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Supreme Court Clarifies the Standard for Actual Fraud

courtroom-justicescales

On May 16, 2016, the United States Supreme Court decided Husky International Electronics Inc. v. Ritz , holding by a 7-1 vote that the “actual fraud” standard found at 11 U.S.C. Section 523(a)(2)(A) encompasses fraudulent transfer schemes, even when these schemes do not have a fraudulent representation or any misrepresentation made as part of the scheme.

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Spokeo v. Robins: The Debate Over Whether Consumers Can Sue Lenders and Servicers for “Nothing”

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Those who have been involved in mortgage servicing at a management level for any period of time are probably familiar with the concept of strict-liability consumer protection laws. Under certain circumstances, these laws provide “consumers” (however that term is defined by the statute in question) with a right of action against lenders and servicers for errors, omissions or procedural missteps. Examples relevant to lenders and servicers include the Fair Credit Reporting Act, the Fair Debt Collection Practices Act and the Real Estate Settlement Procedures Act.

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Redemption After Foreclosure

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Redemption following a statutory foreclosure is a pretty clear process: a party may pay the amount bid at foreclosure sale, plus allowable interest, costs, and recorded expenses, and save their property. Once the redemption period expires, however, all interest previously held by a mortgagor vests in the holder of the sheriff’s deed. Specifically, unless redemption is made within the statutory period, the sheriff’s “deed shall thereupon become operative, and shall vest in the grantee therein named, his heirs or assigns, all the right, title, and interest which the mortgagor had at the time of the execution of the mortgage…

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Flat Fee Recording in Michigan

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Michigan’s governor recently signed bills SB-0599 and HB-5165 into law, which amend MCL 600.2567 and MCL 565.412. These amendments, which take effect on October 1, 2016, modify the fees associated with recording mortgages, assignments, judgments and other documents in the majority of counties for the State of Michigan.

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FDCPA May Require Debt Collectors to Warn Consumers Debt Balance May Increase

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Recently, the United States Court of Appeals for the Second Circuit vacated the dismissal of a complaint alleging a violation of 15 U.S.C. § 1692e when a debt collector that notified consumers of their account balance failed to disclose that the balance may increase due to interest and costs. Avila v. Riexinger, 2016 WL 1104776 (2d Cir. March 22, 2016). The Second Circuit oversees Connecticut, New York, and Vermont

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Wisconsin Reduces Redemption Periods

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The State of Wisconsin has reduced the length of foreclosure actions for any mortgage executed on or after April 27, 2016. For mortgages executed on or after April 27, 2016, a foreclosure on a one to four family residence that is owner-occupied at the commencement of the action, a farm, a church, or a tax-exempt charitable organization will have their redemption periods reduced as follows . . .

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