Romspen Mortgage Limited Partnership v. BGC Holdings LLC

Dist. Ct. did not err in finding that plaintiff made commercially reasonable efforts to remove or release its lien that it had on defendant’s property, where defendant needed to refinance said property to meet its indebtedness to plaintiff at issue in forbearance agreement on different loan to which defendant had defaulted. While plaintiff never released said lien, record showed that Dist. Ct. had properly considered circumstances surrounding parties’ actions, especially where plaintiff had emailed defendant to seek assurance that any proceeds from refinancing of property that was subject of lien would be applied to required payment under forbearance agreement, and defendant had failed to provide sufficient proof that it was working on said necessary refinancing. As such, it was reasonable for plaintiff to request such assurance of refinancing before removing said lien. Moreover, there was nothing in forbearance agreement that imposed unqualified obligation for plaintiff to remove said lien. Dist. Ct. also did not err in confirming judicial sale of property at issue in forbearance agreement, where Dist. Ct. could properly find that plaintiff did not breach forbearance agreement.