Perell J. (in Armanasco v. Linderwood Holdings Inc. 2016 ONSC 1605) rejects an injunction request by a mortgagor against a mortgagee sale. Inevitably the mortgagor indicated that the timing was wrong for a sale. Perell J. emphasized that the mortgagee does not have to wait. The mortgagee can sell below appraisal (so long as the mortgagee actions otherwise meet the standard of care).
In Armanasco, (para 21) the mortgagor complained: that the market process was a mere three weeks. That the mortgagor’s appraisal valued the property at $1.4M whereas the mortgagee sold the property at $1.15M.
While allowing the possibility that the sale might be improvident, the mortgagor’s evidence was not sufficient to block the sale (para 48).
