ILNews

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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  2. The practitioners and judges who hail E-filing as the Saviour of the West need to contain their respective excitements. E-filing is federal court requires the practitioner to cram his motion practice into pigeonholes created by IT people. Compound motions or those seeking alternative relief are effectively barred, unless the practitioner wants to receive a tart note from some functionary admonishing about the "problem". E-filing is just another method by which courts and judges transfer their burden to practitioners, who are the really the only powerless components of the system. Of COURSE it is easier for the court to require all of its imput to conform to certain formats, but this imposition does NOT improve the quality of the practice of law and does NOT improve the ability of the practitioner to advocate for his client or to fashion pleadings that exactly conform to his client's best interests. And we should be very wary of the disingenuous pablum about the costs. The courts will find a way to stick it to the practitioner. Lake County is a VERY good example of this rapaciousness. Any one who does not believe this is invited to review the various special fees that system imposes upon practitioners- as practitioners- and upon each case ON TOP of the court costs normal in every case manually filed. Jurisprudence according to Aldous Huxley.

  3. Any attorneys who practice in federal court should be able to say the same as I can ... efiling is great. I have been doing it in fed court since it started way back. Pacer has its drawbacks, but the ability to hit an e-docket and pull up anything and everything onscreen is a huge plus for a litigator, eps the sole practitioner, who lacks a filing clerk and the paralegal support of large firms. Were I an Indiana attorney I would welcome this great step forward.

  4. Can we get full disclosure on lobbyist's payments to legislatures such as Mr Buck? AS long as there are idiots that are disrespectful of neighbors and intent on shooting fireworks every night, some kind of regulations are needed.

  5. I am the mother of the child in this case. My silence on the matter was due to the fact that I filed, both in Illinois and Indiana, child support cases. I even filed supporting documentation with the Indiana family law court. Not sure whether this information was provided to the court of appeals or not. Wish the case was done before moving to Indiana, because no matter what, there is NO WAY the state of Illinois would have allowed an appeal on a child support case!

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