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CRE Insider Blog

Defaulted Note But No Foreclosure Permitted: A “Zombie Mortgage” In Wisconsin

By Jack Murray on January 19, 2017

 

A recent Wisconsin Court of Appeals opinion, MidCountry Bank v. Bork, 371 Wis. 2d 564 (2016), serves as a reminder for  lenders and attorneys that judicial foreclosure in Wisconsin (and many other states) is an equitable remedy -- which a court may either choose to grant or deny. 

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Topics: foreclosures, Wisconsin

Lender’s Waiver Of Loan Defaults Does Not Require The Filing Of A Building Loan Amendment

By Mike Berey on January 5, 2017

Mechanics liens were filed in connection with two construction projects in Manhattan. The Plaintiffs sought an accounting, declaratory relief, damages for the costs of labor, materials and services furnished, and alleged a diversion of trust funds The Plaintiffs also sought a holding that the Plaintiffs’ mechanics’ liens had priority over the liens of building loan and project loan mortgages held by Bank Leumi USA.

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Topics: mechanic's liens

Rules Impact Mortgagees Foreclosing In The Town Of Hempstead, Long Island, New York

By Mike Berey on December 15, 2016

 

Local Law 46-2016 was enacted by the Town Board of the Town of Hempstead to add Section 128-61.1 (“Foreclosures; Undertaking”) to the Town’s Code which requires a lender foreclosing a mortgage on vacant property improved by a single-family, a two-family or a multiple-family residence to provide the Town, within  forty-five calendar days from the date on which the foreclosure is commenced, an undertaking of $25,000 to enable the Commissioner of Sanitation to eliminate violations of Code Section 128-61 (“Accumulation of garbage, litter, refuse or rubble; height of lawns, weeds or brush”) at the property.

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Topics: New York, Morgagees, foreclosing

Refinance And Modification Recordation Tax Exemptions On Commercial Property In DC

By Renee Bondaroff on December 8, 2016

Parties submitting Deeds, Memorandum of Lease, Deeds of Trust, Modifications and Easements to the Recorder of Deeds for filing in the District of Columbia will be required to present a properly completed FP 7 form as well as supportive documentation in order to have their request for exemption from taxation considered.

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Topics: refinance, washington dc, tax exemptions

Pre-Workout Agreements Revisited – Are They Enforceable?

By Jack Murray on December 1, 2016

In response to the surge in lender-liability claims against mortgage lenders commencing in the mid-1980s -- especially in connection with affirmative claims or defenses of borrowers based on breach of an alleged oral agreement to extend, modify or refinance an existing loan, to forgive debt, or to forbear from exercising contractual remedies such as foreclosure and rental assignments, many commercial mortgage lenders began requiring borrowers to execute pre-workout agreements before agreeing to engage in workout discussions.

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Topics: Mortgage Lending, Pre-Workout Agreements

Industrial Development Agency Mortgages Newly Subject To Part Of New York State’s  Mortgage Recording Tax

By Mike Berey on November 9, 2016

 

Mortgages executed by Industrial Development Agencies have been exempt from the payment of any portion of the mortgage recording tax, provided that the Agency covenants in the mortgage that it will record the mortgage. (See New York State Department of Taxation and Finance Advisory Opinion TSB-A-82(1)M, posted at https://www.tax.ny.gov/pdf/advisory_opinions/mortgage/a82_1m.pdf).

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Topics: industrial development, New York Mortgage Tax

Testimonial : The Hanover Company

By First American NCS on November 1, 2016

The Hanover Company, a Houston-based, national real estate development firm, has had the pleasure of being a client of First American Title Insurance Company (FirstAm) for many years.
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Topics: Customer testimonial

The EB-5 Program - Financing CRE

By Jack Murray on October 13, 2016

 

On December 15, 2015, Congress passed an Omnibus appropriations bill containing, among other things, an extension of all current EB-5 rules (with no modification) until September 30, 2016 (“2016 Extension Period”). Congress recognized the need for reform of the abuses that have occurred in the EB-5 program, and the months leading up to the September 30, 2016 deadline were critical in determining whether the various interest groups and stakeholders could work together with Congress to enact meaningful reforms to the EB-5 program.

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Topics: EB-5 Program

Get Your 2016 ALTA Endorsement Guide

By Tanisha Quilter on September 30, 2016

The Endorsement Guide is intended to serve as an introduction to the most commonly requested title insurance endorsements in today’s market. It contains the text of each endorsement as used in the industry, and is followed by a brief explanation and commentary.

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Topics: ALTA, Endorsement Guide

A Brief History Of Bankruptcy Law

By Jack Murray on September 15, 2016

Having studied and researched, and written and spoken on, bankruptcy issues ad nauseam for more than three decades, I have traced the etymology, scope, and evolution of modern U.S. bankruptcy laws and practice as follows:

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Topics: bankruptcy laws