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Commissioners approve settlement in Lynch foreclosure case, set auction schedule for retained properties
Summary
The Yamhill County Board of Commissioners approved a tentative settlement in Lynch v. Yamhill County requiring an approximate lump-sum payment and a schedule to auction retained properties; the agreement must be submitted to the court under Federal Rule of Civil Procedure 23.
Yamhill County commissioners unanimously approved a written settlement agreement resolving Lynch v. Yamhill County during their May 7 meeting, authorizing the county administrator to sign and directing staff to submit the deal to the court under Federal Rule of Civil Procedure 23.
Michael McGeen, introduced to the board as assisting in settlement negotiations, presented the key terms. He said the agreement treats about 10 older foreclosure sales as having generated $166,218.06 in surplus and that four newer sales generated $9,421.35; the parties applied the typical 9% statutory interest to the newer surpluses, producing interest of $3,830.77. McGeen said those…
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