Citicorp Mortgage Inc. v. Pessin
Appellate Division of the Superior Court of New Jersey
570 A.2d 481 (1990)
- Written by Sean Carroll, JD
Facts
Citigroup Mortgage Inc. (Citigroup) (plaintiff) held the first mortgage on a property. Rudy Grillo held a second, subordinate mortgage on the property. Grillo assigned the second mortgage to Steven Pessin (defendant). The assignment was recorded on October 16, 1987. On October 19, 1987, Citigroup foreclosed on the first mortgage, naming Grillo and the mortgagor as defendants. Citigroup’s foreclosure action was dated October 13, 1987. Citigroup was unaware of Pessin’s interest and did not notify Pessin of the foreclosure action. Citigroup commenced a strict foreclosure proceeding seeking to extinguish Pessin’s interest. The trial court granted Pessin the right to redeem the property by paying the outstanding debt to Citigroup within 60 days. Pessin appealed.
Rule of Law
Issue
Holding and Reasoning (Petrella, J.)
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