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July 2015 Archives

Impact of Supreme Court's Caulkett Decision on Junior Lienholders' Market

For banks and lenders engaged in the junior lienholder market, taking a secondary position to the primary secured lender is risky enough without the added frustration of lenient bankruptcy laws allowing discharge of "worthless debts." Fortunately, the U.S. Supreme Court expanded the notion - first set in 1992 in Dewsnup v. Timm - that "upside down" mortgages are not necessarily dischargeable under Section 506(d) of the Bankruptcy Code and debtors cannot petition to "strip" junior liens on a property even if the lien is essentially worthless.

5 Red Flags to Look For in the Foreclosure Process

Over the past several months, a number of foreclosure mitigation scams have resulted in a significant setback on the dockets of several South Florida banks seeking to reclaim encumbered residential and commercial properties. Moreover, failure to follow proper legal protocol has afforded many borrowers the opportunity to restart efforts to reclaim control of their property - a maneuver many only dreamed of upon receiving that first foreclosure notice.

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