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CHANDER KANT, ET AL. v. WELLS FARGO BANK NATIONAL ASSOCIATION

Real property — Foreclosure sale — Extinguishing of debt

On November 14, 2002, Chander and Ashima Kant borrowed $115,000 from Wells Fargo Bank, N.A. (the “Bank”) through a home equity line of credit (the “HELOC” or “Loan”). The Kants signed a Prime Equity Line of Credit Agreement & Disclosure Statement (the “Agreement”) in which they promised to make minimum monthly payments on any accrued interest plus applicable fees. At the same time, among the large pile of papers borrowers sign at closings, the Kants also executed an Open-End Deed of Trust (the “Deed”) that granted the Bank a security interest in property at 13110 Mica Lane in Silver Spring, Maryland (the “Property”).

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