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General Electric Credit Union agrees to pay $85,000.00 to settle mortgage release class action

| Apr 22, 2020 | Firm News

The attorneys at Markovits, Stock & DeMarco, LLC have filed preliminary court approval of  an $85,000.00 common fund settlement resolving the class action filed against General Electric Credit Union (“GECU”) based on GECU’s filing of untimely mortgage releases in violation of Ohio Revised Code 5310.36.

The class action case, captioned Valerie Carr et al. v. GECU, No. A1903532 was filed in the Hamilton County Court of Common Pleas on July 26, 2019 relating to the plaintiffs’ former property more than 90 days after the mortgage was satisfied (i.e. paid off).  The plaintiffs’ claim was on behalf of themselves and all other Ohio GECU mortgagors for whom GECU failed to timely file mortgage satisfactions or the current property owner of such property from July 26, 2013 to the present. Under Ohio law, the failure of the mortgagee (lender) to file the mortgage release within 90 days of the mortgage being satisfied may entitle the mortgagor (borrower) and/or current property owner to $250 under R.C. 5301.36.

Please view a copy of the settlement notice here.

Please contact Markovits, Stock & DeMarco at 513-651-3700 or complete the form below if you have any questions about this lawsuit or wish to hear more about mortgage release class actions.