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Home Equity Lines of Credit

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Piedmont Capital Management, L.L.C. v. McElfish (2023) 94 Cal.App.5th 961

Here, a lender sued on a HELOC loan which provided for monthly payments, gave the lender the discretion to accelerate the loan on default, and provided for any remaining balance to fall due on a specified date.  This decision holds that the HELOC called for separate, divisible performances by the borrower--namely, the monthly payments.  So that the lender could sue… Read More

Reeder v. Specialized Loan Servicing, LLC (2020)

Plaintiff alleged that before he entered into a HELOC in 2005, the lender orally promised him that its maturity in ten years, the lender would refinance the loan or extend its term.  The lender didn't and foreclosed instead when the plaintiff didn't repay all amounts due at maturity of the loan.  Held:  (1) The statute of frauds barred plaintiff's breach… Read More

Bank of New York Mellon v. Citibank

A declaratory relief claim based on equitable subrogation in a priority dispute between two home equity lines of credit is not governed by a three-year limitations period and so was wrongly dismissed.  Read More