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Case Citations [1] (April 2022 - August 2022)

handle is hein.ali/retpmrtges0031 and id is 1 raw text is: THE AMERICAN LAW INSTITUTE PROPERTY 3D: MORTGAGES CHAPTER 4. RIGHTS AND DUTIES OF THE PARTIES PRIOR TO FORECLOSURE § 4.1 Mortgage Creates Security Interest Only Wash.App.2021. Com. (a)(1) quot. in ftn. Borrower sued loan servicer, alleging, among other things, that it violated the Consumer Protection Act by threatening foreclosure on a deed of trust that secured a promissory note, because some of the past-due installments due under the note were time-barred. The trial court granted servicer's motion to dismiss. This court reversed in part and remanded, holding that servicer's notice of intent to foreclose, which stated the sum of borrower's debt without distinguishing the portion of her debt that was time-barred, had the capacity to deceive a reasonable consumer and thus was potentially actionable under the Act. The court cited Restatement Third of Property: Mortgages § 4.1 in explaining that Washington followed the minority rule that, when the limitations period ran on a debt, the statute of limitations prevented enforcement of both the debt and a related security agreement. Eng v. Specialized Loan Servicing, 500 P.3d 171, 178, 179. § 4.6 Waste N.J.Super.App.Div.2021. Cit. in sup. Assignee of lender filed an action for foreclosure against borrowers who defaulted on the mortgage encumbering their property. After borrowers failed to respond and a default judgment was entered against them, the trial court granted in part borrowers' objection to the entry of final judgment, in which borrowers alleged that assignee, upon receiving insurance proceeds for storm damage to borrowers' property, held those proceeds for over three years and unreasonably delayed deciding whether to approve borrowers' proposed use of the proceeds for repairs. The court, however, rejected borrowers' argument that assignee was required to reimburse them for money they spent on emergency repairs immediately after the storm, noting that, under Restatement Third of Property: Mortgages § 4.6, a mortgagor's duty to avoid waste did not carry with it a right to be paid for expenses incurred in restoring or preserving the property damaged by natural causes. Wilmington Savings Fund Society, FSB for Pretium Mortgage Acquisition Trust v. Daw, 265 A.3d 178, 192. § 4.7 Mortgagee's Right to Funds Paid Under Casualty Insurance or Taking in Eminent Domain N.J.Super.App.Div.2021. Cit. in sup.; subsec. (b) and coms. (a) and (d) quot. in sup.; com. (b) cit. and quot. in ftn. Assignee of lender filed an action for foreclosure against borrowers who defaulted on the mortgage encumbering their property. After borrowers failed to respond and a default judgment was entered against them, the trial court granted in part borrowers' objection to the entry of final judgment, in which borrowers alleged that assignee, upon receiving insurance proceeds for storm damage to borrowers' property, held those proceeds for over three years and unreasonably delayed deciding whether to approve borrowers' proposed use of the proceeds for repairs. This court affirmed in part, COPYRIGHT C2022 By THE AMERICAN LAW INSTITUTE All rights reserved Printed in the United States of America For earlier citations, see the Appendices, Supplements, or Pocket Parts, if any, that correspond to the subject matter under examination.

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