Home / Uncategorized / BAYVIEW LOAN SERVICING v. SIMMONS

BAYVIEW LOAN SERVICING v. SIMMONS

In a breach of contract action arising out of foreclosure proceedings, the circuit court did not err in holding that no right to foreclose had vested in favor of a loan servicing company because it had failed to comply with pre-acceleration notice requirements contained in the deed of trust. The statutory cure provisions of Code § 55-59.1(A) also do not apply, because the issue of whether the right to accelerate is in existence and capable of being exercised by a foreclosure notice is not controlled by the statute and thus remains a matter of contract between the parties. The judgment compensating plaintiff for the equity lost as a result of the foreclosure is affirmed.