Foreclosure

“ The foreclosure of a mortgage shall be a bar to any further suit or action upon the mortgage debt, note, or obligation, unless the person or persons who are liable for the payment thereof are made parties to such foreclosure. ”

“ Freihofer, 3 Cir., 102 F.2d 787, 125 A.L.R. 761, that the definitive event fixing respondents' loss was not the foreclosure sale but the decree of foreclosure which ordered the sale and preceded it. But since the foreclosure contemplated by the decree was foreclosure by sale and the foreclosed property had value which was conclusively established by the sale for the purposes of the foreclosure proceeding, the sale was the definitive event establishing the loss within the meaning and for the purpose of the revenue laws. They are designed for application to the practical affairs of men. ”

“ Between the date of the execution of the deed of trust and the mortgage before mentioned and March 7, 1865, when the foreclosure suit was commenced, the county of Wayne had sold a large amount of the lands embraced in those incumbrances to individuals who were not made parties to the foreclosure proceedings. ”

“ As a general rule, a prior mortgagee is not a necessary party to a bill to foreclose a junior mortgage, where the decree sought is only for a foreclosure of the equity of redemption from the prior mortgage, and not of the entire property or estate. ”

“ The plain meaning of the proviso is to permit any foreclosure of the mortgage to operate only upon such lands as are opposite and appurtenant to that part of the road which should be constructed at the time of the foreclosure, but not to extend for a day the time within which the road should be completed. The act also had a purpose in its assurance to mortgagees that no forfeiture would be insisted upon for conditions already broken, and that they might safely advance their money, if no breach should thereafter occur. ”

“ The supreme court shall promulgate rules of civil procedure for expedited foreclosure proceedings related to the foreclosure of liens under Subsection (a) (6) of this section and to foreclosure of a reverse mortgage lien that requires a court order. ”

“ In view of the contingency of a foreclosure of some of the mortgages upon the road and property, it was provided that the trustees might make such arrangements with the trustees named therein, or with the owners of the bonds secured thereby, as, in their opinion, would enable them to protect the interests of the trust without making calls upon subscribers ”

“ That no distinction can logically be made between an appeal from an order confirming a sale had under a decree in foreclosure, as in the case at bar, and an appeal from a decree ordering a sale, as in the Kountze Case; and, (2) that the mortgagor, after the sale of the land under a decree in foreclosure, is the owner of the rents and profits of such land until final approval by the court of the sale and the execution and delivery of a deed by the master. ”

“ The primary object of this Court was, to give to Law the benefit of a foreclosure in all the lots included in the mortgage from Morris, Nicholson and Greenleaf, in whose right, Pratt, Francis and Company founded their claim. ”

“ It must also be borne in mind that the foreclosure proceedings were public and judicial; that no party to those proceedings owed any duty in repect thereto to the complainants; and if the mortgage property was worth more than the mortgage debts, and if they had any interest in having it realize its full value, it was their right and duty to attend the sale, and either bid themelves the full value or secure others to make such bid. ”

“ English county courts have jurisdiction in foreclosure actions where the mortgage or charge does not exceed £500, or where the mortgage is for more than £500, but less than that sum has been actually advanced. In a Welsh mortgage there is no right to foreclosure. ”

“ Until foreclosure the mortgage is deemed a lien or charge, subject to which the estate may be conveyed, improved, and in other respects dealt with as the estate of the mortgagor.' We cannot see that it makes any difference in principle that the easement in the present case is annexed by the mortgagor by necessity, as the result of the manner in which he has improved the property. ”

“ Nor is this rule changed by the fact that the suit is brought in a court in which at the time is pending another suit for the foreclosure of a mortgage or trust deed upon the property of the debtor. Doubtless, in such foreclosure suit, the simple contract creditor can intervene, and if he has any equities in respect to the property, whether prior or subsequent to those of the plaintiff, can secure their determination and protection; and here, by the express language of the bill filed by the trustee, all claimants and creditors were invited to present their claims, and have them adjudicated. ”

“ The property affected by the sale under foreclosure was situated in the state of Nebraska, the bond in question was given in a judicial proceeding in a court of the United States, and-as stated by counsel for plaintiff in error in argument-upon the affirmance of the order of confirmation by the appellate court, a deed was issued to the purchaser at the sale under foreclosure, and demand was made by him for payment of the rents, issues, and profits sought to be recovered by the action at bar. ”

“ In general.— It is the sense of the Congress that mortgage holders, institutions, and mortgage servicers should not initiate a foreclosure proceeding or a foreclosure sale on any homeowner until the foreclosure mitigation provisions, like the Hope for Homeowners program, as required under title II, and the President’s ``Homeowner Affordability and Stability Plan ́ ́ have been implemented and determined to be operational by the Secretary of Housing and Urban Development and the Secretary of the Treasury. ”

“ In that case the complainants and defendant had made an agreement to defeat the claims of third persons to certain lands which the complainants had mortgaged to the defendant to secure a debt, so as to cloak the ownership by means of a foreclosure sale at which the defendant should purchase and hold the nominal title. ”

“ Chief Justice WAITE, in passing upon a decree of foreclosure and sale, observed that an appeal may be taken from such a decree 'when the rights of the parties have all been settled and nothing remains to be done by the court but to make the sale and pay out the proceeds. This has long been settled. The sale in such a case is the execution of the decree. By means of it the rights of the parties, as settled, are enforced. But to justify such a sale, without consent, the amount due upon the debt must be determined, and the property to be sold ascertained and defined. ”

“ It seems clear that such a foreclosure receiver is included within § 2, sub. a (21) where proceedings under Ch. X have supervened. But the fact that a foreclosure receiver is included for one purpose does not necessarily mean that he is included for another. Plans of reorganization under Ch. X may (§ 216) and commonly do affect the rights of mortgagees. Hence § 148 provides that an order approving a petition under Ch. X operates to stay a pending mortgage foreclosure or other proceeding to enforce a lien against the debtor's property. ”

“ The interest is usually made payable half- yearly, and in the event of its payment not being kept up, or the lender desiring the return of his money, the principal sum can be called up, the lender giving six months' notice of his intention to do so. If the borrower fails to pay, a process of law has to be instituted, called a foreclosure suit, which, if successful, transfers the absolute ownership of the property into the hands of the lender, so that he can receive the rents as his own, or, if he pleases, sell the property under legal authority. ”

“ Where the mortgagee brings his bill of foreclosure, the mortgage will, after the same length of time, be presumed to have been discharged unless there be circumstances to repel the presumption, as payment of interest, a promise to pay, an acknowledgment by the mortgagor that the mortgage is still existing, and the like. Ib.
In every point of view in which the case may be considered, it is clear that there is no ground of equity, on which the complainants can have relief. ”

“ As the holder of both the lease and the mortgage, the firm had the right to seek to prevent the destruction of the one right by the enforcement of the other,-a destruction which would have been threatened by a resort to foreclosure if the agreement to postpone the mortgage to the lease had not been put upon the records. ”

“ In many jurisdictions the creditor may, in a single proceeding, obtain foreclosure of the mortgagor's rights by sale of the property, and a personal judgment against the mortgagor for any deficiency which the proceeds of the property may leave. ”

“ After condition broken the mortgagee became entitled to possession of the mortgaged premises, and could maintain an action of ejectment. The mortgagor had only an equity of redemption, and, in case of sale on foreclosure, had, by statute, the right to redeem within twelve months by making full payment. ”

“ I think there's a lot of people, millions of people, in this country, that have played by the rules, like that person said, but through no fault of their own find that the mortgage that they currently have exceeds the value of their home. That may well be because somebody else on their street had a foreclosure. ”

“ The property and franchises in question were sold, under decrees of foreclosure, on the twenty-fourth of April, 1878, and were purchased by the trustees, subject to the before-mentioned six mortgages. ”

“ He entered a decree to the effect that since June 29, 1935, the date of the foreclosure sale, the bankruptcy court had had no jurisdiction of the land then sold; that the new subsection § had no application to any of the land sold in foreclosure; that the bankrupts were not farmers within the meaning of the Act, and were not entitled to the benefits of the Act; that their petition should be denied; and that a trustee should be appointed to liquidate the estate.
The time fixed by standing rule of the District Court for petitioning for a review of a referee's order in bankruptcy is twenty days. ”

“ The investments that we make, that you saw the President sign into law earlier this week, we think will have an impact -- a home foreclosure plan that will stem the rising tide and spread of home foreclosures, which is tremendously important ”

“ The complainants, suing in behalf of themselves and all other bondholders and creditors of the railway company, asked a decree for the foreclosure of several mortgages, covering as well its property and franchises as the road and franchises of the constituent companies, by whose consolidation it was created. ”

“ In that case, which was a bill for foreclosure, the proviso was that the trustee, upon the written request of the holders of a majority of the bonds then outstanding, should proceed to collect both principal and interest of all such bonds outstanding, by foreclosure and sale of said property, or otherwise, as therein provided. ”

“ But a full examination of the opinion of the court shows that its judgment was based upon the ground that the foreclosure was valid, without reference to the statute of 1857, because the method pursued was in strict conformity to the mode of foreclosure authorized, when the contract was made, by the laws then in existence. ”

“ The mere inadequacy of the property or fund to meet such expenses constitutes in itself no reason why liability should be fastened upon the plaintiff, who has been guilty of no irregularity, and who, so far from seeking any improper advantage, has succeeded in his suit by obtaining the relief asked,-namely, a decree of foreclosure and sale. ”

“ And meantime the Court had sustained legislation of the State of New York under which a mortgagee of real property was denied a deficiency judgment in a foreclosure suit where the State court found that the value of the property purchased by the mortgagee at the foreclosure sale was equal to the debt secured by the mortgage. ”

“ Such foreclosure is enforced in equity by a foreclosure action. An action is brought by the mortgagee against the mortgagor in the chancery division of the High Court in England, claiming that an account may be taken of the principal and interest due to the mortgagee, and that the mortgagor may be directed to pay the same, with costs, by a day to be appointed by the court and that in default thereof he may be foreclosed his equity of redemption. ”

“ In all cases-whether foreclosure is obtained by default or after contest-the mortgagor's promise to pay the mortgagee a reasonable attorney's fee is to be construed having regard to the purpose of Congress to enable farmers, by means of mortgages on their lands, to obtain loans at low cost. ”

“ Should the court proceed to a decree for foreclosure and sale, the holders of the bonds can be notified to appear and file them with the master, and all questions connected with their amount and ownership can be settled upon a final hearing. ”

“ The object of the provision of the 371st section of the statute of Montana, and of the similar law of California from which it was taken, was to preclude any arrangement between the mortgagor and the mortgagee by which the former's right to the property could be cut off without a sale of the same. It therefore held that the mortgage should not operate as a conveyance, whatever its terms, until a foreclosure and sale. The foreclosure might be by judicial proceedings in equity or by any other regular proceedings which resulted in extinguishing the mortgagor's right of property by sale. ”

“ Jasper asked, in a tone of friendly sympathy and concern.
“Yes, sir; we fear there is danger of foreclosure, should the holder be so inclined; for we lack the means to pay off even the interest that is due.”
“Don’t be uneasy; I trust that danger may be readily averted,” returned the doctor, cheerily; “doubtless the money to pay off the whole indebtedness can be borrowed, the lender being 180 secured by a new mortgage; and I dare say Captain Charlton will be able to arrange the business for you in a satisfactory manner, finding a mortgagee who will not care to hurry you unduly for payment.” ”