The current good economy (going on almost 10 years now) has meant that North Carolina appellate decisions affecting lenders trying to collect defaulted debt have been few and far between in the last couple of years. The North Carolina Court of Appeals changed that with its March 26 decision in Gray v. Fannie Mae, an opinion that lenders will cheer for making clear that collateral estoppel applies to non-judicial foreclosure orders.  The Facts In 2006, Mary and Jack Gray got a $300,000 reverse mortgage with Wells Fargo. The collateral description covered the Grays’ primary residence, as well as ..read more