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Yellow Creek Invs. LLC v. Multibank 2009-1 CRE Venture LLC

The trial court was permitted to order a resale of property after the unsuccessful confirmation of a foreclosure sale pursuant to O.C.G.A. § 44-14-161 c.

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This is an appeal from the confirmation of a foreclosure sale. The debtors and guarantors maintain that the sale should not have been confirmed and therefore that they should not be liable for any deficiency of the sale price to satisfy the secured debt.

The present case is the second confirmation proceeding arising out of the foreclosure at issue. In 2011, Multibank 2009-1 CRE Venture, LLC “Multibank” unsuccessfully sought to confirm a foreclosure sale of property securing a loan evidenced by a promissory note executed by Yellow Creek Investments, LLC and guarantied by two individuals collectively, “Yellow Creek”. The trial court instead ordered a resale of the property, which Multibank conducted in early 2013, resulting in the sale of the property to its wholly-owned subsidiary, MB REO-GA Land, LLC. The trial court confirmed the 2013 sale, and Yellow Creek appeals.

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