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January 11th, 2012

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NORTH CAROLINA COURT OF APPEALS ISSUES OPINION REGARDING MATTER OF FORECLOSURE OF DEED OF TRUST EXECUTED BY LOREN L. BRADBURN, LORIE C. BRADBURN

US Fed News Service, Including US State News September 6, 2009 RALEIGH, N.C., Sept. 1 — The North Carolina Court of Appeals issued the following opinion:

IN THE MATTER OF:

FORECLOSURE OF A DEED OF TRUST EXECUTED BY LOREN L. BRADBURN AND WIFE, LORIE C. BRADBURN DATED JANUARY 4, 2007, RECORDED AT DEED BOOK 1815, PAGE 1563 Iredell County No. 07 SP 637 Appeal by petitioner from orders entered 6 February 2008 and 19 March 2008 by Judge Kimberly Taylor in Iredell County Superior Court. Heard in the Court of Appeals 12 March 2009. in our site deed of trust

Shumaker, Loop & Kendrick, LLP, by William H. Sturges and Frederick M. Thurman, Jr. for Paragon Mortgage Holdings, LLC, and Paragon Mortgage, Inc., petitioner-appellant.

Attorney General Roy A. Cooper, III, by Assistant Attorney General Phillip K. Woods, for The Office of the Commissioner of Banks of North Carolina, Amicus Curiae.

Legal Aid of North Carolina, Inc., by Celia Pistolis and Suzanne Chester; North Carolina Justice Center, by Charlene McNulty; Land Loss Prevention Project, by Mary Henderson; and Pisgah Legal Services, by William John Whalen, Amicus Curiae.

Pope McMillan Kutteh Privette Edwards & Schieck, PA, by Martha N. Peed and Anthony S. Privette, for respondents-appellees.

JACKSON, Judge.

Paragon Mortgage Holdings, LLC (“PMH”) and Paragon Mortgage, Inc. (“PMI”) (collectively “Paragon”) appeal the trial court’s order declaring as illegal and unenforceable the Deed of Trust upon which they sought to foreclose. For the reasons stated below, we remand.

On or about 22 December 2006, PMI filed an application with the North Carolina Commissioner of Banks (“the COB”) to act as a mortgage banker pursuant to section 53-243.05 of the Mortgage Lending Act (“MLA”). On 4 January 2007, Loren L. and Lorie C. Bradburn (“the Bradburns”) executed a Balloon Adjustable Rate Note (the “Note”) in the original sum of $383,500.00 payable to PMI. The Note was secured by a North Carolina Deed of Trust (the “Deed of Trust”) also executed 4 January 2007, and recorded in the Iredell County Register of Deeds on 10 January 2007. On 9 January 2007, PMI assigned the Note and Deed of Trust to PMH. Also on 9 January 2007, PMH assigned the Note and Deed of Trust to a third mortgage company – CSE Mortgage LLC (“CSE”). These assignments were recorded eight months later on 20 September 2007. The Note and Deed of Trust were re-assigned to PMH on 15 November 2007, effective 11 July 2007. The re-assignment was recorded on 29 November 2007. this web site deed of trust

The Bradburns made their first payment on the Note, but failed to make any further payments. On 3 May 2007, PMI – having no legal interest in the Note and Deed of Trust, as it had assigned its interest to PMH on 9 January 2007 – notified the Bradburns that they were in default. On 2 July 2007, PMH, through its attorney, notified the Bradburns, inter alia, that the principal and interest due on the Note had grown to $408,779.48. At that time, PMH had no legal interest in the Note and Deed of Trust, also having assigned its interest in both to CSE on 9 January 2007. Paragon, through a trustee pursuant to the Deed of Trust, began foreclosure proceedings on 30 July 2007, providing notice to the Bradburns on or about 31 July 2007. After foreclosure proceedings had begun, the COB issued a license to PMI on 13 August 2007, authorizing it to engage in the business of a mortgage broker or mortgage banker within the State of North Carolina.

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