The Hudson Trio LLC .v The Buckhead Comm. Bank

The trial court did not err in finding that the sale price of the subject property reflected its true market value on the date of the foreclosure sale.

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The Hudson Trio, LLC, Starke V. Hudson, and Joe R. Hudson hereinafter “appellants” appeal from the Madison County Superior Court’s order denying their motion for new trial following the confirmation of a foreclosure sale conducted by The Buckhead Community Bank d/b/a Forsyth Community Bank “appellee”. Finding no error, we affirm. In confirming a nonjudicial foreclosure sale under OCGA § 44-14-161, the trial court “shall require evidence to show the true market value of the property sold under the powers and shall not confirm the sale unless it is satisfied that the property so sold brought its true market value on such foreclosure sale.”1 In such proceedings, the trial court sits as the trier of fact, and its findings and conclusions have the effect of a jury verdict.2 Thus, we will not disturb the trial court’s decision if there is any evidence to support it.3 Additionally, “we do not determine witness credibility or weigh the evidence and we view the evidence in the light most favorable to the trial court’s judgment.”4

So viewed, the evidence shows that in November 2005, Homestead Bank loaned the Hudson Trio $2,721,000 in exchange for a deed to secure debt, which conveyed a security interest to Homestead Bank in 214.8 acres of land set for development as a residential subdivision. The debt was personally guaranteed by appellants Starke and Joe Hudson, and Tiffany Hudson.5 In April 2007, Security Bank of Gwinnett County, as the successor to Homestead Bank, recorded a modification of the deed to secure debt, increasing the loan amount by $659,000, to $3,380,000. In October 2008, Security Bank of Gwinnett County assigned the security deed to appellee. The Hudson Trio defaulted on the loan, and appellee declared the outstanding debt immediately due and payable. Thereafter, pursuant to the power of sale provision contained in the security deed and modification, appellee foreclosed on the property. On February 3, 2009, the property was sold to appellee, the sole bidder, for $1,970,000.

The Hudson Trio LLC .v The Buckhead Comm. Bank

The trial court did not err in finding that the sale price of the subject property reflected its true market value on the date of the foreclosure sale.

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