Friday, July 29, 2011

Court reviews a case involving the default on an assumed mortgage

PAUL W. CHAMBERS v. FIRST VOLUNTEER BANK OF TENNESSEE (Tenn. Ct. App. July 29, 2011)

This case arises from a dispute over the repayment of a loan. Penny Chambers obtained a loan through a bank in order to buy a house. Penny Chambers defaulted on the loan. Paul W. Chambers ("Chambers"), Penny Chambers's husband, later assumed the mortgage.

Chambers allegedly defaulted and First Volunteer Bank of Tennessee ("the Bank") stated that it would foreclose if he did not cure the default. Chambers sued the Bank in the Chancery Court for Polk County ("the Trial Court").

The Trial Court granted the Bank's motion to dismiss. Chambers appeals. We find that the Trial Court did not err in granting the Bank's motion to dismiss. We further find that the Trial Court did not err in denying Chambers's motion to alter or amend and motion for default. The judgment of the Trial Court is affirmed.

Opinion available at:
http://www.tba2.org/tba_files/TCA/2011/chambersp072911.pdf

Tuesday, July 26, 2011

Court Reviews a Case Involving a Boundary Dispute, Adverse Possession, and Laches

RICHARD L. HOLLOW, TRUSTEE v. BEULAH BUTLER, ET AL. (Tenn. Ct. App. July 26, 2011)

Richard L. Hollow, Trustee ("Plaintiff") sued Beulah Butler with regard to a boundary line dispute. After a trial, the Trial Court entered its order finding and holding, inter alia, that the common boundary line between Plaintiff's real property and Ms. Butler's real property is as shown on a September 17, 2003 survey prepared by Plaintiff's surveyor, James Ogle, and that Ms. Butler had not proven adverse possession, laches, or gross laches. Ms. Butler appeals to this Court. We affirm.

Opinion available at:
http://www.tba2.org/tba_files/TCA/2011/hollowr_072611.pdf

Thursday, July 14, 2011

Foreclosure activity down due to delays

Foreclosure activity in Tennessee declined 25 percent in the first half of the year compared to the first six months of 2010, according to a midyear report released today by RealtyTrac. Nationwide, foreclosure activity declined by 25 percent from the previous six months and 29 percent from the first half of 2010. According to the report, though, the decline is not a sign of a rallying economy, but due to processing delays. RealtyTrac estimates that because of the delays potentially one million foreclosures that should have occurred in 2011 will now happen in 2012 or later.

Read the fully story at the Memphis Business Journal's website