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Excess Equity webinar



Produced by

Complimentary Webinar

Original Air Date: April 23, 2024

When a property is sold at tax sale and the owner had equity over and above the amount owed for delinquent taxes, what legally must happen to those funds? Quick answer: it varies tremendously by state and county.

Join The Legal Description and an incredible lineup of speakers as we highlight the impacts of the U.S. Supreme Court Tyler v. Hennepin County case, and the ripple effect across the country. Our experts have been at the forefront, helping shape updated legislation that works for all parties – the homeowner, the county and the investor. They will discuss how laws are changing in numerous states across the country.

Watch today to learn:

  • What are the liability considerations?
  • What does a good policy look like today?
  • What needs to be addressed at the transaction level?
  • What are the implications of this ruling for the industry?
  • What are jurisdictions such as Pima County, AZ doing to respond to this ruling?

Get answers to these questions and more!

For more information on this topic checkout Excess Equity Watch, only available from The Legal Description.

 

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Featured Speakers Moderator

Jim Manley
State Legal Policy Deputy Director
Pacific Legal Foundation

Jim Manley is the state legal policy deputy director at Pacific Legal Foundation, where he fights to enact PLF’s innovative legislative solutions in statehouses across the nation. He previously served as an attorney manager and litigator at PLF, suing the government in defense of free speech and economic opportunity. Freedom and happiness are inseparable—Jim has dedicated his career to protecting and expanding both through strategic litigation and policymaking.

In his first case after graduating from law school, he sued his alma mater and won at the Colorado Supreme Court, guaranteeing the right of self-defense on college campuses. Since then, he has successfully challenged many unconstitutional laws—including striking down part of the Kentucky Constitution, saving a man from jail for the “crime” of repairing windshields, preventing a foster child from being ripped away from her pre-adoptive parents because of her race, defending the right of a midwife to use the title she spent a lifetime earning, and helping to enact laws protecting free speech on college campuses. His work defending free speech, the right to keep and bear arms, taxpayer rights, and property rights has set important precedents for liberty in state and federal courts across the country.

Jim joined PLF in 2018 to advance the fight for liberty with the most impactful public interest law firm litigating today. Before joining PLF, he litigated at the Goldwater Institute and Mountain States Legal Foundation.

A native of Michigan, he followed his future wife to Arizona State University, where he graduated with a double major in political science and journalism. He earned his J.D. from the University of Colorado Law School, where he was an associate editor of the law review and president of the Federalist Society. Before attending law school, he was a professional ski instructor in Telluride, Colorado. He is licensed to practice law in Arizona and Colorado.

Jim lives in Phoenix with his wife, Marlene, and their children, Milton and Cora. They have a cat named Martha Washington.

Jim is a member of the bar only in the states of Arizona and Colorado.

Brad Westover
Executive Director
National Tax Lien Association

Brad Westover is the leading authority on property taxes in America. Since 2011, he has served as the Executive Director of the National Tax Lien Association. Prior to running the day to day operations of the NTLA he invested over $1.5 billion in tax lien certificates from 23 states. He once raised over $20,000 for the National Coalition for the Homeless by going homeless in Washington DC for 48 hours. Brad founded the NTLA Foundation to save elderly and disabled homeowners facing tax foreclosure. In 2021, he was honored as the Humanitarian of the Year by the Miami Association of Realtors for his efforts in rallying 10,500 volunteers in Hurricane cleanup efforts in South Florida. Brad is an Eagle Scout and fluent in Spanish. He holds a BA in Communications from Brigham Young University and an MBA from Nova Southeastern University. When he is not speaking around the country you can find him playing basketball, golfing or water skiing.

 

Chris Ackerley
Treasurer
Pima County, Arizona

Chris Ackerley serves as the Pima County Treasurer having been appointed to the office by the Pima County Board of Supervisors in April of 2024. Before being named Treasurer, Chris served as the Chief Deputy Treasurer and previously served a term in the Arizona State Legislature representing southern Pima and Santa Cruz Counties. Pima County is the 16th largest in the U.S. by area and the 44th by population. Prior to joining the Treasurer’s Office, Chris had a 22-year career in education as a physics and math teacher.

Stephen Morel
Founder & CEO
JurisDeed

Stephen Morel is the Founder and CEO of New Orleans based prop-tech startup, JurisDeed, a B2B research data service that's digitally transforming the obsolete world of paper and manual-based property ownership information into an online, nationwide platform that's leveraging automation, dynamic big data and AI to empower investors and professionals to achieve unprecedented efficiency, profit and success in the $50B distressed property industry.

Morel formed JurisDeed in early 2020, but the company’s origins are rooted in the aftermath of Hurricane Katrina where Morel was a young real estate title attorney in New Orleans and witnessed first-hand the incredible fragility of current systems that maintain records and enable transactions of real estate.

Prior to JurisDeed, Morel founded and operated a successful real estate title company and law practice from 1996 to 2015, and was thereafter the Chief Legal Officer for New Orleans based govtech company, CivicSource, from 2015 to 2019. Morel serves on the Louisiana State Law Institute’s Tax Sales Committee where he has co-authored a re-draft of the state’s entire delinquent ad valorem tax collection system, slated for legislative review and public referendum in 2024. Morel is a frequent writer and speaker on the return of distressed properties to productive use through the use of technology and scalable, risk mitigation systems.

Morel is a 1999 graduate of Louisiana State University, a 2002 graduate of the LSU Law Center, and in 2001, was honorably discharged from the Louisiana Army National Guard as an intelligence NCO after eight years of service.


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12 USC Section 2605 or Section 6 is titled Servicing of mortgage loans and administration of escrow accounts. It pertains to qualified written requests, notices of transfer of servicing and the administration of escrow accounts.
An arrangement that involves a person who is in a position to refer business as part of a real estate settlement service and who has an interest in a settlement services provider.

In the arrangement, the person, who has either an affiliate relationship with or a direct or beneficial ownership interest of more than one percent in a settlement services provider, directly or indirectly refers business to that provider or influences a consumer to select that provider.
An arrangement that involves a person who is in a position to refer business as part of a real estate settlement service and who has an interest in a settlement services provider.

In the arrangement, the person, who has either an affiliate relationship with or a direct or beneficial ownership interest of more than one percent in a settlement services provider, directly or indirectly refers business to that provider or influences a consumer to select that provider.
A mortgage disclosure that lists all estimated charges and fees associated with your loan. In addition to fees and charges, it will list your loan amount, mortgage rate, loan term and estimated monthly payment. Your escrows due at closing for insurance and taxes will also be outlined. Mortgage lenders are legally required to provide a GFE within three days of receiving your application.
A mortgage disclosure that lists all estimated charges and fees associated with your loan. In addition to fees and charges, it will list your loan amount, mortgage rate, loan term and estimated monthly payment. Your escrows due at closing for insurance and taxes will also be outlined. Mortgage lenders are legally required to provide a GFE within three days of receiving your application.
Under RESPA Section 2605(e)(1)(B), a qualified written request is a written correspondence that includes: 1) the name and account of the borrower, or has enough information to allow the servicer identify that information; and 2) a statement of the reasons for the belief of the borrower that the account is in error or provides sufficient detail to the servicer regarding other information sought by the borrower.

A QWR cannot be written on a payment coupon or other payment medium supplied by the servicer.
Under RESPA Section 2605(e)(1)(B), a qualified written request is a written correspondence that includes: 1) the name and account of the borrower, or has enough information to allow the servicer identify that information; and 2) a statement of the reasons for the belief of the borrower that the account is in error or provides sufficient detail to the servicer regarding other information sought by the borrower.

A QWR cannot be written on a payment coupon or other payment medium supplied by the servicer.
12 USC Section 2609 or Section 10 is titled Limitation on requirement of advance deposits in escrow accounts. It governs escrow accounts including notifications and statements to borrowers. Section 10 also sets out penalties for those who violate the section.
RESPA Section 3 provides that a thing of value includes any payment, advance, funds, loan, service or other consideration

Regulation X says thing of value includes: monies, things, discounts, salaries, commissions, fees, duplicate payments of a charge, stock, dividends, distributions of partnership profits, franchise royalties, credits representing monies that may be paid at a future date, the opportunity to participate in a money-making program, retained or increased earnings, increased equity in a parent or subsidiary entity, special bank deposits or accounts, special or unusual banking terms, services of all types at special or free rates, sales or rentals at special prices or rates, lease or rental payments based in whole or in part on the amount of business referred, trips and payment of another person’s expenses or reduction in credit against an existing obligation.
A form used by a settlement or closing agent itemizing all charges imposed on a borrower and seller in a real estate transaction. This form represents the closing transaction and provides each party with a complete list of incoming and outgoing funds. RESPA requires the HUD-1 to be used as the standard real estate settlement form in all transactions in the U.S. involving federally related mortgage loans.
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