July, 2010
- FAQs on 1099 A and 1099 C
Now, more than in recent history, banks are faced with the realities of foreclosed, repossessed or surrendered collateral, as well as forgiven or cancelled indebtedness. Accordingly, it is important that banks understand the Internal Revenue Service’s related reporting requirements.This article answers commonly asked questions.
June, 2010
- Acceptance of Partial Payments After Demand
“After sending a default notice demanding payment, can a lender accept a partial payment?” The easy answer is that a lender can, of course, accept a partial payment. However, there are potential ramifications of accepting a partial payment after making demand for a specific payment.
April, 2010
- Garnishment Update: Breaking News
On April 22, 2010, the Minnesota Supreme Court issued a decision in the case of Savig v. First National Bank of Omaha, et al., which clarified the unresolved issues caused by the Enright decision.
March, 2010
- Garnishment Update
The Minnesota state legislature made a number of modifications to the garnishment section of the Minnesota Statutes.
July, 2009
- Going Green at Anastasi & Associates
We at Anastasi & Associates are doing our part to go green by sending more communications and documents electronically.
- Bankruptcy Corner: Bill afoot in congress this past session seeking to modify the provisions of Chapter 13 Bankruptcy to allow debtors the ability to effectively “lien strip” mortgages on their homestead.
- Are Your Default Notices Complying With the
New Foreclosure Laws?: Lenders should make sure that when foreclosing on a property, all Default Notices sent to borrowers are fully compliant with new Minnesota Foreclosure Statute §§ 580.021 and 580.022. - Minnesota's New Foreclosure Postponemet Law: Minnesota Statutes § 580.07 was amended to allow a mortgagor or owner to delay, or postpone, the foreclosure sale (“Sheriff’s Sale”) of his/her homestead by five (5) months.
May, 2009
- Is a Perfected Security Interest in a
Deposit Account
a Defense to a Federal Tax Levy?: It is important that
the bank act in a timely manner or it may find itself
barred from asserting a wrongful levy claim
- Bankruptcy Corner: Obtaining a State Court Judgment for Fraud does not Necessarily Mean that the Debt will be
Non-Dischargeable in a Bankruptcy - Validity of Junior Mortgages: In light of the Court’s decision
in Bank Midwest, it is always important to review senior mortgages to ensure the validity of a junior mortgage
January, 2009
- Closing Protection Letters: Knowing what is not covered
- RA9: Minor error in financing statement
may leave creditor unsecured - Bank Documents: When scanned copies are sufficient
and when originals must be kept - Short Sales and Verbiage: Huh?
October, 2008
- Ask Dave: “How does the change in FDIC coverage passed as part of the $700 billion bailout package affect me, the consumer depositor?”
- Be Wary of the Clock: Limitation Periods on Stale Claims
- Forming a Limited Liability Company: When to Engage Counsel
- Minnesota Property Exemptions: Current list of property exemptions regarding bankruptcy.
July, 2008
- Ask Dave: “Do I always need both spouses’ signatures when taking a mortgage on a residential property?”
- Loan Participations: Legal and Regulatory Issues
- Mortgage Foreclosures: Understanding Deficiencies
- Legislative Update:
- Establishing vacancy to allow for a 5-week redemption
- Residential leases on buildings in foreclosure
- Additional Foreclosure Counseling Notice
for loans under $100,000.00 - Changes in the information required
on foreclosure documents - Notice of Intent to Redeem filing deadline change
