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MMLU / A major bank foreclosed on a consumer mortgage. After the property was sold at…

Problem

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question

A major bank foreclosed on a consumer mortgage. After the property was sold at sheriff's sale for 50,000,thebanksenttheconsumerduenoticeofadeficiencystillowingof50,000, the bank sent the consumer due notice of a deficiency still owing of 10,000. The original note, however, had limited bank's recourse to 50,000orhigher.Therewasnoresponseandthebankenteredadeficiencyjudgmentfor50,000 or higher. There was no response and the bank entered a deficiency judgment for 10,000. When it started execution proceedings to collect the 10,000,thedefendantsenteredadefense,arguingthatthebankwaslimitedtorecourseof10,000, the defendants entered a defense, arguing that the bank was limited to recourse of 50,000 or higher. The judgment for 10,000wasthereforevoidandunenforceable.Willthecourtallowenforcementofthedeficiencyjudgmentfor10,000 was therefore void and unenforceable. Will the court allow enforcement of the deficiency judgment for 10,000?
Plain-text mathematical notation (without MathML)
A major bank foreclosed on a consumer mortgage. After the property was sold at sheriff's sale for 50,000,thebanksenttheconsumerduenoticeofadeficiencystillowingof10,000. The original note, however, had limited bank's recourse to 50,000orhigher.Therewasnoresponseandthebankenteredadeficiencyjudgmentfor10,000. When it started execution proceedings to collect the 10,000,thedefendantsenteredadefense,arguingthatthebankwaslimitedtorecourseof50,000 or higher. The judgment for 10,000wasthereforevoidandunenforceable.Willthecourtallowenforcementofthedeficiencyjudgmentfor10,000?
Original LaTeX notation
A major bank foreclosed on a consumer mortgage. After the property was sold at sheriff's sale for $50,000, the bank sent the consumer due notice of a deficiency still owing of $10,000. The original note, however, had limited bank's recourse to $50,000 or higher. There was no response and the bank entered a deficiency judgment for $10,000. When it started execution proceedings to collect the $10,000, the defendants entered a defense, arguing that the bank was limited to recourse of $50,000 or higher. The judgment for $10,000 was therefore void and unenforceable. Will the court allow enforcement of the deficiency judgment for $10,000?

choices

  1. Yes, the court will enforce the judgment because the limitation in the original note is voidable, due to the mortgagors' breach of the mortgage terms.
  2. Yes, the court will enforce the judgment because advance notice to the mortgagors is all that is required to disregard a limitation in an original note.
  3. No, the court will preclude the entrance of the deficiency judgment because the limitation clause is still enforceable and is supported by public policy generally against deficiency judgments.
  4. No, the judgment will not be enforced because deficiency judgments have been declared unconstitutional by the Supreme Court of the United States.

subject

professional_law

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Source and history

task_id
5c471c36-b20d-5584-8d47-86a692a59b69
task_key
all--test--5c471c36-b20d-5584-8d47-86a692a59b69
task_revision_id
1
config / split
all / test

Official source

initial import