Polycomp Trust Co. v. Agbede CA4/2

STATEMENT OF THE CASE

This is an action for judicial foreclosure. The trial court granted the Lenders’

motion for summary judgment. Thus, it entered a judgment ordering a foreclosure sale,

finding the amount due to be $381,713.49 (plus costs, including attorney fees), and

declaring the Borrowers liable for any deficiency. Later, the trial court awarded $45,266

in attorney fees, making the total indebtedness $426,979.49.

On April 24, 2019, the property was sold in a foreclosure sale. Polycomp bought

in the property, with a credit bid of $49,000.

The Lenders then filed a motion for a fair value determination. As discussed in

more detail below, the Lenders’ expert testified that the fair market value of the property

was $15,000, the Borrowers’ expert testified that the fair market value of the property

was $149,000.

The trial court found that the fair value of the property was $15,000. It entered a

deficiency judgment for $411,979.49.

II

THE EVIDENCE OF FAIR VALUE

The Borrowers contend that the trial court erred by finding that the fair value of

the property was $15,000 rather than $149,000.

The trial court also awarded costs. However, the Lenders took no…