Oregon Case Survives BAC Home Loan Servicing Motion to Dismiss
By Daniel Edstrom
DTC Systems, Inc.
Thanks to Charles Cox for finding this one. This is amazing in and of itself since my information indicates that BAC Home Loans Servicing, LP ceased to exist on 7/1/2011.
Excerpt 1:
Second, Defendants argue that the loan modification agreement is subject to the statute of frauds and Plaintiff failed to plead that the loan modification agreement was subscribed by BAC. Under Oregon’s statute of frauds, an “agreement is void unless it… is in writing and subscribed by the party to be charged[.]” Or. Rev. Stat. § 41.580(1). Partial performance may, however, take a contract out of the statute of frauds. Strong v. Hall, 253 Or. 61, 70 (1969);Royer v. Gailey, 252 Or. 369, 373 (1969). Plaintiff’s allegation that BAC accepted partial payments as described under the loan modification agreement for five months is sufficient pleading at this stage to survive Defendants’ argument that the agreement failed to satisfy the statute of frauds. Continue reading “Oregon Case Survives BAC Home Loan Servicing Motion to Dismiss”