Willow Funding Co., L.P. v. Grencom Associates

Opinion

PETERS, J.

This is a foreclosure action to enforce a note and a second mortgage purchased, through sealed bid, from the Federal Deposit Insurance Corporation. In light of the mortgagor’s acknowledged default on the note and mortgage, the trial court granted the plaintiffs motion for foreclosure by sale.1 The court, however, reduced the amount of the loan secured by the mortgage so as to reflect, inter alia, the mortgagee’s conduct with respect to an oral executory refinancing agreement that never came to full fruition.2 The principal issue is whether the court, in deciding that the…