NJ Supreme Court Declares Law Firm’s Subsequently Recorded Mortgage Trumps Factoring Company’s Earlier Recorded Optional Advance Mortgages
Mortgage Priority Optional Advances New Jersey
In a unanimous decision issued on July 21, 2016, the New Jersey Supreme Court affirmed the Appellate Division's decision granting priority to a law firm's subsequently recorded mortgage over the pre-existing recorded mortgages held by a factoring company.
We initially reported on this case in 2015 wh...
No Foreclosure For You, says New Jersey Trial Court to Lender
In an unpublished decision issued on June 30, 2016, a Bergen County trial judge granted summary judgment in favor of homeowners by declaring the lender's foreclosure complaint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...
Lender is Simultaneously Foreclosing During Loan Modification Negotiations – is That Kosher?
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...
NJ Appellate Court Holds That Law Firm’s Subsequent Mortgage Lien has Priority Over Factoring Company’s Earlier Recorded Mortgage Providing for Optional Advances
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...