![]() Most importantly, BB&T did not record a deed under power. BB&T credit bid the properties in but later informed the borrowers that it was rescinding the sale. After the borrowers defaulted on the notes, BB&T conducted non-judicial foreclosures on Jon nine of the notes. BB&T, 2012 WL 933110 (Ga.).) From 2005 to 2008, BB&T made 16 loans for residential housing development to two companies secured by various deeds to secure debt. ![]() The Georgia Supreme Court has decided that a lender may in fact rescind a properly conducted foreclosure sale for its own internal business reasons.(See Tampa Investment Group, Inc. Can it unwind the foreclosure even if its reasons for doing so do not fall with the statutory guidelines? (See OCGA 9-13-172.1.) What happens though if a lender actually conducts a foreclosure sale and then simply decides that it would rather sue on the note. ![]() Thus, a lender can rescind a foreclosure, for among other reasons, the fact that it had entered into an agreement when the default was cured prior to the sale or the borrower had entered into an agreement to cure the default. BB&T, 699 SE2d 779 (2010).) Likewise, the legislature addressed a perceived problem in large loan servicing companies foreclosing on real property even though a division of the servicer was still negotiating with the borrower to cure the default. The Georgia Supreme Court has had to resolve the issue of whether a lender must sue on a note prior to foreclosing under a security deed and held that the choice is up to the lender. Georgia foreclosure law has been given a lot of attention over the last several years, both by the courts as well as the legislature.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |