Connell v. American Funding Ltd.

The opinion of the court was delivered by

KEEFE, J.S.C.

(temporarily assigned).

Plaintiffs, Murray and Elizabeth Connell, appeal from an order granting summary judgment to the defendant and dismissing plaintiffs’ case. Plaintiffs concede that there are no genuine issues of fact. They simply disagree with the trial judge’s interpretation of the Secondary Mortgage Loan Act, N.J.S.A. 17:11A-34 et seq. (Act)

On September 8, 1983, plaintiffs closed a mortgage loan with defendant, a secondary mortgage lender, in the amount of $150,000.00 which was secured by a second mortgage on plaintiffs’ residence.…