LaSalle National Bank v. Price (In Re Price)

MEMORANDUM OF DECISION

PAUL MANNES, Bankruptcy Judge.

This case comes before the court on a Motion for Relief from Stay filed by La-Salle National Bank as Trustee for the registered holders of Salomon Brothers Mortgage Securities VII, Inc., Series 1997-HUD2. The issue involved is whether a foreclosure sale in Maryland is complete for the purposes of § 1322(c)(1) of the Bankruptcy Code at the time the sale is conducted and the auctioneer’s gavel falls, or, in the alternative, whether the sale is completed only after the final order of ratification of the sale. This bankruptcy case under Chapter…