Friday, January 29, 2016

Delinquent Owners Can Run, But They Cannot Hide

Feeling uncomfortable with  the length of time that it took for the  Office of Foreclosure to enter a Final Judgment of Lien Foreclosure for a Fort Lee condominium, I was excited when the week of the sheriff’s sale finally rolled around. After all, I made the recommendation to foreclose.

The owner was personally served with the lien foreclosure complaint. Thereafter, she was nowhere to be found despite the efforts of an investigation firm. No bank accounts, no employer.

A call from the chambers of the Chancery Judge two  days prior to the sale for an  emergent conference call startled me.  The owner was in court requesting the sale to be adjourned to salvage her home.  Over my objection, the judge granted the two week adjournment to allow the owner to assemble the funds required to make the payment. Where would the money be found?

The  board and its management were anxious. After spending good money on legal fees, was this a ploy for the owner to buy time to file a bankruptcy?

Almost two weeks later, I was elated to receive a call from the sheriff’s office advising that the writ had been paid in full! Management was stunned at the amount of money collected!

The diligent efforts finally reaped the treasured reward.  It’s never too late, don’t hesitate.

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