Category Archives: Foreclosure

Our New Office! #FCT #realestate #law

New OfficeToday was our last full day at our office of 15 years (though for me, it’s been 10 years off and on). First Class Title is moving up the street to 1803 Research Blvd., Suite 512, Rockville, MD, 20850. We’re all looking forward to the new office, but anytime you’re in on place for so long, the feeling will always be bittersweet. So, while we’re excited for the future, we remain respectful of the past and all the lessons it taught us.

If you’re getting ready to purchase or refinance a home, give us a call for a price quote, and be sure to let your realtor and lender know you’d like to work with us.

Note: Our office will be closed tomorrow at 1 pm to accommodate the move.

Follow me on Twitter @PropertyAtty

Rob Bodine is a Virginia attorney focusing his practice on real estate and intellectual property law. He’s currently Virginia counsel with First Class Title, Inc., a Maryland title insurance and settlement company. Rob is also a licensed title insurance agent in Florida, Maryland, Pennsylvania, and Virginia.

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Filed under Business, Foreclosure, History, Insurance Law, Real Estate Law, Title Insurance

Being a #Foreclosure Attorney Can Be Rough #law #realestate

I don’t like your tie.

An attorney was handcuffed, jailed, and charged with two felonies when a judge didn’t like what he said. The transcript doesn’t provide evidence of disrespectful conduct, but one’s tone isn’t readily apparent from written words. The cell phone video that could provide such context is hidden behind the “premium content” wall, and logging into the site doesn’t get around that until you’ve paid them some money. Regardless of who’s right and who’s wrong here, judges rule their courtroom. It’s best to stay on their good side … even when they’re dead wrong. That’s one reason
why I no longer litigate. 🙂

Follow me on Twitter @PropertyAtty

Rob Bodine is a Virginia attorney focusing his practice on real estate and intellectual property law. He’s currently Virginia counsel with First Class Title, Inc., a Maryland title insurance and settlement company. Rob is also a licensed title insurance agent in Florida, Maryland, Pennsylvania, and Virginia.

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Filed under Foreclosure, Real Estate Law

NY High Court: The Note, Not the Mortgage, Matters #realestate #MERS

In Aurora Loan Servs., LLC v. Taylor, 2015 NY Slip Op 04872 (Jun. 11, 2015), the New York Court of Appeals held that ownership of the Note, not the Deed of Trust, provides standing to sue.

There was a clear showing of the chain of ownership of the note to Deutsche Bank, who subsequently appointed Aurora Loan Services (“Aurora”) as its attorney-in-fact. “[T]he note, and not the mortgage, is the dispositive instrument that conveys standing to foreclose under New York law. In the current case, the note was transferred to Aurora before the commencement of the foreclosure action — that is what matters.” Thus, Aurora had standing to commence the foreclosure action.

H/T: JD Supra Business Advisor

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Rob Bodine is a Virginia attorney focusing his practice on real estate and intellectual property law. He’s currently Virginia counsel with First Class Title, Inc., a Maryland title insurance and settlement company. Rob is also a licensed title insurance agent in Florida, Maryland, Pennsylvania, and Virginia.

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Tick, Tock: The Statute of Limitations and a Fraudulent Mortgage #realestate #sol

Time Keeps on Ticking….

The “statute of limitations” refers to a law that gives you a time limit on how soon you must sue. There’s a clock ticking, and you always have to ask, “When will my time to sue run out?” After it stops, a court will say, “Too late! You should have sued earlier!” However, an equally important question to ask is, “When does the clock start ticking in the first place?”

In Salazar v. Thomas, the Salazars, Mexican immigrants who spoke fractured English, bought commercial property. Their son forged their signatures on a deed of trust securing a $350,000.00 loan. When the owners found out, they started to pay the loan just to avoid losing the property. Eventually, however, they decided to hire an attorney and sue. The lender claimed that the statute of limitations had run because it had been seven years since the Salazars had received their first notice of default on the loan, and the trial court agreed. The Court of Appeals reversed, stating that the statute of limitations isn’t triggered by the notice of default, but instead  by recording of a “trustee’s deed ” officially transferring the property from the Salazars to the lender upon completion of a foreclosure . Foreclosure hadn’t even started yet, so the statute of limitations clock hadn’t started ticking.

Of course, this was in California. As I discussed yesterday, each of the United States maintains a degree of sovereignty, which is why state laws can vary wildly on so many different topics. Still, it’s sometimes helpful to look to other jurisdictions to see what they’re doing. Just make sure you look to your own state’s laws before making any decisions.

H/T: JD Supra Business Advisor

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Rob Bodine is a Virginia attorney focusing his practice on real estate and intellectual property law. He’s currently Virginia counsel with First Class Title, Inc., a Maryland title insurance and settlement company. Rob is also a licensed title insurance agent in Florida, Maryland, Pennsylvania, and Virginia.

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An Interview with Ron Deutsch, Maryland #Foreclosure Attorney #law #realestate

Here’s a brief but interesting interview with Ron Deutsch, a foreclosure attorney in Maryland. Among other things, he briefly discusses the downside to a state issuing a moratorium on foreclosures, which is a relevant topic even if you’re outside of Maryland. As I’ve pointed out in the past, moratoriums delay the inevitable and add to the problem. Banks lose at least tens-of-thousands of dollars the moment they decide to foreclose, so the practical effect of a moratorium on foreclosures is that the banks lose even more money (requiring a bailout?) without providing much benefit to the soon-to-be-foreclosed-upon owners. It makes politicians appear as if they’re doing something for the consumer, but they’re really just adding to the problem. But now I’m rambling.

Give the interview a quick read.

Follow me on Twitter @PropertyAtty

Rob Bodine is a Virginia attorney focusing his practice on real estate and intellectual property law. He’s currently Virginia counsel with First Class Title, Inc., a Maryland title insurance and settlement company.

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Filed under Foreclosure, Real Estate Law