Bayview Loan Servicing, LLC v. Law Firm of Richard M. Squire & Associates, LLC
United States District Court for the Eastern District of Pennsylvania
2010 WL 5122003 (2010)
Bayview Loan Servicing, LLC (Bayview) (plaintiff), foreclosed on a property that was later sold for well below market value. The Law Firm of Richard M. Squire & Associates, LLC (Squire), (defendant) represented Bayview in the matter. Bayview instructed Squire to pursue collection of the deficiency between the value of the property and the post-foreclosure sale price. Squire failed to file a petition to fix the fair value of the property within six months of the foreclosure sale, as required by statute. Consequently, Bayview lost the right to pursue the deficiency. Squire concealed this failure to file and the resulting legal consequences from Bayview. Bayview brought a legal-malpractice action against Squire, alleging that Squire had breached both its fiduciary duty of care and its duty of competent legal representation. Squire moved to dismiss for failure to state a claim.
Rule of Law
Holding and Reasoning (Yohn, J.)
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