In an unpublished decision issued on June 30, 2016, a Bergen County trial judge granted summary judgment in favor of homeowners by declaring the lender's foreclosure complaint was time barred under the 6-year statute of limitations period commencing from the maturity date of the loan. Anim Investment Co. v. Shaloub, Superior Court of New Jersey, La...
ATTENTION HOMEOWNERS IN FORECLOSURE. Just because a mortgage lender is negotiating a loan modification doesn't mean the lender has to suspend its rights when the borrower is in default. This is a rather common scenario in our difficult economic times. The bank sends its borrower a letter offering a loan modification. The borrower accepts the ban...
It's the rare occasion that a prior recorded mortgage is held to be inferior to a subsequently recorded mortgage. But that was the ruling by the New Jersey Appellate Division in a decision published on June 17, 2015. Rosenthal & Rosenthal vs. Riker, Danzig, Sherer, Hyland & Peretti, L.L.P., (Docket No. A-2890-13T3 (App. Div. 2015). This...
A law enacted in 2010 called the New Jersey Foreclosure Fairness Act (“NJFFA”), found in N.J.S.A. 2A:50-69 to -71, offers valuable protections to residential tenants living in foreclosed properties. Specifically, new owners of a property acquired through foreclosure are required to serve residential tenants with a detailed written notice inform...
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