MR&F Enterprises v. Citicorp Savings

Mortgagors of apartment buildings appeal two final judgments of foreclosure. For the following reasons, we affirm.

MR&F Enterprises and Ridgewood Development Corporation, the mortgagors, owned two apartment buildings mortgaged through Citicorp Savings. In May 1991, the United States Government seized the properties and collected the rents. Subsequently, the loans on the buildings were declared in default for non-payment. Citi-corp accelerated the loans and sought foreclosure. In 1992, Citicorp obtained final foreclosure judgments (“1992 judgments”) on the properties. Citicorp directed the…