After mortgaging his home to the Home Owners' Loan Corporation under the provisions of the Home Owners' Loan Corporation Act, defendant, because of an accident which had incapacitated him, was unable to meet the payments provided for in the mortgage. His answer in the subsequent foreclosure proceedings alleged that the mortgaged real estate would produce income more than sufficient to meet the payments due each month and to liquidate his indebtedness to the mortgagee. He offered to convey the property to a trustee (to be appointed by the court) who should administer it, applying the income therefrom to the amortization of the mortgage. Upon motion to dismiss the answer, held, motion denied. Provision was made, however, for re-establishing the foreclosure proceedings if at any time the income was insufficient to meet current monthly payments and to retire the payments already due. Home Owners' Loan Corporation v. Wilkes, 11th Circuit Court in Chancery, Dade County, Florida, No. 46181-B (January 26, 1937).
MORTGAGES - REFUSAL TO ALLOW FORECLOSURE OF MORTGAGE BY HOME OWNERS' LOAN CORPORATION,
Mich. L. Rev.
Available at: https://repository.law.umich.edu/mlr/vol35/iss8/22