We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

New Century Stay Lift Sought For Foreclosures

Law360 (September 25, 2007, 12:00 AM EDT) -- As more homeowners with bad credit default on their mortgage loans, HomEq Servicing Corp. has hit the judge in New Century Financial Corp.'s bankruptcy with a flurry of motions for relief from its automatic stay so it can foreclose on over a hundred properties nationwide.

HomEq filed its motions Monday, saying that it couldn’t foreclose on the properties whose mortgages are in default because New Century holds secondary liens on the loans. It noted that it didn’t want any affirmative relief from the debtor; it just...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.