U.S. Bank Trust v. Singleton — Foreclosure rulings reversed after note-holder errors
The Court of Appeals reversed and remanded. Under South Carolina law, transfer of the secured note carries the mortgage, so the master erred by finding Waterfall was the note holder but not the mortgage holder. The court also required reconsideration of the foreclosure demand and proper allocation of insurance proceeds under the record and contract. On remand, the court must consider interest, escrow charges, corporate advances, attorney’s fees, and the prior servicer’s possible application of proceeds to missed payments.