The New Jersey Supreme Court is pondering whether a condemning authority has a duty to negotiate in good faith with a mortgagee, especially one that has obtained a final judgment of foreclosure.
April 02, 2014 at 05:32 PM
1 minute read
The New Jersey Supreme Court is pondering whether a condemning authority has a duty to negotiate in good faith with a mortgagee, especially one that has obtained a final judgment of foreclosure.
The mortgagee, LB-RPR REO Holdings, claims it “stepped into the shoes” of the property owner, Malik & Son, which meant the condemning authority, the borough of Merchantville, had to deal with it.
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