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Purchase-Money
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All holders of mortgage contracts, regardless of type, have three options: keep their payments current, prepay (usually through refinancing), or default on the loan. The latter two options terminate the loan. The termination rates of subprime mortgages that originated each year from 2001 through 2006 are surprisingly similar: about 20, 50, and 80 percent, respectively, at one, two, and three years after origination. For loans originated when house prices appreciated the most, terminations were dominated by prepayments. For loans originated when the housing market slowed, defaults dominated. The similarity of the loan termination rates for all vintages in the sample suggests that subprime mortgage loans were intended to be "bridge" (i.e., temporary) loans. In addition, between 2001 and 2...
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The US Court of Federal Claims ruled in Bergstrom that depreciation and interest deductions are not available on seller-financed nonrecourse purchase money debt when the debt exceeds the fair market value of the property at the time of the sales agreement. The Court characterized the transaction as an option to buy and not an actual sale because the purchaser has no incentive to make payments. Because the nonrecourse debt exceeded the property's fair market value, the amount of the debt was excluded from the purchaser's basis, making depreciation impossible.
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purchase money security interest, competing security interest that was first in time, R.C. 1309.324, notice requirements,
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Consumer Protection Purchase money security interest
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Civil Practice Claim BarredCompulsory CounterclaimPrior ActionWhere a plaintiff, whose vehicle was repossessed and sold, sought damages based on the defendant's failure to provide sufficient notice of disposition of collateral as required by statute, the trial court erred in dismissing the plaintiff's action with prejudice because the court misapplied the law to find that the plaintiff's claim was barred by Rule 55.32(a) covering compulsory counterclaims since the defendant voluntarily dismissed the prior action without prejudice and no adjudication on the merits resulted from the previous action.Judgment is reversed and remanded. Gregory v. State Resources Corp. (MLW No. 63305/Case No. SD31592 - 8 pages) (Missouri Court of Appeals, Southern District, Burrell, P.J.) Appealed from circui...
