Real Estate Foreclosures | News & Events

Property Tax Forfeiture

What is Property Tax Forfeiture? Property tax forfeiture is a process where the state takes ownership of real property if property taxes are not paid.  When property taxes are not paid in the year due, the taxes become delinquent as of January 1 of the following year.  Those holding liens… Read more »

The New CFPB Mortgage Rules: A Summary of What They Are and What They Mean

The Dodd-Frank Wall Street Reform Act and Consumer Protection Act (“Dodd-Frank Act”) amended both the Real Estate Settlement Procedures Act (“RESPA”), which is implemented by Regulation X, and the Truth in Lending Act (“TILA”), which is implemented by Regulation… Read more »

Working With Borrowers Following Bankruptcy Discharge

           Our firm serves as the outside in-house legal counsel for many financial institution clients. In that capacity, we receive calls and emails from our clients every day with questions relating to all aspects of banking.  Sometimes,… Read more »

Lessons from the Past can Protect you in the Future

The past several years can provide valuable lessons to lenders in the unfortunate event that current or new loans end up in foreclosure. A proactive eye towards certain aspects of the lending transaction can provide the key to a successful foreclosure. Therefore, before securing a loan with a… Read more »

Foreclosing SBA 504 Mortgages

As many banking institutions continue to react to the effects of the economy, many are faced with the need to foreclose commercial mortgages originated under the U.S. Small Business Administration (“SBA”) 504 loan program. In addition to standard banking practice and applicable state… Read more »

Criminal Prosecution for Damages to Property Subject to a Mortgage

Nothing is more disheartening than to enter OREO, post-foreclosure, and realize that a borrower has damaged the property or removed items such as furnaces, water heaters, sinks, cabinets, flooring, carpeting, light fixtures, toilets, windows, landscaping, and trees. The removal of these items can… Read more »

Issues to Consider Prior to Acquiring OREO

When an event of default occurs with respect to a loan that is secured by a mortgage encumbering real estate, there are a number of issues that should be investigated by the bank prior to its acquisition of the real estate (“OREO”). The bank’s due diligence related to such issues… Read more »

Foreclosing a Perfected Security Interest in LLC Membership Units/Interests

In our most recent edition of The Advisor, we discussed the process for a lender to obtain and perfect a security interest in membership units/interests in a limited liability company (“LLC”), as collateral for a loan. In this edition, we will address the lender’s rights to… Read more »

Shortening Foreclosure Redemption Periods in Minnesota

Whether a lender is foreclosing a mortgage by publication or action, the process can be long and drawn out. This is especially true considering the fact that mortgagors in Minnesota are afforded a 6-month, or even a 12-month, redemption period after the Sheriff’s sale takes place in a… Read more »

Management of Vacant and Foreclosed Properties

With winter fast approaching, it is important for lenders to pay a visit to real estate which is, or is about to become, subject to a foreclosure proceeding to determine the occupancy status. If a subject property is vacant and unoccupied, lenders should make certain that the property is properly… Read more »

It’s That Time of Year! 2010 Legislative Session Changes

Almost every year the legislature amends and changes laws that affect the banking and lending community. This year is no exception. The following is a brief summary of some of the new changes and amendments: 1. Postponement of Mortgage Foreclosure Sale for Property Subject to 12-Month Redemption… Read more »