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Markovits, Stock & DeMarco Gains Final Approval for $691.35 Payments in R.C. 5301.36 Class Action

| Oct 20, 2020 | Firm News

Hamilton County Court of Common Pleas Judge Thomas O. Beridon granted final approval of a settlement resolving the class action filed against General Electric Credit Union (“GECU”) based on GECU’s untimely filing of mortgage releases in violation of Ohio Revised Code 5301.36.

The settlement provides an exceptional recovery for participating class members in that each will receive a $691.35 cash payment for each $250.00 statutory damage amount. In other words, class members submitting valid claims will receive almost three times their statutory damage amount even after court costs and attorneys’ fees are paid in full.

The class action case, captioned Valerie Carr et al. v. GECU, Case No. 1903532, was filed on July 26, 2019 relating to the release of mortgage on 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 releases or the current property owner of such property from July 26, 2013 to the present. Under Ohio Revised Code 5301.36, the failure of the mortgagee (lender) to file a mortgage release within 90 days of a mortgage being satisfied may entitle the mortgagor (borrower) and/or current property owner to $250.

Please view a copy of the order here.

Have you recently refinanced your mortgage or sold a property where you had a mortgage? If so, please contact Markovits, Stock & DeMarco at 513-651-3700 or complete the form below to determine if you have a claim under R.C. 5301.36 relating to the timing of the release of your mortgage.