Fonde v. Lins

GOODWYN, Justice.

The decisive question presented on this appeal is whether a mortgagor’s statutory right of redemption of real estate, as given by Code 1940, Tit. 7, § 727 et seq., is cut off or denied to him when the purchaser at the foreclosure sale under the first mortgage is, at the time of such sale, the holder of a second mortgage on the property. Such is the position taken by appellant. The facts are these: On June 23, 1949, the appellee, complainant below, executed a first mortgage on certain real estate in Mobile County to Home Realty Company, Inc., and on the same day executed a…