St. James Condominium Board v. Newcorn

*525The Newcorns defaulted on their condominium mortgage and Dime Savings Bank (“Dime”) consequently commenced this foreclosure action in December 1986. St. James Condominium Board ("St. James”) also commenced an action in May 1987 against the Newcorns to foreclose on its lien for unpaid common charges. Both Dime’s and St. James’ motions for summary judgment and appointment of a Referee were consolidated and granted on September 20, 1988 by the IAS Court.

Thereafter, Dime negotiated with the Newcorns to restructure their mortgage. However, the ultimate closing date for the new commitment,…