New Jersey Courts retroactively applies Fair Foreclosure Act: Upholds Statute of Limitations

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15-4- 9718 Anim Inv. Co. v. Shaloub, N.J. Super. Chan. (Jerejian, J.S.C.) (13 pp.) Defendants borrowed $178,000 from Mina Investment Co. in September 1990, executing a mortgage in favor of MERS as nominee for Mina the same day. Defendants defaulted on the mortgage in November 1990.

The mortgage was assigned to plaintiff in 1997. Notice of intent to foreclose was sent by plaintiff’s servicer in February 2015. Suit was commenced in September 2015. Defendants moved for summary judgment in February 2016. Both parties assumed that the case was governed by N.J.S.A. 2A:50-56.1(c), which provided that an action to foreclose a residential mortgage could not be commenced after 20 years from the date on which the mortgagor defaulted.

Based on that assumption, plaintiff argued that the date of default was the maturity date stated in the mortgage – Oct. 1, 1995 – and that the running of the statute…

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I rant about issues concerning foreclosure, real estate law and any topic of interest. Normally my day job is Fashion and Costume Design. I like writing and reading interesting subjects.
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