New Jersey Statutes 40:37A-117. Judgment against qualified housing sponsor not pertaining to foreclosure; written notice to authority
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Terms Used In New Jersey Statutes 40:37A-117
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
In the event of a judgment against any qualified housing sponsor in any action not pertaining to the foreclosure of a mortgage, there shall be no sale of any of the real property included in any housing project of such qualified housing sponsor except upon 60 days’ written notice to the authority. Upon receipt of such notice the authority shall take such steps as in its judgment may be necessary to protect the rights of all parties.
L.1979, c. 275, s. 12, eff. Jan. 3, 1980.