Posts tagged "1116715"

Bank of America, N.A. v. Diamond Financial, LLC (Lawyers Weekly No. 11-167-15)

NOTICE:  All slip opinions and orders are subject to formal revision and are superseded by the advance sheets and bound volumes of the Official Reports.  If you find a typographical error or other formal error, please notify the Reporter of Decisions, Supreme Judicial Court, John Adams Courthouse, 1 Pemberton Square, Suite 2500, Boston, MA, 02108-1750; (617) 557-1030; SJCReporter@sjc.state.ma.us   14-P-1315                                       Appeals Court   BANK OF AMERICA, N.A.[1]  vs.  DIAMOND FINANCIAL, LLC. No. 14-P-1315. Suffolk.     June 12, 2015. – October 20, 2015.   Present:  Cohen, Green, & Trainor, JJ. Subrogation.  Mortgage, Priority, Junior lien.  Jurisdiction, Equitable.  Land Court.       Civil action commenced in the Land Court Department on December 22, 2011.   The case was heard by Judith C. Cutler, J., on motions for summary judgment.     George E. Sousa for the defendant. Howard S. Goldman for the plaintiff.      TRAINOR, J.  Bank of America (BOA), the plaintiff, brought suit against Diamond Financial, LLC (Diamond),[2] seeking equitable subrogation of a mortgage it holds on property located at 18 Eastwood Road, in the town of Shrewsbury.  The parties filed cross motions for summary judgment.  In granting the plaintiff’s summary judgment motion, the judge found that BOA “is entitled to be equitably subrogated to the priority position” for $ 330,368.29 of the previously recorded mortgage, which was discharged.  The defendant, Diamond, appeals. Background.  We review the relevant undisputed facts.  Milton J. Miranda and Solange D. Miranda purchased a property in Shrewsbury on July 31, 2002.  The purchase was financed for the most part with a mortgage loan from Moneyone Corporation.  On August 24, 2004, the Mirandas refinanced with a $ 336,150 mortgage loan from Argent Mortgage Company, LLC (Argent).[3]  This mortgage was recorded. On or about June 28, 2006, the Mirandas borrowed $ 50,000 from the defendant and granted the defendant a mortgage on the Shrewsbury property and on a property in the city of Worcester.[4]  On September 29, 2006, the Mirandas refinanced the Argent mortgage with a mortgage loan of $ 344,000 from Equity Advantage (Equity).  As part of the refinancing, $ 330,368.29 of the Equity loan was used to pay the full balance of the Argent mortgage.  The Equity mortgage was recorded on October 12, 2006, and the discharge of the Argent mortgage was recorded on October 30, 2006.  The closing of the Equity mortgage was conducted by a closing attorney and Closeline, LLC.  The Diamond mortgage was not identified during the refinancing process and Equity did not enter into a subrogation agreement.  The closing attorney issued a title insurance policy through TICOR Title Insurance Company (TICOR). There is no evidence that Diamond learned of the change in the record order of liens prior to this action.  There […]

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Posted by Massachusetts Legal Resources - October 20, 2015 at 8:03 pm

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