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Tag Archives: Foreclosure

Real Property – Foreclosure Sale – Bona Fide Purchasers – Civil Practice – Service of Process – Sale Price (access required)

Bloody Point Property Owners Association, Inc. v. Ashton (Lawyers Weekly No. 011-098-14, 8 pp.) (James Lockemy, J.) Appealed from Beaufort County (Marvin Dukes III, Master-in-Equity) S.C. App. Holding: The respondent-purchasers had no notice of the Pennsylvania appellants’ claims that they ...

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Real Property – Title Insurance – Title Defect — Mortgages – Foreclosure (access required)

Preservation Capital Consultants, LLC v. First American Title Insurance Co. Although a lender recouped more at the foreclosure on one of three mortgaged properties (via its own credit bid) than the original mortgage amount – and more than the amount of the title insurance policy – the amount owed on the mortgage had increased, leaving a deficiency which the title insurer must pay, up to the amount the lender could have recouped against a second mortgaged property if there had not been a defect in the title to that second property.

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Corporate – LLC – Judgments — Charge Order – Foreclosure – Civil Practice – Appeals (access required)

Kriti Ripley, LLC v. Emerald Investments, LLC Plaintiffs Kriti Rippley, LLC and Ashley River Properties II, LLC have a judgment against Kriti’s fellow member of Ashley – defendant Emerald Investments, LLC -- and Emerald’s owner, defendant Longman; plaintiffs have had a charging order against Emerald’s interest in Ashley for two and a half years; plaintiffs have received no payments toward the judgment; and Ashley has not and is not in a position to make distributions; therefore, foreclosure is the appropriate remedy.

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Another week, another OK for non-attorneys to perform law-like tasks (access required)

It’s been a busy couple of weeks for the South Carolina Supreme Court as it declares things not to be the practice of law. One week after the high court ruled that non-attorneys could present claims against an estate in probate court on behalf of businesses, it found that modifying a loan likewise did not constitute the unauthorized practice of law.

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Real Property – Tort/Negligence – Constructive Trust – Corporate — Mortgages – Foreclosure – Lis Pendens (access required)

Carolina Park Associates, LLC v. Marino The same people were involved in two companies: (1) CDM of Charleston, LLC (CDM), which held a second mortgage on the Carolina Park real estate development and (2) MDC of Charleston, LLC (MDC), which was a member of the limited liability company that owned Carolina Park (Carolina Park Associates, LLC).

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Real Property – Mortgages – Foreclosure – Junior Lienholder – Assignment of Rights – Attorney-Free Closing – Pre-Matrix (access required)

BAC Home Loan Servicing, L.P. v. Kinder A junior lienholder assigned its rights to plaintiff after the senior lienholder had foreclosed on defendant’s property. Although the junior lien had already been extinguished, the assignment effectively transferred to plaintiff the junior lienholder’s right to claim surplus funds generated by the foreclosure sale.

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Banks & Banking – Constitutional – TARP & EEPA – Real Property – Foreclosure (access required)

First Citizens Bank & Trust Co. v. Spirakis The third-party plaintiff seeks actual and punitive damages against third-party defendants the U.S. Treasury Department and the Board of Governors of the Federal Reserve System for their actions involving the distribution of TARP funds, but nowhere in the Emergency Economic Stabilization Act of 2008 (EESA) or the Administrative Procedure Act is there a provision permitting money damages for alleged injury caused by actions taken pursuant to the EESA.

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Banks & Banking – Constitutional – TARP & EEPA – Real Property – Foreclosure (access required)

CitiMortgage, Inc. v. Kokolis The third-party plaintiff seeks actual and punitive damages against third-party defendants the U.S. Treasury Department and the Board of Governors of the Federal Reserve System, but nowhere in the Emergency Economic Stabilization Act of 2008 (EESA) or the Administrative Procedure Act is there a provision permitting money damages for alleged injury caused by actions taken pursuant to the EESA.

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Tort/Negligence – Fraud – Real Property – Banks & Banking – Foreclosure (access required)

Cadence Bank, N.A. v. Horry Properties, LLC After defendant Horry Properties learned that the plaintiff-bank was foreclosing on its Clay County, North Carolina property, Horry Properties transferred its only remaining assets to defendant M&M Builders for scant consideration, leaving Horry Properties insolvent.

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