{"id":127,"date":"2022-05-21T21:47:00","date_gmt":"2022-05-21T21:47:00","guid":{"rendered":"https:\/\/faculty.law.harvard.edu\/joseph-singer\/?p=127"},"modified":"2024-01-04T21:34:31","modified_gmt":"2024-01-04T21:34:31","slug":"foreclosure-sale-cannot-be-set-aside-even-though-the-foreclosure-price-was-only-nine-percent-9-of-fair-market-value","status":"publish","type":"post","link":"https:\/\/faculty.law.harvard.edu\/joseph-singer\/2022\/05\/21\/foreclosure-sale-cannot-be-set-aside-even-though-the-foreclosure-price-was-only-nine-percent-9-of-fair-market-value\/","title":{"rendered":"Foreclosure sale cannot be set aside even though the foreclosure price was only nine percent (9%) of fair market value"},"content":{"rendered":"\n<p>In a demonstration of the broken nature of our foreclosure system, the Alaska Supreme Court held in&nbsp;<a href=\"https:\/\/cases.justia.com\/alaska\/supreme-court\/2021-s-17550.pdf?ts=1633712439\">Thomas v. Joseph P. Casteel Trust,<\/a>&nbsp;496 P.3d 403 (Alaska 2021), that a foreclosure was lawful even though the buyer at foreclosure paid a mere nine percent (9%) of the fair market value of the property. Only if there were procedural irregularities could the foreclosure be set aside. This type of case makes the owner\u2019s equity vanish into thin air and is inconsistent with the historical policies that limited strict foreclosure.<\/p>\n\n\n<div class=\"taxonomy-category wp-block-post-terms\"><a href=\"https:\/\/faculty.law.harvard.edu\/joseph-singer\/category\/mortgages\/\" rel=\"tag\">Mortgages<\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>In a demonstration of the broken nature of our foreclosure system, the Alaska Supreme Court held in&nbsp;Thomas v. Joseph P. Casteel Trust,&nbsp;496 P.3d 403 (Alaska 2021), that a foreclosure was lawful even though the buyer at foreclosure paid a mere nine percent (9%) of the fair market value of the property. Only if there were procedural irregularities could the foreclosure be set aside. This type of case makes the owner\u2019s equity vanish into thin air and is inconsistent with the historical policies that limited strict foreclosure.<\/p>\n","protected":false},"author":17,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","footnotes":""},"categories":[34],"tags":[],"class_list":["post-127","post","type-post","status-publish","format-standard","hentry","category-mortgages"],"featured_image_src":null,"featured_image_src_square":null,"author_info":{"display_name":"jsinger","author_link":"https:\/\/faculty.law.harvard.edu\/joseph-singer\/author\/jsinger\/"},"_links":{"self":[{"href":"https:\/\/faculty.law.harvard.edu\/joseph-singer\/wp-json\/wp\/v2\/posts\/127","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/faculty.law.harvard.edu\/joseph-singer\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/faculty.law.harvard.edu\/joseph-singer\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/faculty.law.harvard.edu\/joseph-singer\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/faculty.law.harvard.edu\/joseph-singer\/wp-json\/wp\/v2\/comments?post=127"}],"version-history":[{"count":0,"href":"https:\/\/faculty.law.harvard.edu\/joseph-singer\/wp-json\/wp\/v2\/posts\/127\/revisions"}],"wp:attachment":[{"href":"https:\/\/faculty.law.harvard.edu\/joseph-singer\/wp-json\/wp\/v2\/media?parent=127"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/faculty.law.harvard.edu\/joseph-singer\/wp-json\/wp\/v2\/categories?post=127"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/faculty.law.harvard.edu\/joseph-singer\/wp-json\/wp\/v2\/tags?post=127"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}