Summary:
In foreclosing on a Deed of Trust, the Trustee was paid costs and expenses consisting of a commission, pursuant to N.C.G.S. § 45-21.15(a), of 5% of the highest bid and Trustee's attorneys fees of 15% of the outstanding promissory note on which behalf he was acting. This resulted in third lien-holder receiving only partial payment and the fourth lien-holder receiving nothing. The third lien-holder filed a motion with the Clerk of Superior Court arguing that under N.C.G.S.
Summary:
Capital One commenced a foreclosure against the Debtors on a Deed of Trust, originally granted to Chevy Chase Bank, which later merged with Capital One. The foreclosure was allowed in part based on, among other documents, an Affidavit from James Cox, Vice President of Capital One. This Affidavit stated that "to the best of [his] knowledge" Capital One was the servicer and holder of the mortgage note.
The Debtors objected to this affidavit, arguing that it denoted only Mr. Cox’s personal opinion and was not made upon personal knowledge as required b
This paper examines the determinants of missed payments and foreclosure initiation among a national sample of homeowners who filed for personal bankruptcy in 2007, using a rich dataset from the 2007 Consumer Bankruptcy Project.
Abstract:
This paper examines the contagion effect of residential foreclosures and finds strong evidence of a social interactions influence on default decisions where the interaction is based on neighbors' behavior in a previous period. Using a unique spatially explicit parcel level data set documenting residential foreclosures in Maryland for the years 2006-2009 and a highly localized neighborhood definition, based on 13 nearest neighbors, the authors find that a neighbor in foreclosure increases the hazard of additional defaults by as much as 28%.
Summary:
The Debtors granted a Deed of Trust originally to Associates Financial, which was eventually sold or otherwise assigned to Citifinancial. The Deed of Trust included a legal description of the collateral, but did not include an address. Debtors later defaulted on a Deed of Trust. The Substitute Trustee instituted foreclosure proceedings and attempted personal service by Sheriff at three different addresses. When that failed, the Sheriff posted service at an address that was not for the collateral described in the Deed of Trust. Unaw
This paper looks at the extent that differences in foreclosure and bankruptcy laws can jointly explain variation in default rates across states. The author finds that more generous homestead exemptions raise the cost of unsecured borrowing. Households in states with high exemptions therefore hold less unsecured and more mortgage debt compared to low exemption states, which leads to lower bankruptcy rates but higher foreclosure rates.
