The Real Deal Miami

Broward judge voids foreclosure auction

Homeowners and lender have battled it out in court for two years

September 03, 2014 01:30PM

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J-lazarus

Judge Joel Lazarus

A Broward judge blocked the sale of a Cooper City home that yielded only $5,200 in an allegedly botched auction.

Stuart and Evelyn Finkelstein contested the sale, citing tactics used by their lender to discourage bidding and in turn win the 4,033-square-foot home at a minimum cost, the Daily Business Review reported. The Finkelsteins argued that the lender’s visible maximum bid of $550,000 chilled the competition and led to the small purchase price. Additionally,the Finkelsteins claim Evans rejected a substantial $400,000 offer for the home prior to the auction.

Judge Joel Lazarus vacated the sale and scheduled a new auction for later this month.

The Finkelstein and the lender, James D. Evans, have been fighting it out in court since 2012, when a foreclosure judgment was awarded to Evans. The lender bought out the Finkelsteins’ prior $333,000 mortgage and gave them a new one for $160,000. The foreclosure was upheld in 2013.

Evans is challenging the vacated sale. [Daily Business Review] Frank Maradiaga

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