Mortgage Company and Bank Defeat $500M Foreclosure Suit

On June 21, 2023, a state trial court in Georgia issued a final judgment in favor of a mortgage company and bank, after the jury rejected the plaintiffs’ claims that the defendants knew or should have known that the loan they sought to enforce, collect, and foreclose on had already been paid in full.

The plaintiffs claimed that the defendants foreclosed on their home despite knowing that the loan on the property had been paid off shortly after the home was purchased.  The plaintiffs sought $400 million for their claims, which included conversion, fraud, and tortious interference with property rights and Georgia’s Racketeer Influenced and Corrupt Organizations Act.  The plaintiffs also sought punitive damages for the emotional and physical distress they allegedly suffered. 

The jury found for the defendants on all claims.  The jury also found no clear and convincing evidence that the defendants engaged in the willful misconduct, malice, and fraud necessary for punitive damages.

The case is Ford et al. v. CitiMortgage Inc. et al., case number SC18CV295, in the State Court of Muscogee County, Georgia.