Class 24: Foreclosure-Borrower and Guarantor Protections - Apr. 10 Flashcards
What happened in United States v. Stadium Apartments (1970)? (Q/TB)
State statutes providing for the right of redemption do not apply to the Federal Housing Administration and other federal agencies.
What happened in CSA 13-101 Loop, LLC v. Loop 101, LLC (2014)? (Q/TB)
What happened in Moayedi v. Interstate 35/Chisam Road, L.P. (2014)? (Q/TB)
What are the steps in a guarantor protection analysis? (Bender)
(1) Determine if an applicable statute (one-action, ant deficiency, etc.) protects guarantors (might only apply to the debtor who owns the property securing the loan) [example of very narrow
protection in WA deed of trust a/d law: Harvey case]
(2) If so, does the statute speak to contractual waiver (which is inevitable in any guaranty)?
(3) If waiver not prohibited or addressed by statute, will court refuse to enforce the waiver as a void contract provision contrary to
public policy? (Arizona case) (compare Texas which says it is up to the legislature to outlaw contractual waiver, court won’t do it)
(4) If waivers are enforced (whether by statute or courts), was waiver
language in contract sufficient to accomplish the waiver? (Texas case gave lots of leeway here to lender language) (4/10 Slides)
