Posted by NJDave on December 16, 1999 at 08:00:43:
The bidding was spirited and competitive as this was a prime property.
The Defendant’s (both as an Individual and Executrix of an Estate) bid was limited only by the amount of available cash on hand since the Successful Bidder had to produce 20% of the winning bid in cash, certified funds, or approved money orders immediately following the sale.
It is my understanding that any portion of the winning bid that exceeded the judgment amount would be returned as SURPLUS FUNDS to the Superior Court. The former mortgagor would have to petition the Court for it’s return. In this case it would be returned to the Estate.