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Category Archives: mortgage

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Lis Pendens Saves Equitable Mortgage

Posted in Collateral, Foreclosure, mortgage
The Kentucky Court of Appeals recently affirmed in Brooks v. J.P.Morgan Chase Bank, N.A. that an equitable mortgage established in litigation has priority over a pendente lite mortgage.  The Lender filed an action to correct several deficiencies with its mortgage: (1) signed by husband but not wife; (2) unidentified preparer; (3) no scrivener’s statement; (4)… Continue Reading

Statute of Frauds Prevents Borrower From Modifying Modification Agreement Orally

Posted in Forbearance, Foreclosure, Kentucky Law, mortgage
In Parker v. Kentucky Housing Corporation, the Kentucky Court of Appeals affirmed an order of sale in a foreclosure action.  Mrs. Parker first defaulted on her obligations in 2001 and again in 2004.  Kentucky Housing Corporation modified her loan in March 2005 by reducing the interest rate for two years.  DMM, as agent for KGC,… Continue Reading

SCOTUS to Settle Chapter 7 Lien-Stripping Circuit Split

Posted in Circuit Split, mortgage, SCOTUS, Uncategorized
On November 17, the Supreme Court granted certiorari in the consolidated cases of Bank of America v. Caulkett (Dkt. 13-1421) and Bank of America v. Toledo-Cardona (Dkt. 14-163).  At issue in these appeals is whether the Bankruptcy Code permits Chapter 7 debtors to “strip-off” wholly out-of-the-money junior mortgages using Section 506(d).  This appeal sets out to… Continue Reading