Summary: The Colemans own lots 42, 43, 44, and 45 of a subdivision, with their home located on lots 42 and 43 and lots 44 and 45 being undeveloped. In 2007, Mr. Coleman borrowed $137,567.00 from (now) Wells Fargo, secured by a Deed of Trust signed by the couple.

RL Regi v. Lighthouse Cove- Waiver of Statutory Rights EnforceableSummary: Regions Bank, the predecessor to RL Regi, providing commercial financing for real estate development for Lighthouse Cove, which was guaranteed by the individual business partners and their spouses, including Lionel L. Yow and his wife, defendant Connie S. Yow.

Summary: Gathings granted a Deed of Trust to Countrywide, later succeeded by Bank of America. The Deed of Trust included the correct Property Identification Number and physical address, but had an incorrect legal description. The property was subsequently sold at a foreclosure sale for homeowners dues to CPI, which did not discover the Deed of Trust in favor of Bank of America.

Summary: Plaintiffs brought suit against, among other, lenders that had financed mortgage loans for the development of investment properties, alleging that the appraisals conducted, which unanimously and uniformly valued real property lots, regardless of specific qualities or locations, for $500,000, the exact minimum to support the mortgage lender’s underwriting requirements, constituted both negligent underwriting and also an unfair trade practice. Following shortly after the Dallaire opinion from the North Carolina Supreme Court (see:

Summary: Siblings, Townsend and Simmons owned real property as tenants in common. Townsend brought suit seeking a partition sale of the property, naming Simmons the lienholder, Citimortgage and the City of Greensboro, as defendants. After the trial court found that due to the size and nature of the property actual partition of the property could not be made without injury to the parties and ordered a partition sale.

Summary: A quit claim deed, recorded with the Buncombe Register of Deeds on May 14, 2009, was blank as to the legal description and only included the handwritten entry “Parcel #960704498200000.”. On April 29, 2010, a “Affidavit of Correction” was recorded including the legal metes and bounds description. The Court of Appeals held that the quit claim deed was void as it inadequately described the property, holding that a tax PIN alone was insufficient. The Court distinguished Fisher v. Town of Nags Head, ___ N.C. App.

Summary: Following failed Chapter 11 bankruptcy, Five Wins obtained a declaratory judgment against Iris finding that Iris owed $894,711.24 to redeem real property from foreclosure. After Five Wins bid $875,000.00 for the properties, WA Ventures made a successful upset bid at the subsequent foreclosure in the amount of $918,750.00 and then assigned the bid to Five Wins.

Summary: The North Carolina Supreme Court affirmed the earlier opinion from the Court of Appeals that “the defenses preserved under North Carolina’s UEFJA are limited by the Full Faith and Credit Clause to those defenses which are directed to the validity and enforcement of a foreign judgment.” For a copy of the opinion, please see: DocRX v.

Summary: The Dallaire purchased their home in 1998 for $173,660.00. They filed a Chapter 7 bankruptcy in the Middle District of North Carolina, case number 05-53774, on October 13, 2005, and at that time had three mortgages against the property- the first and second mortgages were both held by Bank of America, in the amounts of $138,900 and $25,000, respectively, and a lien for a business loan to BB&T, in the amount of $241,449.37. The Dallaires received a discharge and did not reaffirm any of the three obligations.

Summary: FIA brough suit against Caviness for a credit card debt in the amount of $10,150.19. Lacking the actual credit card agreement, it present as evidence monthly billing statements from November 2008 through March 2011, copies of checks from Caviness (and his business), as well as from a third party, and an affidavit from its authorized representative.