Court of Appeals of North Carolina February 4, 1992, No. 919SC235 (Paynter v. Maggiolo)

WYNN, Judge.

In November 1985, Robert Maggiolo and his then wife, Sylvia Maggiolo, (“the Maggiolos”) contracted to buy property located in Warren County, North Carolina, from Raymond Paynter and his wife, Dauphine Paynter, (“the Paynters”) for $230,000. To partially finance the purchase, the Maggiolos borrowed $145,000 from Village Bank secured by a first deed of trust on the subject property.