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RES-GA LJY LLC v. Y. D. I. Inc.

Evidence that the plaintiff acted in good faith in relying on an appraisal to sell the property for less than its true market value at foreclosure did not compel the trial court to find good cause for resale.

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RES-GA LJY, LLC hereinafter, “RES-GA” appeals from the trial court’s order denying a resale of real property under OCGA § 44-14-161 c after the trial court denied its petition to confirm a foreclosure sale on the property. Finding no abuse of discretion, we affirm.

RES-GA is an entity formed for the special purpose of taking title to specific property securing a loan that a related entity obtained in a bulk purchase of loans from the Federal Deposit Insurance Corporation. In that capacity, RES-GA was assigned a deed to secure debt executed by Y. D. I., Inc., a/k/a YDI, Inc. hereinafter, “YDI” that secured an indebtedness of $6,000,000. When YDI defaulted on the underlying debt, RES-GA foreclosed on the real property securing that debt and purchased the property at a foreclosure sale for $742,500. RES-GA then brought a complaint for confirmation of the sale against YDI and Jimmy York, who guarantied the debt.

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