by CarolinasCounsel
on July 23, 2024
Please ensure your family members obtain a will and inform others about the location of the same. If there is no will, then intestate property will multiply owners as each succeeding generation arises. Suddenly, a boiling point is reached.
Maybe a dozen or more heirs will spend thousands of dollars through the court partition process. This can lead to physical conflict if one family member is usurping the heir home, for example. This can lead to escalating legal costs. Worst of all, this can lead to the divestment of family property to a stranger via a public or private court ordered sale. While this firm does not prepare wills, this firm does routinely file partition actions for those who failed to do so.
Heir property in a foreclosure context brings other problems. Without title vested in a single person, the lender could be hard pressed to arrange for assumption of the deceased borrower’s loan. Further, the heirs might have trouble obtaining basic information from the lender, such as reinstatement amount. Foreclosure could lead, again, to divestment of title of family property.
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by CarolinasCounsel
on August 10, 2020
Different areas of the law interact in interesting ways, including state and federal regulation in similar areas such as housing and disability law. The firm obtained summary judgment victory in Superior Court on behalf of an HOA confronted with a family homesteading (pigs, horses, goats, etc.) in a residential large-lot subdivision. One claim of the owner was disability entitled her to the therapy animals on the estate.
It might be of interest that an HOA is subject to review of recorded restrictions so as to avoid targeting or enforcement issues regarding fair housing and disability matters.
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by CarolinasCounsel
on September 11, 2016
Recently, Elizabeth Wright advised two South Carolina banks to REMOVE language in their North Carolina deed of trust purporting to waive “appraisal rights” with regard to the collateral.
In South Carolina, in some mortgages, borrowers may waive “appraisal rights” meaning that a debtor challenge to the adequacy of the bank’s foreclosure bid is foreclosed, literally.
In North Carolina, though, N.C. Gen. Stat. Sec. 45-21.36 allows a borrower or guarantor to challenge a bank bid for being less than fair market value in order to offset or erase a deficiency.
Any purported waiver of this right in a NC deed of trust would be invalid, and perhaps expose the bank to liability. The NC Supreme Court visited these issues in a recent case.
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