Can assignee of mortgage and note recover surplus foreclosure funds?

“The S.C. Supreme Court held that the assignee of a note and mortgage may recover the surplus funds generated by the foreclosure of a prior mortgage even if it was not a lienholder of record at the time of the sale, per Rule 71(c), SCRCP. The court further clarified its decision in Matrix Financial Services Corp. v. Frazer, 394 S.C. 134, 714 S.E.2d 532 (2011), and held that because the mortgage was filed before Matrix, whether it was closed without the services of an attorney would not bar the assignee from receiving the surplus funds.”

BAC v. Kinder, read the full opinion here.

 

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