Inherited Property?
Recently the New Jersey Appellate Division issued a decision that is important for family members who inherit property when their relatives pass away. What did the Court say? When you inherit property, make sure you keep the mortgage payments current or lose it at sheriff sale.
The Chancery judge did not abuse his discretion in denying appellant’s motion to vacate the sheriff’s sale on her deceased mother’s property, as the motion was not based on allegations of fraud, accident, surprise, mistake or irregularities in the conduct of the sale. Appellant’s sole claim is that she did not know the sale was scheduled for the date on which it was held. However, her own affidavit negates that claim. Moreover, the mortgage fell into arrears two and one-half years after appellant was appointed administratrix of her mother’s estate, and she had ample notice that the foreclosure was proceeding. Finally, the record demonstrates that appellant was given an extension of time to redeem even after the sheriff’s sale, but failed to take action, other than moving to vacate the sale. Far from being “misled by a realtor,” as she claims, the record reveals that the realtor presented her with several opportunities to redeem and sell to a willing buyer, but she declined the offers.
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