A court in a judicial foreclosure
or in response to a defense asserted by the borrower in a nonjudicial foreclosure has wide latitude to discipline a creditor or servicer that materially violates the Uniform Home Foreclosure Procedures Act, ranging from dismissing or staying the action to imposing appropriate sanctions.
That's one reason that judicial foreclosures
, in the Fund's opinion, are more worthy of underwriting than nonjudicial foreclosures.
While the court has inherent equitable power over a judicial foreclosure
sale, that power is exercised sparingly and with great caution.
In the bill as drafted, it would be up to the GRADY homeowner to file in circuit court demanding a judicial foreclosure
after the lender began a nonjudicial foreclosure.
This is because of the lender has transferee liability for the gains tax outside of a judicial foreclosure
NEW YORK -- Alleged procedural defects in the judicial foreclosure
process implemented by U.
In Illinois, a judicial foreclosure
state, a foreclosure action is sufficient so long as it complies with Illinois Mortgage Foreclosure Law section 5/15-1504.
If they don't agree, then they can proceed with a judicial foreclosure
The court also noted that judicial foreclosure
sales may also be set aside if there was an excusable mistake particularly if such mistake caused the property to bring a much lower price than it otherwise would have.
As the asset is located in New York and is subject to judicial foreclosure
laws requiring court action to foreclose on an asset, resolution of this foreclosure filing is not expected to be imminent.
The foreclosure rates in judicial foreclosure
states are beginning to pick up and remain higher than in non-judicial states.
We explore why judicial foreclosure
states are causing such problems for servicers and examine what a wave of new redefaults of earlier modifications could do to the recovery.