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Bank wins in appeal of foreclosure action

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The Indiana Court of Appeals affirmed summary judgment in favor of Wells Fargo on its action to foreclose on a mortgage and collect from the guarantor of the loan, ruling that the loan documents were properly assigned to the bank.

In the summer of 2006, Riviera Plaza Investments, by Haresh Shah, executed and delivered a note by which it promised to pay Citibank the sum of $2,925,000 in monthly installment payments of principal plus interest. On the same date, Riviera, again by Shah, executed a mortgage in order to secure the payment of the note. Shah executed a guaranty in favor of
Citibank.

Riviera failed to make the scheduled monthly payments on the note, which led to Citibank initiating foreclosure proceedings against Riviera in 2010. Citibank sold the loan documents at issue to Nova Investments, which later assigned them to Wells Fargo during the course of this foreclosure action.

The trial court ruled in favor of Wells Fargo with regard to Riviera and Shah, and entered a decree of foreclosure in July 2013.

Appellants claim that the trial court erred in ruling in favor of Wells Fargo because Wells Fargo failed to prove a valid assignment of the loan documents, but the designated evidence shows that Citibank assigned its right, title and interest in the note and mortgage to Nova, which in turn assigned those to Wells Fargo, the COA held in Riviera Plaza Investments, LLC and Haresh Shah v. Wells Fargo Bank, N.A., 02A03-1308-MF-323.

The judges also rejected Riveria and Shah’s claims that the trial court erred in finding Wells Fargo was entitled to recover from the appellants; that the assignment of the loan documents did not constitute a material alteration which would release Shah from his obligation under the guaranty; and that Wells Fargo was entitled to an award of interest.

Judge Cale Bradford pointed out that the appellants never objected to the substitution of Wells Fargo as the real party in interest and plaintiff on the amended complaint.
 

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  1. Someone off their meds? C'mon John, it is called the politics of Empire. Get with the program, will ya? How can we build one world under secularist ideals without breaking a few eggs? Of course, once it is fully built, is the American public who will feel the deadly grip of the velvet glove. One cannot lay down with dogs without getting fleas. The cup of wrath is nearly full, John Smith, nearly full. Oops, there I go, almost sounding as alarmist as Smith. Guess he and I both need to listen to this again: https://www.youtube.com/watch?v=CRnQ65J02XA

  2. Charles Rice was one of the greatest of the so-called great generation in America. I was privileged to count him among my mentors. He stood firm for Christ and Christ's Church in the Spirit of Thomas More, always quick to be a good servant of the King, but always God's first. I had Rice come speak to 700 in Fort Wayne as Obama took office. Rice was concerned that this rise of aggressive secularism and militant Islam were dual threats to Christendom,er, please forgive, I meant to say "Western Civilization". RIP Charlie. You are safe at home.

  3. It's a big fat black mark against the US that they radicalized a lot of these Afghan jihadis in the 80s to fight the soviets and then when they predictably got around to biting the hand that fed them, the US had to invade their homelands, install a bunch of corrupt drug kingpins and kleptocrats, take these guys and torture the hell out of them. Why for example did the US have to sodomize them? Dubya said "they hate us for our freedoms!" Here, try some of that freedom whether you like it or not!!! Now they got even more reasons to hate us-- lets just keep bombing the crap out of their populations, installing more puppet regimes, arming one faction against another, etc etc etc.... the US is becoming a monster. No wonder they hate us. Here's my modest recommendation. How about we follow "Just War" theory in the future. St Augustine had it right. How about we treat these obvious prisoners of war according to the Geneva convention instead of torturing them in sadistic and perverted ways.

  4. As usual, John is "spot-on." The subtle but poignant points he makes are numerous and warrant reflection by mediators and users. Oh but were it so simple.

  5. ACLU. Way to step up against the police state. I see a lot of things from the ACLU I don't like but this one is a gold star in its column.... instead of fighting it the authorities should apologize and back off.

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