Arsali v. Chase Home Fin., LLC

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In this case, the circuit court entered a final summary judgment of foreclosure against Borrowers regarding their shared residence. One month before the scheduled judicial foreclosure sale, Chase Home Finance, Borrowers' mortgagee, offered Borrowers an opportunity for the reinstatement of their mortgage and dismissal of the foreclosure action conditioned on Borrowers making a lump-sum payment no later than May 6. Borrowers sent a cashier's check for the full reinstatement amount to Chase's counsel, who received the cashier's check on May 4. However, Chase's counsel failed to arrange for the cancellation of the foreclosure sale, and the sale took place as scheduled. Borrowers filed a motion to vacate the sale. The third-party purchaser (Purchaser) intervened. The trial court granted Borrowers' motion and ordered all funds paid by Purchaser to be returned. The final judgment of foreclosure was also vacated and the foreclosure case dismissed. Purchaser appealed, and the court of appeal affirmed. The Supreme Court affirmed, holding (1) Borrowers alleged and proved adequate equitable grounds for the trial court to set aside the judicial foreclosure sale and dismiss the foreclosure action; and (2) proof of an inadequate bid price is not a necessary requirement to set aside a judicial foreclosure sale. View "Arsali v. Chase Home Fin., LLC" on Justia Law