THE COURT SAID THE OWNER IS
It was not disputed that the loan servicing company intended to set the opening bid at $100,000, but through a clerical error it mistakenly instructed the auctioneer to open with a bid of $10,000. However, California courts have long held that mere inadequacy of price, absent some procedural irregularity that contributed to the inadequacy of price or otherwise injured the trustor, is insufficient to set aside a nonjudicial foreclosure sale.
Here, the only potential procedural irregularity is the clerical error that the loan servicing company allegedly made when instructing the auctioneer on the opening bid. However, this error, which was wholly under the loan servicing company's control and arose solely from it's own negligence, falls outside the procedural requirements for foreclosure sales.
Because therewas no procedural error here independent of the inadequacy of price, the court concluded that the property belonged to "6 Angels".
The California Appellate Court affirmed the lower court's award of the property to "6 Angels" in their opinion published on January 2, 2000 as 6 Angels, Inc. v. Stuart-Wright Mortgage, Inc.
This Page Sponsored By
Expert assistance for criminal defense attorneys and pro per clients
Copyright © 2000, Law Offices of George A. Boyle