Case Law Summaries

Summit Bank v. Povoa

FORECLOSURE; VALUATION—The rental value of illegally leased space should not be included in calculation of a property’s fair market value, although it may be an enhancing factor if it is probable that the space will be legally rentable in the reasonably near future.

• Opinion Date: October 18, 2001
• Real Property Law

Contimortgage Corporation v. Sabo

FORECLOSURE; TENANTS—The protections of the Anti-Eviction Act in a foreclosure do not apply to a tenant who is sharing a house with its owner.

• Opinion Date: December 10, 2001
• Real Property Law

City of Camden v. Block No. 501

FORECLOSURE; NOTICE—A party sent by a property owner to negotiate with a foreclosing municipality can be considered as the agent of the property owner to whom foreclosure notices can be sent.

• Opinion Date: May 3, 2001
• Real Property Law

GE Capital Mortgage Services, Inc. v. Weisman

FORECLOSURE; NOTICE—Where there is an issue as to whether proper notice has been sent before commencing a residential foreclosure, a court may retain jurisdiction and adjourn the matter so that notice can be given and the requisite statutory time period can pass.

• Opinion Date: May 18, 2001
• Real Property Law

Medcon Farms v. Pulte Home Corporation of the Delaware Valley

FORECLOSURE; MORTGAGES—Although a lender may generally insist upon strict compliance with the terms of a mortgage, a court of equity may bar a mortgagee whose own conduct created confusing circumstances from declaring a default.

• Opinion Date: November 19, 2001
• Real Property Law

Bank Building Associates, L.P. v. Metlife Capital Financing Corporation

FORECLOSURE; MORTGAGES; BREACHES—Not every breach of a mortgage entitles a lender to foreclose and attorneys fees may not be awarded where a court feels the parties reach a “draw” in the litigation.

• Opinion Date: June 14, 2001
• Real Property Law

BTD-1996 NPC 1 L.L.C. v. 350 Warren L.P.

FORECLOSURE; FEES—Even if excessive when compared to a sheriff’s actual costs, the fee charged for a cancelled foreclosure sale is valid whether characterizable as a fee or a tax.

• Opinion Date: November 14, 2001
• Real Property Law

Bankers Trust Company of California, N.A. v. Dayan

FORECLOSURE—The Fair Foreclosure Act does not require that a foreclosing lender provide a detailed list of agencies that provide financial assistance programs; identifying where a borrower may find such a list is sufficient.

• Opinion Date: November 25, 2001
• Real Property Law

Llewellyn-Edison Savings Bank v. Sussman

FORECLOSURE—Even though a foreclosing mortgagee does not receive cash at the sheriff’s sale when it is the successful bidder, it must give the mortgagor credit for the amount of its bid.

• Opinion Date: June 18, 2001
• Real Property Law

Holiday Trenton, Inc. v. Goldberger, Moore & Novick Urban Renewal, L.P.

FORECLOSURE—A foreclosing mortgagee is entitled to recover only those post-default expenses permitted under the mortgage and needed to preserve the security of the mortgage.

• Opinion Date: June 13, 2001
• Real Property Law