FORECLOSURE, LEGACY AND IRREPARABLE ARM

LEGACY LOANS DIFFER from conventional mortgages due to the lack or absence of an economic basis . Where no basis in asset exists the partnership must wait out the term for the amount missing so it can be accrued – see bond holders sinking fund.

Defendant  argues that the type of harm threatened  is irreparable whereas the courts decision in favor of the plaintiff cannot be corrected through monetary compensation condition subsequent or conditions cannot be put back the way they were.

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