Panel Agrees That Parties To Loan Modification Should Restart Appraisal Process

Mealey's (April 11, 2023, 9:50 AM EDT) -- ATLANTA — A federal district court did not err in requiring parties to a commercial mortgage loan to restart the appraisal process for a refinance agreement because the borrower’s appraisal was not “conclusive and binding” under the terms of a loan modification agreement and the borrower’s appraisal violated a section of the loan modification agreement’s requirement that appraisals meet certain requirements, an 11th Circuit U.S. Court of Appeals panel ruled in affirming....