DC Metropolitan Business Law Alert

DC Metropolitan Business Law Alert

Category Archives: Foreclosure

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Good News For Mortgagees Foreclosing on Property and Persons Buying Foreclosed Property

Posted in Foreclosure, Real Estate, Virginia Law
Mortgagees who may find themselves with a need to foreclose on property secured by a mortgage, as well as potential purchasers of property at a foreclosure sale, should pay attention to the recent decision in King v. Virginia Housing Dev. Authority, No. CL-11-8895 (Norfolk (Va.) Cir. Ct., Sept. 6, 2012). King mitigates a risk that … Continue Reading

Maryland Legislature Effectively Kills the IDOT

Posted in Corporations, Finance, Foreclosure, Lending Law, Limited Liability Companies, Local News, Maryland Law, Partnership, Property, Real Estate, Tax
The Maryland Senate’s passage of the widely debated and publicized Budget and Taxation bill effectively eliminates a long-used approach to avoid the current payment of mortgage recordation taxes on a commercial real estate loan. Rather than providing a direct deed of trust on the real estate to secure the loan, the property owner would create a … Continue Reading

Maryland House and Senate Approve Recordation Tax on Indemnity Deeds of Trust (IDOTs).

Posted in Distressed Debt, Foreclosure, Lending Law, Local News, Maryland Law, Property, Real Estate, Tax
The Maryland State Senate and House of Delegates have approved the 2012 budget bill that included provisions that require the application of the state recordation tax at the time of recording on all indemnity deeds of trust (and indemnity mortgages) (IDOTs) securing the guaranty to repay loans of $1 million or more. The budget is … Continue Reading

Maryland Court Holds that Interest may be Abated in Foreclosure Sales Only When Closing Delays are Caused by Third Parties

Posted in Business Litigation, Distressed Debt, Foreclosure, Lending Law, Loan Enforcement, Maryland Law, Property, Real Estate
Under the foreclosure rules in Maryland, interest may accrue on the unpaid balance of the foreclosure purchase price from the date of the foreclosure sale until final settlement.  The Court of Special Appeals of Maryland recently held in Zorzit v 915 W. 36th Street, LLC that a court may abate the accrued foreclosure sale interest only … Continue Reading