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: New Jersey Law Blog

Increased Foreclosure Judgments - Getting the Association All It's Owed

By David J. Byrne

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In 2009, a Stark & Stark condominium client entered a foreclosure judgment against an owner. After foreclosure unit delays and a breached payment plan, the unit was scheduled for sheriff's sale. Prior to that sheriff's sale, the unit owner paid the full amount of that judgment plus all sheriff's fees. Instead of canceling the sheriff's sale and dismissing the foreclosure, we filed a motion before the court seeking to amend the 2009 foreclosure judgment so it would include all of the legal fees, late fees and assessments that accrued since 2009. During the pendency of the motion, we continually adjourned the sheriff's sale. The court granted our motion adding $11,000 to the previously paid foreclosure judgment. The sheriff's sale was then fixed and scheduled with respect to the new and increased foreclosure judgment.

This success and creativity saved the Association from having to commence an entirely new foreclosure. Because of the backlog in the foreclosure court, a new foreclosure would have taken at least 18 months from start to finish, all the while generating significant additional legal fees. This success serves as another example of how creativity and aggressive collection actions can help associations navigate and rise above these challenging economic times.

Full post as published by New Jersey Law Blog on April 19, 2010 (boomark / email).