Defeated confirmation action of lakefront home
BLF Associate Ariel Zion demonstrated that the bank failed to meet its burden of proving that it sold a lakefront vacation home for true market value in a confirmation hearing. BLF showed the bank’s appraiser did not rely in specific data for sales of real property on the lake, and overly emphasized distressed sales. BLF also showed the Bank’s appraiser lacked sufficient support for the comparable properties used. The Court refused to confirm the foreclosure sale and ordered the Bank to re-foreclose on the property.
