Satisfaction of Mortgage Via Lawsuit
In 2022, Brad Sneed was able to secure a signed Satisfaction of Mortgage from an opposing party on behalf of his clients. The parties entered into a section 1031 exchange of real properties in 2013. In connection with the exchange of real properties, Brad's clients gave the opposing party a mortgage against the real property his clients received in the exchange. This mortgage was meant to cover the cost of many items of personal property the opposing party left on his former real property.
In the years that followed, Brad's clients made various payments toward the mortgage to the point they believed they have fully satisfied the debt. The opposing party disagreed and refused to release the mortgage. Brad filed a lawsuit on behalf of his clients seeking an order requiring the opposing party to sign and record a Satisfaction of Mortgage. In the litigation, the opposing party claimed Brad's clients had never made any payments toward the mortgage debt and claimed the full amount ($60,000+) was still due to him. With Brad's assistance, his clients were able to put together irrefutable evidence that his clients had paid substantial sums toward the mortgage debt. The parties ultimately entered into a settlement agreement just weeks before trial, whereby the opposing party accepted a payment from Brad's clients in exchange for releasing the mortgage on Brad's client's real property.
Practice area(s): Real Estate
Court: Ada County District Court