Tag: lender

N.C. S. Ct.: Dallaire v. Bank of America- No Fiduciary Duty between Borrower and Lender

Summary:

The Dallaire purchased their home in 1998 for $173,660.00. They filed a Chapter 7 bankruptcy in the Middle District of North Carolina, case number 05-53774, on October 13, 2005, and at that time had three mortgages against the property- the first and second mortgages were both held by Bank of America, in the amounts of $138,900 and $25,000, respectively, and a lien for a business loan to BB&T, in the amount of $241,449.37. The Dallaires received a discharge and did not reaffirm any of the three obligations. A year later (at the tail end of the mortgage lending frenzy), the Dallaires refinanced the Bank of America loans, after Bank of America, following the advise of its title agency, mistakenly believed that the BB&T lien had been extinguished.… Read More

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