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LLP Mortgage, Ltd. v. Owens

February 18, 2009

LLP MORTGAGE, LTD., PLAINTIFF,
v.
LEANETTE OWENS, ET AL., DEFENDANTS.



The opinion of the court was delivered by: Stiehl, District Judge

ORDER OF JUDGMENT

This matter is before the Court on plaintiff's motion for judgment of foreclosure (Doc. 46) to which defendants have not filed objections. The motion was filed in response to the Court's Order of April 16, 2008, directing the parties to file briefs on the issue of whether the Court retained jurisdiction over the foreclosure counts (Counts XI and XII)(Doc. 44). To date, the defendants have not filed any pleadings in response, and the Court will consider the record as it currently stands. The Court FINDS that jurisdiction in this Court is proper pursuant to 28 U.S.C. § 1332(a)(1).

Upon review of the record, the Court GRANTS plaintiff's motion for judgment of foreclosure and for reasonable attorney fees, costs and expenses and FINDS as follows:

1. The United States Small Business Administration (SBA) made a loan to Golf Management Enterprise, Inc. (Golf Management).

2. In conjunction with the Loans, Golf Management executed and delivered a promissory note (Note I) payable to the order of the SBA in the amount of Three Hundred Ninety-Seven Thousand One Hundred Dollars ($397,100.00), plus interest at four percent (4%) per annum.

3. Golf Management also executed and delivered a second promissory note (Note II) payable to the order of the SBA in the amount of One Hundred Five Thousand One Hundred dollars ($105,100.00), plus interest at four percent (4%) per annum.

4. Leanette Owens, Riley Owens, Janet Rattler and Dwight Rattler each provided the SBA with a personal guaranty for the notes, and each is jointly and severally liable for the full value of the notes.

5. As collateral for their personal guaranties, Leanette Owens and Riley Owens provided the SBA with a mortgage to real estate located at 5000 Elmijah, Centreville, Illinois, 62207.

6. As collateral for their personal guaranties, Janet Rattler and Dwight Rattler provided the SBA with a mortgage to real estate located at 7 Chase Park Drive, Belleville, Illinois 62223.

7. On June 29, 2001, the SBA assigned its interest in Loan I, Note I and the Guaranty Defendants' personal guaranties for Loan I to LLP Mortgage.

8. On July 3, 2001, the SBA assigned its interest in Loan II, Note II and the Guaranty Defendants' personal guaranties for Loan II to LLP Mortgage.

9. Golf Management defaulted on the Loans, and, on June 19, 2006, commenced a bankruptcy case in the United States Bankruptcy Court for the Southern District of Illinois.

10. On June 29, 2007, LLP Mortgage foreclosed on and purchased the property located at 14805 Grantley Drive, Chesterfield, MO 63017 for the amount of $243,000.00. This property was previously owned by Barbara and Michael Taylor and pledged by each of them as collateral for their personal guaranties.

11. The amount recouped from the foreclosure and purchase of the property located at 14805 Grantley Drive was used to pay off the amount due and owing under Note II in full, and a portion of the amount due and owing under Note I.

12. On September 11, 2007, LLP Mortgage held an Article 9 UCC sale on furniture, fixtures, and equipment owned by Golf Management, Inc., and received from a third party bidder the amount of $10,000, which was used to ...


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