Mortgage Loan Modifications in Florida by Michael D. Stewart, Esq. Law Offices of Michael D. Stewart. Short Sale, Deed in Lieu, Mortgage Loan Modification, Principal Reduction

P brought a quiet title action concerning a real property. D failed to answer or respond, and on P's request default was entered against D, and P submitted default prove up package. D's counsel appeared at case management conference and indicated they wish to bring a motion to set aside default. However, the court did not provide any time extensions and shortly thereafter entered judgment based on P's written prove up materials. Held: California Code of Civil Procedure section 764.010 requires the court to hold an evidentiary hearing for judgment affecting property's title.

California Court held: If a tenant breaches lease, but landlord is able to bring in replacement tenants paying higher rent, the incremental rent paid by replacement tenants should be applied to offset damages against original tenant. Where tenant breached lease, but incremental rent by subsequent tenants fully offset all damages, defendant was the prevailing party and entitled to recover its attorney's fees. [advance sheet courtesy of metnews.com]

P sold a property and took back a promissory note and Deed of Trust ("TD"). TD was prepared by Title Co. When buyer defaulted, Title Co. informed P of an error in the TD, so the TD had to be reformed. After reformation, Title Co. conducted another foreclosure sale, but noon bid on the property. P sued Title Co. California Court of Appeal upheld summary judgment in favor of Title Co, becuase P could not identify any ready, willing, and able buyers who could purchase the property at the original foreclosure date.

Section 8(b) of the Real Estate Settlement Procedures Act (RESPA) prohibits the giving or receiving of "unearned fees" in connection with a federal mortgage loan settlement. The United States Supreme Court has now accepted to hear a case against Quicken Loans.

Real property went into foreclosure, and trustee conducted a sale. Trustee mistakenly informed auctioneer the delinquency amount ($21K) rather than amount submitted by beneficiary ($219K). Plaintiff confirmed the opening bid several times, and then submitted the prevailing bid at that amount. Trustee accepted bidder's check, but later returned the check and refused to issue trustee's deed. Held: The error was solely by Trustee, not be auctioneer, so there was no irregularity in the foreclosure sale. [www.MetNews.com]

Two banks lent money secured by the same real property. The title insurance companies delivered the deeds of trust (TDs) before office hours to the Los Angeles County Recorder's office, and both TDs were time stamped "09/04/08 AT 08:00AM". The Court held, since both TDs were "filed" simultaneously, neither had priority over the other. If was irrelevant that the two instruments were "indexed" under different index numbers.

This is a sample General Clauses (Acquisition of Leasehold Interests in Real Property) which may be attached to U.S. Government Lease for Real Property. The general clauses are in fact government regulations, as codified in Title 48 of the Code of Federal Regulations (CFR). Occasionally, the Government agrees to cross out some general clause paragraphs.

When the U.S. Government leases space from private parties, it will do so using its own forms. Attached below is U.S. Government Lease for Real Property, Standard Form 2, 1965 Edition. The lease form itself is rather bare bones. The remaining terms are provided by way of government regulations, codified in Title 48 of the Code of Federal Regulations (CFR), which will be incorporated by reference into the Lease.

United States Government sometimes leases space from private parties. However, the Government will insist on using its own lease forms. This is the U.S. Government Lease for Real Property (Short Form), GSA FORM 3626 (REV. 4/2009).