Citicorp Real Estate, Inc. v. Smith

I

This consolidated appeal arises out a judicial foreclosure action. The district court granted summary judgment in Plaintiff-Ap-pellee Citicorp Real Estate, Inc.’s (“Citi-corp”) favor, ordered the property securing the loans to be sold at a judicial foreclosure sale, and entered deficiency judgments against the defendants Helen Smith, M.H.H., and J.A.H. (“Defendants”).

On appeal, Defendants argue that the district court erred by: (1) entering summary judgment in Citicorp’s favor; (2) denying leave to amend their counterclaims to seek the remedy of rescission; (3) overcalculating the deficiency judgments-by determining the fair value of the property based on what a buyer would be willing to pay in cash for the property and by failing to apply the federal interest rate in calculating the post-judgment interest. Defendants seek reversal of the district court’s grant of summary judgment in favor of Citicorp. Alternatively, Defendants ask the court to recalculate the deficiency judgments by assessing the fair value of the property at $12.2 million, not $7.3 million, and remanding with instructions to apply the federal interest rate in calculating the post-judgment interest. Citicorp…