ILNews

Man will receive surplus on sheriff’s sale credit bid

Back to TopCommentsE-mailPrintBookmark and Share

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.
 

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in Indiana Lawyer editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT
Subscribe to Indiana Lawyer
  1. Oh, the name calling was not name calling, it was merely social commentary making this point, which is on the minds of many, as an aside to the article's focus: https://answers.yahoo.com/question/index?qid=20100111082327AAmlmMa Or, if you prefer a local angle, I give you exhibit A in that analysis of viva la difference: http://fox59.com/2015/03/16/moed-appears-on-house-floor-says-hes-not-resigning/

  2. Too many attorneys take their position as a license to intimidate and threaten non attorneys in person and by mail. Did find it ironic that a reader moved to comment twice on this article could not complete a paragraph without resorting to insulting name calling (rethuglican) as a substitute for reasoned discussion. Some people will never get the point this action should have made.

  3. People have heard of Magna Carta, and not the Provisions of Oxford & Westminster. Not that anybody really cares. Today, it might be considered ethnic or racial bias to talk about the "Anglo Saxon common law." I don't even see the word English in the blurb above. Anyhow speaking of Edward I-- he was famously intolerant of diversity himself viz the Edict of Expulsion 1290. So all he did too like making parliament a permanent institution-- that all must be discredited. 100 years from now such commemorations will be in the dustbin of history.

  4. Oops, I meant discipline, not disciple. Interesting that those words share such a close relationship. We attorneys are to be disciples of the law, being disciplined to serve the law and its source, the constitutions. Do that, and the goals of Magna Carta are advanced. Do that not and Magna Carta is usurped. Do that not and you should be disciplined. Do that and you should be counted a good disciple. My experiences, once again, do not reveal a process that is adhering to the due process ideals of Magna Carta. Just the opposite, in fact. Braveheart's dying rebel (for a great cause) yell comes to mind.

  5. It is not a sign of the times that many Ind licensed attorneys (I am not) would fear writing what I wrote below, even if they had experiences to back it up. Let's take a minute to thank God for the brave Baron's who risked death by torture to tell the government that it was in the wrong. Today is a career ruination that whistleblowers risk. That is often brought on by denial of licenses or disciple for those who dare speak truth to power. Magna Carta says truth rules power, power too often claims that truth matters not, only Power. Fight such power for the good of our constitutional republics. If we lose them we have only bureaucratic tyranny to pass onto our children. Government attorneys, of all lawyers, should best realize this and work to see our patrimony preserved. I am now a government attorney (once again) in Kansas, and respecting the rule of law is my passion, first and foremost.

ADVERTISEMENT