In Re Foreclosure of a Deed of Trust Executed by Herndon

STEPHENS, Judge.

*84 Factual and Procedural Background

On 3 August 2001, Respondent Randall Herndon ("Herndon") executed a promissory note in favor of Long Beach Mortgage Company ("Long Beach") in consideration for a $60,800 loan. The loan was payable over 30 years at a rate of 11.25% interest. Herndon and his wife, Respondent Nona R. Herndon, executed a deed of trust to secure the debt with real property located at 1375 Union Church Road in Dunn ("the home"). Herndon defaulted on the debt beginning with his failure to make a payment due 1 November 2007 and never again made a payment on the loan.

Af…