Wells Fargo Bank v. 5615 Northern LLC
Wells Fargo Bank, National Association, as Trustee, for the benefit of the holders of COMM 2015-LC19 Mortgage Trust Commerical Mortgage Pass-Through Certificates v. 5615 Northern LLC
- Vernon Broderick
- 1:20-cv-02048
- U.S. District Court · Southern District of New York
- 2
In Wells Fargo v. 5615 Northern, Judge Parker scheduled an evidentiary hearing because the submitted proof did not adequately establish foreclosure damages.
Wells Fargo must present testimony and documentary evidence at the scheduled hearing. 5615 Northern LLC and Spyro E. Avdoulos may attend, cross-examine witnesses, and present evidence.
What happened
Wells Fargo Bank, National Association, as Trustee, for the benefit of the holders of COMM 2015-LC19 Mortgage Trust Commercial Mortgage Pass-Through Certificates, sued 5615 Northern LLC and Spyro E. Avdoulos. The parties had previously told the court that foreclosure damages could be decided from written submissions without a hearing.
The court found the submissions inadequate. They did not show payments toward loan principal and interest, stated different principal amounts, provided no evidence of expense payments, and did not explain how interest was calculated under the loan documents.
Judge Katharine H. Parker ordered an evidentiary hearing for April 11, 2023, at 2:00 p.m. The plaintiff must be prepared to present testimony and documents; the defendants may attend, question witnesses, and present evidence.
The detailed version
- Wells Fargo Bank v. 5615 Northern LLC · No. 1:20-cv-02048
- Vernon Broderick
- Mar. 31, 2023
Background
The parties previously informed the court that foreclosure damages could be determined from written submissions and that an evidentiary hearing was unnecessary. The order concerns the proof needed to determine the amount of damages; it does not state a final damages amount.
Court’s Analysis
Judge Parker found the submissions inadequate to determine the damages and lacking sufficient evidentiary support. As examples, the submissions did not include documents showing payments toward loan principal and interest to establish how the principal amount was calculated. The papers also stated slightly different principal amounts, provided no evidence that claimed expenses had been paid, and did not explain the method used to calculate interest under the applicable loan documents. Because the court could not verify the proposed damages calculations, it determined that testimony and documentary evidence were necessary.
Order
The court ordered an evidentiary hearing on April 11, 2023, at 2:00 p.m. in Courtroom 17D. Wells Fargo was required to be prepared to present testimony and documentary evidence. 5615 Northern LLC and Spyro E. Avdoulos could attend, cross-examine witnesses, and present evidence. The opinion does not state the ultimate amount of foreclosure damages or resolve the parties’ underlying claims.
Read the full 2-page opinion on CourtListener, the free public archive maintained by the Free Law Project.