Facts

Plaintiffs, the owners of the property, after they foreclosed on the property from a junior position to defendant's senior lien position, alleged that defendant's recorded modifications were of no value and had no effect on title and therefore, defendant was not entitled to the foreclosure based on the value of the modifications.

PLAINTIFF'S CONTENTIONS: Plaintiff claimed the recorded modifications were void, nothing was due to defendant based on the modifications.

DEFENDANT'S CONTENTIONS: Defendant disputed the allegation and claimed the recorded modifications were valid, and defendant could proceed with the foreclosure based on the full value of the modifications.

Settlement Discussions

Defendant's initial offer of $75,000, Plaintiff's counter of $450,000

Damages

$450,000

Injuries

Loss of equity in the property

Result

The case settled for $450,000. The trial court granted a preliminary injunction staying defendant's foreclosure sale.