Parker Construction Co., a building contractor, constructed a single-family dwelling on a building..

Parker Construction Co., a building contractor, constructed
a single-family dwelling on a building lot in a suburban area. To obtain the
necessary funds to build the house, Parker Construction Co. entered into a
mortgage with Green Mortgage Co. for the principal amount of $85,000, repayable
in monthly installments of $900 each. Some time later, Parker Construction Co.
sold the property subject to the mortgage to Baker at a purchase price of
$155,000. Baker paid Parker $70,000 cash and assumed the mortgage. He continued
to make payments on the mortgage while he possessed the house, but two
»

Parker Construction Co., a building contractor, constructed
a single-family dwelling on a building lot in a suburban area. To obtain the
necessary funds to build the house, Parker Construction Co. entered into a
mortgage with Green Mortgage Co. for the principal amount of $85,000, repayable
in monthly installments of $900 each. Some time later, Parker Construction Co.
sold the property subject to the mortgage to Baker at a purchase price of
$155,000. Baker paid Parker $70,000 cash and assumed the mortgage. He continued
to make payments on the mortgage while he possessed the house, but two years
after he had purchased the property, he was transferred to another city by his
employer. He sold the property at that time to Brown, who assumed the mortgage
and paid Baker $160,000 for the property. The mortgage had a principal balance
outstanding of $81,500 at the date the property was sold. Unfortunately, Brown
found herself overextended financially soon after she had purchased the
property. She was forced to let the monthly mortgage payments fall into arrears
in order to pay more pressing debts. In spite of repeated requests for payment
by the mortgage company, Brown refused to do so. Eventually, Green Mortgage Co.
was obliged to take action. Instead of foreclosure, however, it brought an
action against Parker Construction Co. for payment. Discuss the possible
reasons why the mortgage company decided to take action against Parker
Construction Co. rather than institute foreclosure proceedings. On what basis
could it do so? Discuss the rights and obligations of the parties in light of
this action by the mortgagee.

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