SunTrust Bank N.A. v. Macky A bank cannot collect on a loan secured by a deed of trust on two contiguous parcels in Orange County, N.C., because the deed of trust on one of the tracts was not properly recorded under state law, and the 4th Circuit upholds the bankruptcy court order to avoid the bank’s lien on that tract.

Tagged with: Bankruptcy mortgages Real Property

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.

Tagged with: mortgages Real Property

In re Foreclosure of Vogler Realty, Inc. In a foreclosure under a power of sale, the clerk of superior court must “audit” a trustee’s account of the distribution of the proceeds of the sale; however, if a trustee hired and paid an attorney out of the proceeds of the sale, the clerk does not have the authority to review the distribution of attorney’s fees for reasonableness.

Tagged with: foreclosure mortgages power of sale Real Property

Wells Fargo Bank, N.A. v. VanDorn The plaintiff bank seeks to collect on a note and guaranties executed by defendants. In their counterclaim, defendants allege nothing more than an ordinary — albeit longstanding — lender-borrower relationship; defendants have failed to allege a fiduciary relationship with the bank.

Tagged with: Banks & Banking Breach of Fiduciary Duty Claim mortgages Real Property Tort/Negligence

Orban v. Wilkie After merging with a South Carolina bank, defendant TD Bank, N.A. became the owner of plaintiffs’ note and deed of trust by operation of South Carolina law; furthermore, TD Bank was not required to obtain a certificate of authority from the N.C. Secretary of State prior to conducting a foreclosure in North Carolina. We affirm the trial court’s denial of plaintiffs’ motion to enjoin the foreclosure sale.

Tagged with: Banks & Banking foreclosure Merger mortgages Real Property

Crispin v. BAC Home Loans Servicing, LP The complaint alleges that, in response to plaintiff’s qualified written request, defendant Bank of America (BofA) identified Natalie Mendez as someone who could help him, but Ms. Mendez told plaintiff she had neither the information nor the authority to help him. If plaintiff’s allegation is true and BofA responded to the qualified written request insufficiently, plaintiff has stated a claim under the Real Estate Settlement Procedures Act. Defendants’ motion to dismiss is denied.

Tagged with: Banks & Banking foreclosure mortgages Real Property Unfair Trade Practices Claim

Watkins v. SunTrust Mtge. Inc. A lender did not violate the Truth in Lending Act when it used a form similar to “Model Form H-8” instead of “Model Form H-9” to notify a borrower refinancing a home mortgage of his right to rescind the transaction, and the 4th Circuit upholds the district court’s dismissal of the defaulting borrower’s TILA claim.

Tagged with: Banks & Banking consumer protection mortgages Real Property

In re Foreclosure of Deed of Trust of Carver Pond I Ltd. Partnership When the holder of respondent’s note merged with Bank of America, Bank of America became the holder of respondent’s note. Furthermore, a receiver is not an agent of either party; therefore, the receiver’s failure to pay the mortgage is not attributable to Bank of America.

Tagged with: Banks & Banking Default foreclosure Merger mortgages Real Property

In re Foreclosure of Deed of Trust by Bass On a promissory note, an unsigned stamp which reads, “PAY TO THE ORDER OF EMAX FINANCIAL GROUP, LLC WITHOUT RECOURSE BY: MORTGAGE LENDERS NETWORK USA, INC.” is insufficient, by itself, to prove a transfer of the note from Mortgage Lenders to Emax. We affirm the trial court’s dismissal of these foreclosure proceedings.

Tagged with: Banks & Banking foreclosure mortgages Real Property

In re Robinson Where the debtor’s promissory note has been indorsed in blank, and where Residential Credit Solutions (RCS) entered the original promissory note with the blank indorsement into the evidence, RCS is the holder of the note because it is in possession of the original note indorsed in blank. Since RCS has agreed to accept the debtor’s proposed payment plan, RCS’s motion for relief from the automatic stay is denied.

Tagged with: Automatic Stay Bankruptcy mortgages negotiable instruments promissory note Real Property