Richmond, California's leaders approved a controversial plan earlier this month to become the first municipality in the nation to use eminent domain
The City of Richmond, California has commenced the process for taking by eminent domain hundreds of notes secured by mortgages on underwater
In Gustavo Reyes, et al. v. Wells Fargo Bank, N.A., Case No. C-10-101667 JCS (N.D. Cal. 2011), the plaintiff homeowners filed a class action lawsuit against Wells Fargo Bank, N.A. (“Wells Fargo”) arising from Wells Fargo’s alleged mortgage practices relating to distressed residential mortgages.
California contractors and material suppliers beware.
On June 4, 2010, the California Court of Appeal issued its first important decision on the scope of California's Perata Mortgage Relief Act, passed into law in 2008 and codified at California Civil Code Sections 2923.5 and 2923.6.
Does a private right of action exist under California Civil Code 2923.5, which prohibits a lender from filing a notice of default until it has contacted the borrower to "assess the borrower's financial situation and explore options for the borrower to avoid foreclosure"?
The latest case following the mortgage meltdown underscores the need for lenders to be deliberate and clear in both their external and internal communications.