Alerus Financial, N.A. v. Lamb

MAKING, Justice.

[¶ 1] Timothy C. Lamb (“Lamb”) and Elizabeth J. Fletcher Lamb 1 appeal from a judgment granting Alerus Financial (“Alerus”) foreclosure of its mortgage on a residential property owned by Lambs. We affirm.

I

[¶ 2] Timothy and Elizabeth J. Fletcher Lamb owned property in Grand Forks, North Dakota. In 1997, the Lambs obtained two loans from the United States Small Business Administration (“the SBA”), using five pieces of Grand Forks property as collateral. The SBA assigned the notes to LLP Mortgage, Ltd. in February of 2001. In March of 2002, LLP Mortgage, Ltd.’s agent, Beal Bank,…