Hobson v. Chase Home Finance, LLC

James Hobson placed the highest bid at a foreclosure sale on real property in Warren County. The receipt Hobson obtained at the sale disclaimed that the sale was subject to withdrawal in the event of a timely reinstatement by the obligor on the deed of trust. The day before the sale, the defaulting obligor on the deed of trust reinstated the loan with Chase Home Finance, the obligee, and Priority Trustee Services of Mississippi, the trustee. Although Hobson’s check was returned, he sued Chase and Priority for breach of contract, arguing that he was entitled to receive the difference in the amount he had bid for the property and the appraised value of the property. The County Court initially granted summary judgment to Hobson and the Circuit Court affirmed; but the Supreme Court reversed and remanded for a determination of whether the obligor validly reinstated her loan prior to the foreclosure sale. On remand, the County Court granted summary judgment to Chase and Priority and the Circuit Court affirmed. Finding no error in the respective judgments of the County and Circuit Courts, the Supreme Court affirmed. View "Hobson v. Chase Home Finance, LLC" on Justia Law