United Community Bank (Georgia) v. Wolfe

NEWBY, Justice.

North Carolina’s anti-deficiency statute, N.C.G.S. § 45-21.36, affords protection to a borrower following a nonjudicial power-of-sale foreclosure by accounting for the “true value” of the foreclosed property, thereby potentially reducing the borrower’s remaining indebtedness. To assert this statutory protection, however, the borrower must allege and show that the creditor’s successful foreclosure bid was substantially less than the property’s “true value” by presenting substantial competent evidence of such value. The borrower’s own unsupported opinion, standing alone, is…