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Atlanta Dwellings Inc. v. Wright

Interlocutory injunction prohibiting plaintiff's foreclosure on defendant's deed to secure debt was appropriate, since questions exist regarding construction of parties' forbearance agreement and whether plaintiff waived any rights by failing to object to defendant's alleged default for five years.

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Atlanta Dwellings, Inc. ADI appeals from two separate orders granting interlocutory injunctions prohibiting foreclosure under a deed to secure debt executed by Mattie B. Wright. Finding no abuse of the court’s discretion, we affirm both rulings.

Private Mortgage Funding Corporation “Private Mortgage” held several commercial loans executed by Wright, including a promissory note secured by property known as Azalea Gardens Apartments and an assignment of rents and leases. When Wright defaulted on the Azalea Gardens loan, among others, Private Mortgage obtained a judgment against her to satisfy the debts. Wright made some payments on this judgment, but then in October 1998, entered into a forbearance agreement with Private Mortgage whereby she agreed to satisfy her other loans, leaving the Azalea Gardens loan as her only outstanding debt; and Private Mortgage agreed on several conditions to a short payoff of the Azalea Gardens loan. Private Mortgage assigned to ADI all its rights under the forbearance agreement, the court judgment, and the Azalea Gardens security deed and assignment of rents and leases.

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