In Re Karagiannis

OPINION

MORRIS STERN, Bankruptcy Judge.

The immediate matter before this court centers on the rights, if any, of a mortgagor in a “commercial” context to receive a fair value credit against mortgage debt following a sheriffs sale of two properties. At the sale the mortgagee successfully bid only a nominal $100 amount for each property. There is clear evidence that the properties had substantial value and perhaps value approaching the amount of that debt. Afterward, the rule-created ten-day objection period passed and the sheriffs deeds were delivered, all without objection to the sale having…