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The Week Ahead: Exploring Repercussions of Nonjudicial Foreclosure

On Wednesday, 2 p.m. CST, a webinar will explore the potential outcomes of the Dennis Obduskey vs. McCarthy & Holthus Supreme Court case and how these outcomes would impact both the mortgage industry and the legal professionals supporting it. 

The subject matter experts will discuss the case overview and current status, potential Supreme Court rulings, The Legal League’s amicus curiae brief and the impact of the possible outcome on mortgage servicing and legal practices.

As reported in DS News earlier, in the case of Obduskey v. McCarthy & Holthus, LLP, the Legal League 100 had filed an amicus curiae brief in support of McCarthy & Holthus. The brief contended that law firms acting on behalf of their mortgage servicer clients by completing the non-judicial foreclosure process in states where permitted are not subject to regulation under the Fair Debt Collection Practices Act. The brief noted that such servicers are not collecting a debt as defined under the plain language of the statute.

In support of the respondent, McCarthy & Holthus, the brief argued that finding in favor of the plaintiff is likely to encourage mortgage servicers to possibly proceed with judicial foreclosures in states where permitted. This will, in turn, result in a significant increase of time and costs associated with a foreclosure and the borrower will eventually bear the cost per the terms of most deeds of trust and state law.

The webinar to be held will be presented by Matthew Podmenik, Managing Partner, McCarthy & Holthus Law Firm.

Here’s what else is happening in The Week Ahead:

  • NAHB Housing Market Index, Tuesday 10 a.m. EST
  • MBA Mortgage Apps, Wednesday, 7 a.m. EST
  • NAR Existing Home Sales, Thursday, 10 a.m. EST
  • Census Bureau New Residential Construction Survey, Wednesday, 9 a.m. EST
  • Freddie Mac Primary Mortgage Market Survey, Thursday, 10 a.m. EST
  • 2019 Tax Changes and How to Prepare, FORCE webinar, Thursday, noon CST

About Author: Donna Joseph

Donna Joseph is a Dallas-based writer who covers technology, HR best practices, and a mix of lifestyle topics. She is a seasoned PR professional with an extensive background in content creation and corporate communications. Joseph holds a B.A. in Sociology and M.A. in Mass Communication, both from the University of Bangalore, India. She is currently working on two books, both dealing with women-centric issues prevalent in oppressive as well as progressive societies. She can be reached at donna.joseph@thefivestar.com.

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