Real Property – Mortgages – Duty to Borrowers – AppraiserAnderson v. Coastal Communities at Ocean Ridge Plantation, Inc. The plaintiff-borrowers claim the defendant-bank breached its duty to them by failing to disclose that the developer controlled the loan process, including the selection of an appraiser; however, the bank did not owe the borrowers a duty to disclose any details of the loan process not required to be disclosed under state or federal law or under the terms of the loan agreements. The bank's motion to dismiss is granted.
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Published: June 15, 2011
Time posted: 10:40 am
Tags: Appraiser, Duty to Borrowers, mortgages, Real Property