Lender’s Greed Backfires

Following the collapse of the economy, local businessman Bob Jones (not his real name) lost his struggle to hold on to a parcel of commercial property that he owned. Evidently unsatisfied with simply foreclosing on the property, Mr. Jones' lender then chose to seek a deficiency judgment against Mr. Jones for more than $4,300,000.00. Facing financial ruin, Mr. Jones sought help from Wilkins Frohlich in defending him against the deficiency judgment sought by his lender.

Attorneys Cort Frohlich and Brian Beason stepped in to defend Mr. Jones from his lender's excessive claim. Following a lengthy evidentiary hearing, Brian and Cort successfully convinced the trial judge that the fair market value of the property exceeded the amount of the lender's foreclosure judgment. As a result, the trial judge denied the lender's claim, and entered judgment in favor of Mr. Jones. The trial judge further concluded that Mr. Jones was the prevailing party in the deficiency judgment action. Following multiple hearings, Brian and Cort then obtained a judgment for attorney's fees against the lender for approximately $45,000.00.