Addison Mortgage Co. v. Weit

SCHWARTZ, Chief Judge.

The appellant, which succeeded to the rights of the mortgagee in a foreclosure proceeding, appeals from the complete denial of an application for a deficiency judgment. We reverse.

After a summary judgment on the underlying debt for $782,589.42 in principal, interest, costs and fees, the appellant successfully bid $100.00 for the property at the foreclosure sale. In the ensuing trial of its claim for a deficiency, the only evidence of the property’s value was introduced by Addison itself, whose expert estimated it at up to $600,000.00. The defendant-mortgagor presented no…