Time-Bar Invoked in Mortgage Foreclosure Action

Time-Bar Invoked in Mortgage Foreclosure Action

Max Mitchell writes in the New Jersey Law Journal that wading into the rarely-invoked statute of limitations for mortgage foreclosure actions in New Jersey, a Bergen County judge has barred a mortgage company from filing a foreclosure action, finding that the suit was brought outside the statute of limitations.

According to Mitchell’s article. in a recent decision made public Monday, Bergen County Superior Court Judge Edward A. Jerejian determined that a mortgage company seeking to file a foreclosure complaint was time-barred because it filed the suit more than six years after the maturity date outlined in the mortgage. As part of the ruling, Jerejian also determined that the statute of limitations law, which took effect in August 2009, should be applied retroactively.

“Although the legislature did not specify whether the statute should be applied retroactively, N.J.S.A. 2A:50-56.1 is meant to be curative, and provide guidance on an issue that was previously unaddressed,” Jerejian said in Anim Investment v. Shalhoub., according to Mitchell’s report.

Read more: www.njlawjournal.com

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