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Loan Modifications › Statute of Frauds

Loan modifications are changes made to the terms of an existing loan outside the specifications contained in the original loan agreement. In a mortgage situation, loan modifications are typically made to assist... more +
Loan modifications are changes made to the terms of an existing loan outside the specifications contained in the original loan agreement. In a mortgage situation, loan modifications are typically made to assist borrowers in meeting their obligations and avoid foreclosure. Such mortgage loan modifications may include reduction of principal amount or interest rate, lengthening of loan term, and monthly payment caps. less -
McGlinchey Stafford

Can Partial Performance Prevent The Statute Of Frauds From Barring An Oral Agreement?- The Bullet Point: A Commercial Law Bulletin

McGlinchey Stafford on

Ohio- Statute of Frauds- TLOA Acquisitions, L.L.C. v. Unknown Heirs, 8th Dist. Cuyahoga No. 110002, 2021-Ohio-3678- In this appeal, the Eighth Appellate District affirmed the trial court’s decision, agreeing that the...more

Burr & Forman

Florida Appellate Court Rejects Defense of Oral Loan Modification Defense on Statute of Frauds Grounds

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In Cowen Loan Servicing, LLC v. Jean Marie Delvar, 4D14-763, 2015 WL 8347300 (Fla. 4th DCA Dec. 9, 2015) the borrower alleged that he had been offered a loan modification and accepted and relied on that offer by making loan...more

Williams Mullen

Money, Dirt & Steel: Spring 2015 NC Real Property Litigation Update

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MONEY: GUARANTORS CAN NOW RELY ON G.S. §45-21.36 VALUE DEFENSES - By statute in North Carolina, G.S. §45-21.36, certain obligors may defend a deficiency action where the bank is the successful bidder by arguing...more

Goodwin

California Appellate Court Holds Lender Failed to Follow HAMP Procedures

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The California Court of Appeal reversed a lower’s court’s dismissal of a lawsuit by a borrower alleging that her lender breached an agreement to offer a permanent loan modification after she made all required payments under a...more

Ballard Spahr LLP

Statute of Frauds Bars Claims Seeking To Set Aside Foreclosure Sale Based On Oral Promises Related To Loan Modifications

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The Fourth Circuit, in an unpublished opinion, recently held that an oral statement that borrowers should disregard notices of foreclosure sale while being considered for a loan modification is insufficient to set aside a...more

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