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Maryland Fiddles With Foreclosure Statute of Limitations (Or Does It)

Statutes of limitations have been a hot topic in the mortgage servicing industry but there has previously been no need for Maryland to be included in that discussion. Now, however, due to a couple of statutes passed by the Maryland General Assembly, it is important for the industry to be aware of these statutory changes and to consider the implications on the time in which a servicer has to institute a foreclosure action regarding owner occupied properties. The author’s opinion is that the applicable statute of limitations is lengthy and unchanged. Nonetheless, for no other purpose than the avoidance of litigation, servicers should act as if a three year statute of limitations is in place.

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Maryland Fiddles With Foreclosure Statute of Limitations (or does it?)

Statutes of limitations have been a hot topic in the mortgage servicing industry but there has previously been no need for Maryland to be included in that discussion. Now, however, due to a couple of statutes passed by the Maryland General Assembly, it is important for the industry to be aware of these statutory changes and to consider the implications on the time in which a servicer has to institute a foreclosure action regarding owner occupied properties. The author’s opinion is that the applicable statute of limitations is lengthy and unchanged. Nonetheless, for no other purpose than the avoidance of litigation, servicers should act as if a three year statute of limitations is in place.

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Connecticut Supreme Court Clarifies Condition Precedent for HOA Foreclosure Actions

On April 26, 2016 the Connecticut Supreme Court issued a decision in The Neighborhood Association, Inc. v. Jill M Limberger, et al, 321 Conn. 29, which held that pursuant to Conn. Gen. Stat. §47-258(m)(1)(C), prior to any foreclosure action of an homeowners’ association (HOA) commenced on or after July 1, 2010, the HOA must have either (1) had a vote to authorize the individual foreclosure; or (2) had a collection policy adopted as a rule, with notice to unit owners and a minimum ten day comment period as required under the Conn. Gen. Stat. §47-261(b). If neither one of these two criteria are met, the HOA lacks subject matter jurisdiction in its foreclosure action. In Limberger, the HOA’s foreclosure action was dismissed for lack of subject matter jurisdiction despite the HOA having adopted a “standard collection policy” because the HOA’s Executive Board had not provided notice to the unit owners prior to adopting the policy pursuant to Conn. Gen. Stat. §47-261(b).

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New Electronic Alerts on Oakland County Properties Could Prevent Loss and Fraud for Mortgage Lenders

Oakland County, the second largest county in the State, has launched a free new online program designed to mitigate the mortgage and deed fraud. The system, called Property Records Notification, or PRN, will inform property owners of recorded activity against their property. PRN is an effort by Oakland County to combat mortgage and property fraud. The unveiling of PRN is the first of its kind in the country, according to Lisa Brown, the Oakland County Register of Deeds. Oakland County was the second in the country to launch Super Index in 2014, an online searchable database within millions of recorded documents maintained by the County.

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