June 2: Lawrence Braggs files a lawsuit in Pulaski County Circuit Court asking for an emergency injunction to stop the
foreclosure sale. The complaint alleges that U.S.
The Borrowers argued the
foreclosure sale price of $400,000 was materially less than the fair market value of the property.
Comes now--, Plaintiff, by and through undersigned counsel, and respectfully moves this Court to cancel and reschedule a mortgage
foreclosure sale and as grounds therefore states as follows:
Plaintiff requests an order to quiet title and declare her the rightful owner of the property, and declare the 2005, 2006 and 2009 mortgages void and the 2012
foreclosure sale void.
Oreo's appraiser testified the fair market value of the property was $4,330,000 at the time of the
foreclosure sale. Centennial's appraiser determined the fair market value on that date was $14,905,000.
Recovered from Tom Terminella and Myron Morter and their Grand Valley Ridge LLC at a $4.1 million
foreclosure sale in March 2009.
A north Pulaski County liquor store changed hands in a $370,500
foreclosure sale.
On July 7, 2009, the four properties were sold at auction in separate
foreclosure sales. In the third
foreclosure sale, Bank of America, as lien holder, purchased the parcel for $233,850.
The court of appeals noted that, on appellate review, the standard is whether the record contains any evidence to support the findings of the trial court that the property brought its true market value at the
foreclosure sale. The court of appeals decided Conlon's opinion was not based on mere speculation and that the trial court had sufficient evidence that the true market value of the property was $1,540,000.
As long as the proper notice is provided, and the
foreclosure sale is conducted in a commercially reasonable manner, the lender will be able to sell the collateral and if necessary, pursue the borrower for any deficiency.
In a matched pair involving distressed properties, the prior sale or the current sale--or in some cases even both--could be a
foreclosure sale.
in North Little Rock through a $1.5 million
foreclosure sale. The former owner is Little Rock Hospitality LLC, led by Rupinder Dhihon.
