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Man will receive surplus on sheriff’s sale credit bid

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The Indiana Court of Appeals awarded a Grant County man nearly $375 after finding a surplus was owed to him when his property sold at a sheriff’s sale for more than what was calculated by the trial court based on an agreed judgment between the man and the bank.

JPMorgan Chase Bank filed a complaint to foreclose on Joel Stoffel’s property. In 2012, the two filed an agreed judgment entry and decree of foreclosure, outlining how much a personal judgment against Stoffel would be. The agreement came to a total of $139,907.82 plus any additional costs related to the sheriff’s sale.

Chase assigned the agreed judgment to the Federal National Mortgage Association, which submitted the winning bid at the sheriff’s sale of $152,121.72, through a credit bid. A credit bid is made by the judgment creditor in which no money is exchanged. Shortly thereafter, Fannie Mae filed its satisfaction and release of judgment with the trial court.

Stoffel filed a complaint seeking payment of an alleged surplus balance based on the difference between the credit bid and the $139,907.28 face amount of the agreed judgment. The trial court denied his motion and, based on its math, ruled there was no surplus.

In Joel Stoffel v. JPMorgan Chase Bank, N.A. and Federal National Mortgage Association, 27A02-1303-MF-299, the Court of Appeals reversed in part, finding there to be a $374.58 surplus after calculating the principal, post-judgment interest, real estate taxes and sheriff’s sale expenses. It came to this amount by excluding some evidence the trial court had admitted that was inadmissible. The court ordered a judgment in favor of Stoffel for this amount.

The COA affirmed the trial court’s rejection of Stoffel’s argument that Fannie Mae’s satisfaction of judgment prohibited it from introducing evidence to show the correct amount of the agreed judgment. The agreed judgment left certain costs to be determined, and Fannie Mae’s satisfaction of judgment did not preclude the presentation of admissible evidence to demonstrate those costs and rebut Stoffel’s allegation that a surplus existed.
 

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  1. So that none are misinformed by my posting wihtout a non de plume here, please allow me to state that I am NOT an Indiana licensed attorney, although I am an Indiana resident approved to practice law and represent clients in Indiana's fed court of Nth Dist and before the 7th circuit. I remain licensed in KS, since 1996, no discipline. This must be clarified since the IN court records will reveal that I did sit for and pass the Indiana bar last February. Yet be not confused by the fact that I was so allowed to be tested .... I am not, to be clear in the service of my duty to be absolutely candid about this, I AM NOT a member of the Indiana bar, and might never be so licensed given my unrepented from errors of thought documented in this opinion, at fn2, which likely supports Mr Smith's initial post in this thread: http://caselaw.findlaw.com/us-7th-circuit/1592921.html

  2. When I served the State of Kansas as Deputy AG over Consumer Protection & Antitrust for four years, supervising 20 special agents and assistant attorneys general (back before the IBLE denied me the right to practice law in Indiana for not having the right stuff and pretty much crushed my legal career) we had a saying around the office: Resist the lure of the ring!!! It was a take off on Tolkiem, the idea that absolute power (I signed investigative subpoenas as a judge would in many other contexts, no need to show probable cause)could corrupt absolutely. We feared that we would overreach constitutional limits if not reminded, over and over, to be mindful to not do so. Our approach in so challenging one another was Madisonian, as the following quotes from the Father of our Constitution reveal: The essence of Government is power; and power, lodged as it must be in human hands, will ever be liable to abuse. We are right to take alarm at the first experiment upon our liberties. I believe there are more instances of the abridgement of freedom of the people by gradual and silent encroachments by those in power than by violent and sudden usurpations. Liberty may be endangered by the abuse of liberty, but also by the abuse of power. All men having power ought to be mistrusted. -- James Madison, Federalist Papers and other sources: http://www.constitution.org/jm/jm_quotes.htm RESIST THE LURE OF THE RING ALL YE WITH POLITICAL OR JUDICIAL POWER!

  3. My dear Mr Smith, I respect your opinions and much enjoy your posts here. We do differ on our view of the benefits and viability of the American Experiment in Ordered Liberty. While I do agree that it could be better, and that your points in criticism are well taken, Utopia does indeed mean nowhere. I think Madison, Jefferson, Adams and company got it about as good as it gets in a fallen post-Enlightenment social order. That said, a constitution only protects the citizens if it is followed. We currently have a bevy of public officials and judicial agents who believe that their subjectivism, their personal ideology, their elitist fears and concerns and cause celebs trump the constitutions of our forefathers. This is most troubling. More to follow in the next post on that subject.

  4. Yep I am not Bryan Brown. Bryan you appear to be a bigger believer in the Constitution than I am. Were I still a big believer then I might be using my real name like you. Personally, I am no longer a fan of secularism. I favor the confessional state. In religious mattes, it seems to me that social diversity is chaos and conflict, while uniformity is order and peace.... secularism has been imposed by America on other nations now by force and that has not exactly worked out very well.... I think the American historical experiment with disestablishmentarianism is withering on the vine before our eyes..... Since I do not know if that is OK for an officially licensed lawyer to say, I keep the nom de plume.

  5. I am compelled to announce that I am not posting under any Smith monikers here. That said, the post below does have a certain ring to it that sounds familiar to me: http://www.catholicnewworld.com/cnwonline/2014/0907/cardinal.aspx

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