deeds of trust, fiduciary duty, 8.5, 8.7.2
foreclosing trustee, 1.3.3.8
securitization transaction, 1.3.3.4.2
TRUSTEES IN BANKRUPTCY
see also BANKRUPTCY
liquidation sales, duty of good faith, 8.7.2, 12.2.3.5.3, 12.2.4.3
relief from stay, party, 11.3.7.3
statement of intention, ensuring performance, 11.8.1
TRUTH IN LENDING ACT (TILA)
arbitration clause restrictions, 10.7.2
assignee liability, 4.3, 9.5.6, 18.4.2.4
Bankruptcy Court, enforcement, 9.5.5
broker fees, application, 9.2.6
citation chart, 3.8
correction of error defense, 3.2.9.1
damages claims, 9.5.6, 18.4.2.3
disclosures, see DISCLOSURES (TILA)
foreclosure rescue scams, application, 18.3.4.4, 18.4.2
foreclosures, application, 1.2.5, 3.1.5
high-cost loan provisions, see HOME OWNERSHIP AND EQUITY PROTECTION ACT (HOEPA)
higher-priced loan regulations, 9.5.8
legislative history, 3.1.2
manufactured homes, application, 13.6
mortgage holder identification, 1.3.3.3.2
overview, 3.1, 9.5.1
legislative history, 3.1.2, 3.6.1
scope, 3.1.5
purpose, 3.1.2
Regulation Z, 3.1.3, Appx. A.4
residential mortgages, substantive protections, 9.5.7
reverse mortgages, application, 16.4
rulemaking authority, 3.1.3
rescission rights, see RESCISSION (TILA)
sample pleadings, Appx. K
servicing abuses, application, 3.1.2, 3.1.5, 4.3
servicing provisions, 3.6
interest rate changes, 3.6.2
legislative history, 3.6.1
payment change notices, 3.6.2
payoff statements, 3.6.5
periodic statements, 3.6.4
prompt crediting of payments, 3.6.3
violations, private remedies, 3.6.6
servicing rules, 3.1.5
see also SERVICING RULES (CFPB)
scope, 3.1.5
tax debts, application, 17.6
UDAP comparison, 18.4.5.3
UDAP
see UNFAIR AND DECEPTIVE ACTS AND PRACTICES (UDAP)
UNCONSCIONABILITY
foreclosure rescue scams, 18.4.8.2
mortgages, 9.13
overview of doctrine, 9.13
UNEMPLOYMENT PROGRAM
see HOME AFFORDABLE UNEMPLOYMENT PROGRAM (UP)
UNFAIR AND DECEPTIVE ACTS AND PRACTICES (UDAP)
see also UNCONSCIONABILITY; UNFAIR LENDING PRACTICES
claims, comparison to other claims
fraud claims, 18.4.5.2
TILA and HOEPA, 18.4.5.3
deeds of trust, application, 8.5
foreclosure rescue scams, application, 18.4.5
substantive standards, 18.4.5.4
foreclosure prevention, 1.2.5, 9.4
foreclosure sales, 12.2.3.5.4
HAMP, 5.13.9
overview, 9.4
remedies, 9.4, 18.4.5.5
RESPA violations as, 4.2
servicer violations, 4.2
fee abuses, 2.2.8.1
state law overview, 18.4.5.1
UNFAIR LENDING PRACTICES
see also UNFAIR AND DECEPTIVE ACTS AND PRACTICES (UDAP)
broker originated loans, 9.2.6
credit insurance, 9.2.2, 9.5.7
debt cancellation agreements, 9.5.7
defending foreclosure by challenging, 9
see also LITIGATION AIDS
common types of misconduct, 9.2
fair lending statutes, 9.7
fraud claims, 9.11
generally, 9.1
HOEPA, 9.5.9
other defenses, 9.15
raising claims and defenses, 9.16
RESPA, 9.6
reverse mortgages, 16.4
sample pleadings, Appx. K
state law, 9.10
TILA, 9.5
UDAP, 9.4
discrimination, 9.7
foreclosure rescue scams, 9.2.8
see also FORECLOSURE RESCUE SCAMS
home improvement financing, 9.2.7
improvident lending, 9.2.1
inflated appraisals, 9.2.3
land installment sales contracts, 14.2.2
litigating, see LITIGATION AIDS
loan churning, 9.2.4
loan modification scams, 9.2.8
loan packing, 9.2.2
mandatory arbitration, 9.5.7
negative amortization, 9.5.7
originator fees, 9.5.7
overreaching by creditors, 9.2.1, 9.5.7
prepayment penalties, 9.5.7
property flipping, 9.2.3
reverse mortgages, 16.4
sample pleadings, 1.1.2, Appx. K
on-line resources, 1.1.3, Appx. N
steering and targeting, 9.2.5, 9.5.7
UNIFORM COMMERCIAL CODE (UCC)
Article 9 application
manufactured homes, 13.2.2, 13.3
non-negotiable notes, 7.2.4.3
violations, remedies, 13.3.9
duty of good faith and fair dealing, 18.4.8.3
foreclosure rights under, 7.1.5, 7.2.1
state foreclosure laws, conflicts between, 7.2
statutory construction principles, 7.2.2, 7.2.3
UNIFORM COMMON INTEREST OWNERSHIP ACT (UCIOA)
see also CONDOMINIUM ASSOCIATION FORECLOSURES
overview, 15.1.4
UNITED STATES DEPARTMENT OF AGRICULTURE (USDA)
see RURAL HOUSING SERVICE (RHS) LOANS
UNJUST ENRICHMENT
foreclosure rescue scams, 18.4.8.6
servicer liability, 4.12.7
fee abuses, 2.2.8.1
USURY CLAIMS
arbitration, 10.7.3
federal preemption, 9.14
foreclosure defense, 9.14
foreclosure rescue scams, 18.2.2, 18.4.9
VA-GUARANTEED LOANS
adverse decisions, appeals, 6.3.5
assumption of loan, 6.3.2.8
circulars and handbook, Appx. B.3.3
debt collection by federal government, 6.5
foreclosure defenses
inadequate servicing, 6.3.4.2
sample pleadings, Appx. K
foreclosures, 6.3.4
due process requirements, 6.1.2
moratoriums, 5.12.3
preemption of state law, 6.3.4.1
waiver of indebtedness, 6.3.5.2
know the players, 1.3.2.10
natural disasters, 5.12.3
overview, 6.3.1
selected regulations, Appx. B.3.2
selected statutes, Appx. B.3.1
servicing guidelines
failure to comply, 6.3.4.2
natural disasters, 5.12.3
pre-foreclosure, 6.3.3
VALERI computer-based loan tracking system, 6.3.2.1
workout options, 6.3.2
assumption, 6.3.2.8
compromise sale, 6.3.2.6
deed in lieu, 6.3.2.7
loan modification, 6.3.2.4
overview, 6.3.2.1
refinance, 6.3.2.10
refunding, 6.3.2.9
repayment plans, 6.3.2.2, 14.2.2.2
special forbearance, 6.3.2.3
VA-HAMP, 6.3.2.5
VALUATION
see also APPRAISALS
bankruptcy proceedings, 12.2.4.2
real property for taxation purposes, 17.3.1.2.1
sale price
adequacy, 12.2.3.5.4
as indication of value, 12.2.3.5.4, 12.2.4.2
VOLUNTARY SURRENDER OF PROPERTY
see DEEDS IN LIEU
WAIVERS
default rights, late payment acceptance, 2.1.4, 8.3.3
due on sale clauses, 8.6.5.1, 8.6.6
due process rights, 6.1.2.2
escrow requirements, 3.3.1
injunctive relief, bond requirements, 9.3
late fees, Fannie Mae guidelines, 5.11.6.5
SCRA protections, 8.11.3, 8.11.6
standing challenges after judgment, 7.4.9
VA-insured loans after foreclosure, 6.3.5.2
workout agreements, 5.6.9.1, 5.6.9.2
WARRANTY CLAIMS
manufactured homes, 13.9
WEB RESOURCES
Fannie Mae servicing guidelines, 5.11.1
helpful websites, Appx. M
Internet searches to gather information, 10.2.7.3
foreclosure rescue scams, 18.3.2.2.6.7
NCLC resources, 1.1.3, Appx. N
web-based text searches, 1.1.4
pleadings, 1.1.3, Appx. N
WITNESSES
foreclosure litigation, personal knowledge requirement, 7.8.4
WORKOUT AGREEMENTS
see also LOSS MITIGATION; SETTLEMENT
account number change after, 5.6.9.5
alternatives, 5.3
assistance programs, 5.3.3
bankruptcy, 5.2.7, 5.3.1
mortgage assumption, 5.3.5
refinancing, 5.3.2
selling home, 5.3.4
analyzing the case, 1.2.7
application process, 5.6.5
fees, 5.6.6
follow-up, 5.6.7
assistance scams, see FORECLOSURE RESCUE SCAMS
assumption of mortgage, VA-guaranteed loans, 6.3.2.8
bankruptcy impact, 11.10.2
changing climate, 5.1.1
charge-offs, 5.11.1, 5.11.7.6
compromise sale, VA-guaranteed loans, 6.3.2.6
condominium association dues, 15.4.2.8
confidentiality clauses, 5.6.9.4
creative terms, 5.4.7
credit consequences, 5.7.2
deeds in lieu, 5.5.2
Fannie Mae loans, 5.11.5, 5.11.6.4
Freddie Mac loans, 5.11.5, 5.11.7.5
HAFA, 5.8.5.3, 5.11.5
RHS-guaranteed loans, 6.4.3.2.6
VA-guaranteed loans, 6.3.2.7
deferral agreement, 5.4.2
delay of sale, requesting, 5.6.3
documenting, 5.6.9
dual tracking of foreclosure, restrictions
National Mortgage Settlement, 5.9.4
Servicing Alignment Initiative, 5.11.2
enforceability, 5.6.9.3
evaluating, 5.6.8
Fannie Mae loans, 5.11
generally, 5.4.1, 5.6.2.1, 5.11.6.1
HAFA, 5.11.5
HAMP, 5.11.3
hardship requirement, 5.11.6.2
loss mitigation alternatives, 5.11.6.4
natural disasters, 5.12.4
options, 5.11.6
sample agreement, Appx. J.1.3
second lien modification, 5.11.4
servicing guides, 5.11.1
servicing policies, 5.11.2
special relief measures, 5.11.6.3
waiver of late fees, 5.11.6.5
federal statement, Appx. C.2
fees, 5.6.6
FHA-insured loans, 6.2
forbearance plans, 5.4.3
Fannie Mae, 5.11.6.3
Freddie Mac, 5.11.7.4
RHS-guaranteed loans, 6.4.3.2.2
VA-guaranteed loans, 6.3.2.3
Freddie Mac loans, 5.11
generally, 5.4.1, 5.11.7.1
HAFA, 5.11.5
HAMP, 5.11.3
hardship requirement, 5.11.7.2
late fees, 5.11.7.7
loss mitigation, 5.11.7.5
natural disasters, 5.12.4
reinstatement, 5.11.7.3
relief options, 5.11.7.4
sample agreement, Appx. J.1.4
second lien modification, 5.11.4
servicing guides, 5.11.1
servicing policies, 5.11.2
workout options, 5.11.7.5
future solicitation, forbidding, 5.6.9.6
getting started, 5.2
breakdown of default, 5.2.5
client’s objectives, 5.2.3
defenses, determination, 5.2.6
homeowner’s equity position, 5.2.8
knowing the players, 5.2.4
lump-sum incentive, 5.2.9
preparation tips, 5.2.2
resources, 5.2.1
timing, 5.2.7
good faith, 8.10
government sponsored programs
2MP, 5.8.3
FHA2LP, 5.8.7
FHA-HAMP, 6.2.3.3, 6.2.3.4
HAFA, 5.8.5, 5.11.5
HAMP PRA, 5.7.1, 5.8.2.13, 12.6.4.7.3
HAMP Tier 2, 5.8.2.16
HARP, 5.8.6
overview, 5.8.1
RHS-HAMP, 6.4.3.2.4
UP, 5.8.4
VA-HAMP, 6.2.3.5
HUD/FHA mortgages
HAMP, 5.8, 6.2.3.3, 6.2.3.4
HAMP PRA, 5.7.1, 5.8.2.13, 12.6.4.7.3
natural disasters, 5.12.3
pre-foreclosure requirement, 6.2.7.10
information, obtaining, 5.2.5.2–5.2.5.3
interest rate reductions
permanent, 5.4.6.2
temporary, 5.4.4
manufactured homes, 13.11
mediation, see MEDIATION PROGRAMS
missed payments, recasting, 5.4.5
modification of loan, 5.4.6
see also MODIFICATION OF LOAN
Fannie Mae loans, 5.11.3, 5.11.6.4, Appx. J.1.3
Freddie Mac loans, 5.11.3, 5.11.7.5, Appx. J.1.4
HAMP, see HOME AFFORDABLE MODIFICATION PROGRAM (HAMP)
industry-sponsored programs, 5.11.3
RHS-guaranteed loans, 6.4.3.2.3
sample forms, Appx. J.1
securitized loans, 5.6.2.2
servicer-initiated, 5.6.4
VA-guaranteed loans, 6.3.2.4
mortgage assumptions, 5.3.5
Fannie Mae loans, 5.11.6.4
Freddie Mac, 5.11.7.5
natural disaster situations, 5.12
federally-guaranteed loans, 5.12.3
NCLC treatise, organization, 5.1.2
need for representation, 5.2.1
negotiating, 1.2.7, 5.6
getting started, 5.2
good faith, 8.10
knowing the parameters, 5.6.2
knowing the players, 5.2.4
knowing what to request, 5.6.1
timing, 5.2.7
overview of available programs, 5.1.2, 5.4.1
parameters, 5.6.2
potential adverse consequences, 5.7
potential terms, 5.4
pre-sales, 5.5
Fannie Mae loans, 5.11.6.4
Freddie Mac loans, 5.11.7.5
full sales, 5.3.4
mortgage assumptions, 5.3.5
RHS direct loans, 6.4.2.1.7
RHS-guaranteed loans, 6.4.3.2.5
short sales, 5.5.1, 5.8.5.2, 6.4.2.1.7
prerequisite to foreclosure, 2.2.10
public benefits, effect, 5.7.3
refinance
RHS direct loans, 6.4.2.3
VA-guaranteed loans, 6.3.2.10
refunding, VA-guaranteed loans, 6.3.2.9
repayment plans, 5.4.2
Fannie Mae loans, 5.11.6.3
Freddie Mac loans, 5.11.7.4
VA-guaranteed loans, 6.3.2.2
RHS loans
direct loans, 6.4.2.1
guaranteed loans, 6.4.3.2
securitized mortgages, 5.6.2.2
servicing abuses, 2.2.10
servicing guidelines, 5.6.2
see also SERVICING GUIDELINES
Fannie Mae and Freddie Mac, 5.11
federal government, Appx. C.2
short sales, 5.5.1
HAFA, 5.8.5.2, 5.11.5
RHS direct loans, 6.4.2.1.7
tax consequences, 5.7.1, 12.6.3
types, 5.4
unresponsive servicers, 5.6.7
VA-guaranteed loans, 6.3.2
appeals, 6.3.5
natural disasters, 5.12.3
waivers, inclusion, 5.6.9.1, 5.6.9.2
WRONGFUL FORECLOSURE
see also FORECLOSURES
sample pleadings, Appx. K
servicing abuses, 2.3.4, 4.12.10
setting aside sale, 9.3, 12.2
tort of, 4.12.10
YIELD SPREAD PREMIUMS
RESPA requirements, 9.6.3
disclosure, 9.2.6
violations, 9.2.6
RICO challenges, 9.8
YOUNGER ABSTENTION DOCTRINE
federal injunctions interfering with state proceedings, 10.6.2
important state interests, 10.6.2.2
required elements, 10.6.2.1