Re: tenant in house in foreclosure

Posted by fRANK on August 30, 2005 at 22:20:23:

In Reply to: Re: tenant in house in foreclosure posted by Nick(Colorado) on August 30, 2005 at 10:48:04:

: Frank,

: OK, assuming that you are referring to:

: (Chase Manhattan Bank vs. Josephson) 261 NJ. Super. 428, 619 A.2d 241

: Holding:
: Affirmed. The defendants claimed that the 1986 amendments to New
: Jersey's Anti-Eviction Act, overturned existing case law, and now
: required foreclosing mortgagees to comply with the removal for cause
: provision in the Anti-Eviction Act. The Superior Court rejected the
: defendants' argument after analyzing the legislative history of the
: 1986 amendments, and determining that the law was not intended to
: alter the property rights of legitimate mortgagees.

: How does this help?

: Ruth Farr indicates that the property is not located in New
: Jersey. And the above case only restates that a mortgage
: predating a tenancy lease, has priority over that lease.
: The mortgage may eveict without cause.

Good Job Nick,

But what if the lease predates the mortgage?

Even if it dont, it buys a lot of time and may make the lender want to take a substab=nial discounted settelmemt.

Frank

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Comments:
: : Frank,

: : OK, assuming that you are referring to:

: : (Chase Manhattan Bank vs. Josephson) 261 NJ. Super. 428, 619 A.2d 241

: : Holding: 
: :  Affirmed. The defendants claimed that the 1986 amendments to New 
: :  Jersey's Anti-Eviction Act, overturned existing case law, and now 
: :  required foreclosing mortgagees to comply with the removal for cause 
: :  provision in the Anti-Eviction Act. The Superior Court rejected the 
: :  defendants' argument after analyzing the legislative history of the 
: :  1986 amendments, and determining that the law was not intended to 
: :  alter the property rights of legitimate mortgagees. 

: : How does this help?

: : Ruth Farr indicates that the property is not located in New 
: : Jersey. And the above case only restates that a mortgage 
: : predating a tenancy lease, has priority over that lease.
: : The mortgage may eveict without cause.

: Good Job Nick,

: But what if the lease predates the mortgage?

: Even if it dont, it buys a lot of time and may make the lender want to take a substab=nial discounted settelmemt.

: Frank


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