Lindsey

LaVerne R. Meyer and Estella Meyer, husband and wife (hereinafter sometimes referred to as the Meyers), trustors under a deed of trust on real property which was sold at judicial foreclosure following their default, appeal from the judgment of the court determining the amount of the lien on the real property redeemed by them.

Facts

On March 31, 1975, LaVerne R. Meyer and Estella Meyer executed and delivered to Walter C. Lindsey through escrow a $130,000 promissory note secured by a deed of trust on the subject real property. When on June 1, 1975, the Meyers failed to make their first monthly payment of principal and interest, Lindsey exercised his option to declare the whole sum of $130,000 plus interest immediately due and payable.

Lindsey then sued the Meyers to foreclose on the deed of trust, and on March 4, 1977, a judgment of foreclosure was entered ordering sale of the property and determining that the Meyers were personally liable to Lindsey for $146,830.42, principal and interest, plus $6,457 in attorneys’ fees, and costs of sale. The trial court also ruled that Lindsey would be entitled to a deficiency judgment against the Meyers in the amount of any portion…