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BAC Homes Loans Servicing, LP v. Trancynger

April 18, 2014

Court: South Dakota Supreme Court
Docket: 26736 Opinion Date: April 16, 2014
Judge: Wilbur
Areas of Law: Banking, Real Estate & Property Law
In 2003, Appellants entered into a mortgage with Countrywide Home Loans that secured a promissory note in the amount of $165,750 and encumbered certain property. Plaintiffs later refinanced the loan by executing a promissory note in favor of Countrywide in the amount of $236,900 and executed a mortgage in the property in favor of BAC Home Loans Servicing, LP. In 2009, Appellants defaulted under the terms of the subject note and mortgage. In 2011, BAC filed an amended complaint to foreclose the mortgage. The circuit court granted BAC’s motion for summary judgment. The court also awarded attorney fees to BAC and reformed the mortgage by changing the legal description. The property was subsequently sold to BAC at a sheriff’s sale. The Supreme Court affirmed, holding (1) the circuit court did not err in granting BAC summary judgment to foreclose the mortgage; (2) the circuit court did not err in awarding BAC attorney fees and costs; and (3) the circuit court’s revision of the mortgage reflected the true intention of the parties and therefore, was not error.

Nancy Duffy McCarron, CBN 164780
Attorney, Real Estate Broker, BBB Arbitrator, CA Notary Public
Certified Forensic Loan Auditor, Property Manager


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