Arsali v. Chase Home Fin., LLC | Fla Supreme Court | Borrowers alleged and proved adequate equitable grounds for the trial court to set aside the judicial foreclosure sale

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Arsali v. Chase Home Fin., LLC | Fla Supreme Court | Borrowers alleged and proved adequate equitable grounds for the trial court to set aside the judicial foreclosure sale

Arsali v. Chase Home Fin., LLC | Fla Supreme Court | Borrowers alleged and proved adequate equitable grounds for the trial court to set aside the judicial foreclosure sale

Supreme Court of Florida
____________
No. SC12-600
____________

NICHOLAS ARSALI,

Petitioner,

vs.

CHASE HOME FINANCE LLC, et al.,
Respondents.

[July 11, 2013]

PERRY, J.

This case is before the Court for review of the decision of the Fourth District Court of Appeal in Arsali v. Chase Home Finance, LLC, 79 So. 3d 845 (Fla. 4th DCA 2012). In its decision the district court posed the following question, which the court certified to be of great public importance:

DOES THE TEST SET FORTH IN ARLT V. BUCHANAN, 190 So. 2d 575, 577 (Fla. 1966), FOR VACATING A FORECLOSURE SALE APPLY WHEN ADEQUACY OF THE BID PRICE IS NOT AT ISSUE?

Id. at 849. We have jurisdiction. See art. V, § 3(b)(4), Fla. Const.

For the reasons we explain below, we approve the results of the decision on review insofar as it affirms the judgment of the trial court that vacated the judicial foreclosure sale and the certificate of sale issued by the clerk of the circuit court, and dismissed its final judgment of foreclosure in favor of Chase Home Finance, LLC (“Chase”). We further approve the Fourth District’s decision to the extent it affirms the trial court’s order for the return of all monies paid by the third-party purchaser in the ill-fated judicial foreclosure sale of the residential property at issue. However, we clarify that inadequacy of the bid price is not necessary to be alleged and proven when a litigant is seeking to set aside a judicial foreclosure sale.

[…]

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