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Ballard Spahr LLP: Lender’s Oral Promise to Postpone Foreclosure Unenforceable, Eighth Circuit Holds

By the Consumer Financial Services Group A lender's oral promise to postpone a foreclosure sale of a borrower's home is a "credit agreement" that must be in writing to be enforceable under the Minnesota Credit Agreement Statute (MCA), the U.S. Court of Appeals for the Eighth Circuit...