122 N.J. Eq. 180 | N.J. Ct. of Ch. | 1937
This is a foreclosure suit in which a decree was entered for the complainant in the sum of $134,261, plus interest and costs taxed at $1,444.01. Execution thereafter issued and the mortgaged premises were sold by a special master to the complainant on its bid of $125,000.
The defendant Pasternack filed objections to confirmation of the sale and a petition that the property be resold or that the complainant be ordered to give the defendants credit for the fair market value of the property as a condition of the confirmation of the sale. Defendants say that the property was sold at any unconscionable figure and that it has a market value in excess of $287,000. *181
The action taken by the defendants was in reliance upon the authority of Federal Title and Mortgage Guaranty Co. v.Lowenstein,
Complainant cites Weimer v. Uthus,
However, it appears that the defendants' objections to the confirmation of the sale are without merit. As previously recited, the complainant held a decree for approximately $135,000 and purchased the property on its bid of $125,000. This was not a sale at an unconscionable figure such as to move the court to grant the relief sought. It is true that the defendants in their affidavit allege that the property has a value in excess of $287,000. If such be the fact, if the complainant had bid the exact amount due on its decree, there would still be a considerable discrepancy between the amount of such bid and the value of the property, and for such discrepancy the complainant could in no way be held responsible. The additional discrepancy, if it be termed that, occasioned by a bid of $125,000 instead of the amount due on the *182 decree, is not of sufficient degree or magnitude to warrant the granting of the unusual relief sought by the defendants. In passing, it might not be amiss to call attention to the fact that among the affidavits filed by the defendant is one of a real estate expert, fixing the value of the land in question as of the date of the sale at $125,336.
The sale will be confirmed.