Robert Finlay is one of the three founding partners of Wright, Finlay & Zak. Since 1994, Finlay has focused his legal career on consumer credit, mortgage and real estate litigation and compliance matters. Finlay has authored several amicus briefs on key issues impacting the mortgage and finance industry.
California continues its effort to pass a law that would require loan servicers to work with successors to borrowers on loss mitigation options. Unfortunately, SB 1150, while well intended, has the potential to create more problems than it solves. Here are just some of the unclear and dangerous provisions of bill.
The crown jewel of SB 306 is the right of redemption in the event an HOA foreclosure sale slips through the cracks. On its surface, the right of redemption is a well-needed safety valve for lenders and homeowners; however, its application may be challenging.
Essentially, despite expounding on the issues for 30 pages, the opinion just stands for the unremarkable (and, largely, undisputed) proposition that a borrower has standing to sue for wrongful foreclosure where the transaction by which the beneficiary acquired the loan was void at its inception. That point was even conceded, to some degree, by respondents in their brief.
Redemption requires timely and reasonable cooperation by the purchasers, the same purchasers that the servicers have been litigating with for the last several years. As a result, exercising the right of redemption could very well lead the servicer into quiet title litigation, again. Here's what you need to do.
Brickman takes to helm of one of the largest mortgage companies in the U.S. today, and while times at the government-sponsored enterprise are filled with uncertainty, Brickman sees nothing but excitement for the future of Freddie Mac.
When buying a home, many Americans consider a 20% down payment to be the norm, the ideal amount of money to put down to get a conventional mortgage with no private mortgage insurance and to keep monthly payments reasonably affordable.