In a matter where a homeowner’s primary mortgage company foreclosed on the residence, Mimi Petro and Jeanna Chandler Nash filed an application requesting that the trustee sale proceeds exceeding the first mortgage value go to the homeowner, instead of the holder of a second mortgage. Nash and Petro successfully argued that by filing a lawsuit for non-payment of its second place mortgage prior to the trustee’s sale, the second place lien holder lost its secured interest in the property. The Court agreed with this position and ruled that the homeowner, not the second place lender, was entitled to the approximately $300,000 that the trustee sale proceeds exceeded the primary mortgage.
Mimi Petro is a Partner in the firm’s Real Estate Transactions Department; Jeanna Chandler Nash is a Partner in the Commercial Litigation Department. Both Nash and Petro are lawyers in our Tucson, Arizona office.
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