Tuesday, February 18, 2014

Foreclosure & Insurance Payments addressed in STEINBERGER v. HON. MCVEY/ONEWEST No. CV2010-054539

"¶96 While the alleged insurance payments are indeed speculative and unsupported, the assertion that the FDIC has already reimbursed OneWest for Steinberger’s default is not unsupported, based on the fact the Shared-Loss Agreement does appear to authorize such reimbursement. Under
A.R.S. § 47-3602, "an instrument is paid to the extent payment is made by or on behalf of a party obliged to pay the instrument and to a person entitled to enforce the instrument." Thus, if it is true that the FDIC has already reimbursed OneWest for all or part of Steinberger’s default,
OneWest may not be entitled to recover that amount from Steinberger. "

 READ THE RULING  AT     CA-SA12-0087.pdf

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