News & Analysis as of September 19, 2024

Waivers

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Foreclosure is a legal process whereby a lender seeks to force the sale of a mortgaged property in order to recover the balance of a delinquent loan. Recently, the foreclosure process has been the subject of greater legislative and judicial scrutiny after systemic abuses were uncovered during the widespread foreclosure crisis resulting from the Great Recession. less -

Georgia Supreme Court Weighs in On Guarantor Liability for Deficiencies

BCLP on 5/9/2017

On April 17, 2017, the Supreme Court of Georgia made yet another critical decision in a line of cases which together, create the framework for a guarantor’s liability for a deficiency after a foreclosure has been conducted....more

Georgia Supreme Court Answers “Yes”—A Guarantor May Waive Foreclosure Confirmation

Eversheds Sutherland (US) LLP on 3/16/2016

In a decision issued on February 22, 2016, the Supreme Court of Georgia ruled that a guarantor can waive by contract the requirement for a lender to obtain confirmation of a foreclosure sale before pursuing the guarantor for...more

High Point Bank v. Highmark and Guarantor Liability in North Carolina

Womble Bond Dickinson on 9/29/2015

When a borrower’s default results in a foreclosure sale and purchase of the secured property by the mortgagee lender, can a guarantor’s deficiency liability be reduced by the difference between the property’s fair market...more

Update – Prospective Waivers of “Fair Market Value” Hearings are Definitely Void.

Snell & Wilmer on 1/12/2015

In 2013, we blogged about the Arizona Court of Appeals’ determination that prospective contractual waivers of “fair market value” hearings are unenforceable as a matter of public policy. The link to our prior blog post is...more

Court Upheld A Waiver Of Property Code Rights And Affirmed A Deficiency Judgment Based On The Foreclosure Price

Winstead PC on 5/14/2013

In New Millennium Homes, Inc. v. Texas Community Bank, NA, a debtor appealed a summary judgment granted to a lender based on a deficiency claim. No. 09-12-00073-CV, 2013 Tex. App. LEXIS 1598 (Tex. App.—Beaumont February 21,...more

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