Loan Backer Defends Fair-Market Claims In Texas High Court

Law360, Dallas (January 8, 2014, 6:58 PM EST) -- A general defense waiver in a real estate loan agreement doesn't waive the argument that property was sold at foreclosure for less than fair-market value, a loan guarantor told the Texas Supreme Court on Wednesday in disputing the balance he is required to pay following a foreclosure sale.

Mehrdad Moayedi, who guaranteed a promissory note for a third party that defaulted on the loan, contends he was wrongly left on the hook for the balance of the note after a foreclosure sale by lender Interstate 35/Chisam Road LP netted far less than the property's fair market value. He claims that although...

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