Texas Lenders Could Face Pushback On Foreclosure Waivers

Law360, Dallas (January 10, 2014, 9:54 PM EST) -- Lenders could find themselves in tougher negotiating positions if the Texas Supreme Court knocks down real estate waivers that help lenders recover against loan guarantors after a property is sold in foreclosure, lawyers say.

In a case argued Wednesday before the court, loan guarantor and commercial developer Mehrdad Moayedi, CEO of Centurion American Development Group, asked the justices to find that a general waiver of "any and all" defenses except for full payment was insufficiently specific and couldn’t be enforced to prevent him from asserting his right...
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