Loans / Mortgage
Gregory Watt foreclosure case fuels calls for mortgage law (full decision text here)– Cayman27
Mentioning an irregular payment history, Justice Richard Williams ruled Friday (30 December) in favour of Scotiabank. This in the case of a Bodden Town man who told Cayman 27 he's being foreclosed on for just a few thousand dollars.Justice Williams
heard a complete day of arguments recently Thursday (29 December) before releasing his 55-page choice, concluding the Gregory Watt case. In his judgment, he stressed the value of checking contract paperwork closely.
"When a party enters such an arrangement, that party needs to ensure they really thoroughly check out all the terms of the charge arrangement in order to fully understand what the consequences of any payment default might be," said Justice Williams.Mr.
Watt admitted in his statement that he was so overjoyed to be getting a home mortgage that he did not check out all the documents thoroughly.Mr.
Watt informed Cayman 27 he prepares to appeal.Meanwhile, Bodden
Town West MLA Chris Saunders said Mr. Watt's case is amongst the numerous sustaining his push for reform."Individuals produce a government for three basic things, to safeguard their life, to protect their liberty, and to safeguard their freedom. And plainly this is one time when the law wasn't there to protect Gregory and others like Gregory who have actually lost their homes. This is why this is a priority for us next year to deal with,"stated Mr. Saunders in an interview right before the New Year.Mr. Saunders stated rather of modifying the Registered Lands Law, he prepares to introduce an appropriate home loan law to resolve the shortages he believes exist under the current system. Read Justice Williams'complete decision here.