Chamblee Hotels LLC v. Chesterfield Mortgage Investors Inc.

Some evidence authorized the trial court's finding that the true market value of the foreclosed property was $2.7 M at the time of the foreclosure sale.

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Chamblee Hotels, Inc., Charles Morais, and Sarwir Hansa appeal the trial court’s confirmation of a foreclosure sale carried out by their lender, Chesterfield Mortgage Investors, Inc. “Chesterfield”, alleging that the property was sold for less than its true market value. The property was sold to Chesterfield for $2,700,000, and Chesterfield applied for confirmation of the foreclosure sale under OCGA § 44-14-161 a. After a hearing on Chesterfield’s application, the trial court approved the sale. For reasons that follow, we affirm. In two related enumerations, appellants contend that the trial court erred in confirming the sale because Chesterfield’s evidence of the true market value of the property was insufficient. In this regard, appellants claim that 1 the trial court merely picked among the contending figures proffered by the respective expert witnesses, ignoring the requirements of OCGA § 44-14-161 b, and 2 the appraisal prepared by Chesterfield’s expert was defective and blatantly wrong.

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

Chamblee Hotels LLC v. Chesterfield Mortgage Investors Inc.

Some evidence authorized the trial court's finding that the true market value of the foreclosed property was $2.7 M at the time of the foreclosure sale.

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