Court Comes Down Hard On Bank That Didn’t Satisfy Open-Ended Mortgage in 90 Days
Posted on Dec 02, 2015 by
Kristen N. Nichols
Tags:
banking,
mortgages,
credit,
south carolina supreme court
The South Carolina Supreme Court recently sent a clear message to banks: all mortgages – including those with a home equity line of credit (HELOC) – must be satisfied within 90 days of receiving a payoff. Banks that don't have a procedure for timely execution of payoffs where there is a line of credit should implement one immediately or risk certain liability.
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Guarantors Can’t Slow Down Foreclosures by Asking for a Jury Trial
Posted on Feb 19, 2015 by
Jeffrey L. Payne
Tags:
banking,
creditors' rights,
debtors' rights,
deficiency judgment,
foreclosures,
guarantor,
lender liability claims,
right to jury,
south carolina supreme court
One way for debtors to slow down the foreclosure process in South Carolina has been to file counterclaims and request a jury trial. For guarantors of bad loans, that door was closed in January, thanks to a decision by the South Carolina Supreme Court. In what banks should regard as a victory for creditors’ rights, the high court said that guarantors who have been included in a foreclosure action in order to seek a deficiency judgment do not have a right to a jury trial.
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