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Print articleFive Tips for Lenders Seeking Insurance Coverage for Defense Costs in Foreclosure Actions
May, 2015 - Micah E. Skidmore
While the worst of the housing crisis may be over, a significant number of existing foreclosures remain, and new foreclosures continue apace. According to RealtyTrac, there were 122,060 new foreclosure filings in March 2015,and there are 842,773 properties in the U.S. in some stage of foreclosure.For those properties that are subject to judicial foreclosure, many will involve borrowers, who have asserted a variety of counterclaims against the mortgagee. These counterclaims may include allegations of breach of contract, fraud, misrepresentation, unjust enrichment, breach of duty of good faith and fair dealing, and the violation of numerous statutes, such as the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA), among others. Lenders have paid millions in attorneys’ fees defending against such counterclaims. To read the full alert, click here.
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