In a recent consolidated appeal of three separate cases, we obtained a reversal of the lower court’s denial of our application for deficiency judgments after foreclosure. Our client substituted in for the plaintiffs in a series of foreclosure matters. The foreclosure judgments had already been entered, and we were retained to obtain deficiency judgments after sale of the properties. We presented evidence of the foreclosure sale price. The defendants did not appear or offer any controverting evidence. Nevertheless, the lower court denied the motions for deficiency.
In reversing the lower court’s orders, the Fourth District noted that evidence of the foreclosure sale price creates a presumption that it is equal to the property’s fair market value. The Court held that, in the absence of any controverting evidence, a court must grant the deficiency.
You can read the opinion here.