Residential borrower definition
Residential borrower or “borrower” means a borrower: (1)
Residential borrower or “borrower” means a borrower: (1) whose mortgage is the subject of a foreclosure action filed pursuant to the “Fair Foreclosure Act,” P.L.1979, c.244 (C.2A:50-53 et al.), and is secured by a property that is the borrower’s primary residence for at least two years prior to the borrower being served the summons and complaint of foreclosure; and (2) that owes a principal amount, on the mortgage that is the subject of the foreclosure action, that is in excess of 110% of the fair market value of the property to which the mortgage is attached.