Gateway Bank v. Lawler, No. Cv91 28 18 11 S (May 13, 1993)

[EDITOR'S NOTE: This case is unpublished as indicated by the issuing court.] MEMORANDUM OF DECISION ON MOTION FOR DEFICIENCY JUDGMENT This motion raises the question of whether the mortgagor or mortgagee should bear the loss of a decline in value of the mortgaged property where the offer of a deed in lieu of foreclosure is rejected by the mortgagee and there is a delay in completing the foreclosure proceedings.

The named defendant is the owner of a condominium unit at 862 Wood Avenue in Bridgeport which he claims was worth $70,000 in June 1991. A property owner can give an opinion as to the…