![]() ![]() ![]() III Sub I, LLC, illustrates the potential consequences of poorly drafted loan documents and the failure to provide legal notice of default and intent to accelerate.Īlthough the borrower agreed to a waiver of notice in the promissory note, the deed of trust contained contradictory language that provided for notice of default and a time in which the default must be cured, ultimately resulting in a more than $800,000 judgment against the lender for wrongful foreclosure…. ![]() The history of one case in Texas, Mathis v. If the waiver provisions are not clear and unequivocal, however, they will be construed against the lender and the purported waiver will be invalid. A lender must provide notice of default and intent to accelerate to a borrower before initiating foreclosure proceedings, and it is standard practice for lenders to include waivers of the notice requirement in the promissory note, the deed of trust, or both. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |