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Foreclosure sale set aside when purchase price was grossly inadequate because of mortgagee's innocent mistake.

Publication: Appraisal Journal
Publication Date: 22-SEP-08
Format: Online
Delivery: Immediate Online Access
Full Article Title: Foreclosure sale set aside when purchase price was grossly inadequate because of mortgagee's innocent mistake.(Recent Court Decisions)

Article Excerpt
When a mortgagee's innocent mistake caused foreclosed property to be sold at a grossly inadequate price, the foreclosure sale must be set aside to prevent injustice, according to the District Court of Appeal of Florida.

Long Beach Mortgage Corporation (Long Beach) held a mortgage on real property in Martin County that went into foreclosure. After Long...

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