Headrick owned a house and lot in a very desirable residential neighbourhood of a large city. In…

Headrick owned a house and lot in a very desirable
residential neighbourhood of a large city. In order to purchase a new luxury
motor vehicle, new boat, and pay for a luxury vacation, he arranged for a
mortgage on the house and lot for $330,000. The property at the time had an
appraised value of $375,000. Once in funds, Headrick left on his vacation.
While on vacation, he decided to extend his travels, even though his vacation
time had ended. A month later, he returned home, only to find that he had been
terminated by his employer. At this point in time he had spent all of his money
on the
»

Headrick owned a house and lot in a very desirable
residential neighbourhood of a large city. In order to purchase a new luxury
motor vehicle, new boat, and pay for a luxury vacation, he arranged for a
mortgage on the house and lot for $330,000. The property at the time had an
appraised value of $375,000. Once in funds, Headrick left on his vacation.
While on vacation, he decided to extend his travels, even though his vacation
time had ended. A month later, he returned home, only to find that he had been
terminated by his employer. At this point in time he had spent all of his money
on the automobile, boat and vacation, and was unable to make payments on the
mortgage. Over the next number of months, Headrick searched for employment
without success. He ignored letters from the mortgagee demanding payment, and
eventually, the mortgagee decided to sell the property under its power of sale.
The mortgagee contacted an appraiser and requested an appraisal of the property
“at a fire sale price” as it was anxious to get rid of the property. The
appraiser gave an appraisal at $300,000, well below the value of the property
if it was offered in a normal real estate listing. The mortgagee proceeded with
the sale under the power of sale, and quickly sold the property at the
appraised value of $300,000. The mortgagee then demanded the difference between
the sale price and the amount of the mortgage, which was still at $330,000.
Headrick had protested the listing of the property in the power of sale
advertisements at such a low price, and had advised the mortgagee that his
friend Esson was prepared to purchase the property for $345,000, but his
objections had been ignored by the mortgagee, who simply wanted to get rid of
the property. He is now angry and upset that the mortgagee is demanding payment
of the additional $30,000 from him. Advise Headrick.

»

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