Nasty Nuances of Lending Laws

Due to a statue of limitations for New Jersey mortgage foreclosures, a delinquent borrower of six years has essentially been awarded a "free house." The lender received only three monthly payments on a $520,000 note before the borrower defaulted on the loan; due to technicalities, the lender has no lien position in the property and the borrower owns it free and clear. [12/17/14]