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Home / Courts / Real Property – Mortgages – Foreclosure Sale — Deficiency Judgment – ‘Substantially Less’ (access required)

Real Property – Mortgages – Foreclosure Sale — Deficiency Judgment – ‘Substantially Less’ (access required)

Blue Ridge Savings Bank, Inc. v. Mitchell The plaintiff-bank (beneficiary of defendants’ deed of trust) bought defendants’ mortgaged property at foreclosure for $100,000 and later re-sold it to a third party for $110,000. Defendants failed to show that the bank’s bid at foreclosure was “substantially less” than the property was worth within the meaning of G.S. § 45-21.36.

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