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The New Jersey law would strip the second lien, but it wouldn't absolve the debtor of the requirement to pay the note. The creditor could sue the debtor for nonpayment and get a recorded judgment, which would allow them to garnish wages, levy bank accounts, and, yes, attach a judgment lien to the debtor's property. While it sounds like they get their mortgage back, this is more of a consolation prize, because in any foreclosure action they would be junior to any real mortgages, including ones that were recorded after the judgment lien. They would also be junior to any mechanic's liens. Effectively, they're now at the bottom of the list. If the debtor receives a bankruptcy discharge at any point in this process, it would eliminate their obligation to pay anything. The only exception would be if the creditor obtained a judgment and recorded a judgment lien against the property before the creditor filed. Then the lien would remain, though the personal obligation would be extinguished and they couldn't continue any other collection activities.
I apologize because it's only now that I'm wrapping my head around what you guys were talking about; before I was just trying to give some general background on how bankruptcies work. Suppose the house is worth $400,000. Mortgage 1 is $200,000 and Mortgage 2 is $100,000. Under the NJ law, Mortgagor 1 initiates a foreclosure action with an upset price of $200,000. Per the law, the owner exercises his right of first refusal and buys the house at the upset price, stripping Mortgage 2. Mortgagor 2 now has a note worth $100,000 but no security interest in the property. Mortgagor 2 then sues the owner for nonpayment of the note, but the owner files for Chapter 7 bankruptcy before judgment is entered, staying the suit. There are no other liens on the property at this point, and the owner's only debt is the $100,000 he owes to Mortgagor 2. After applying the exemption, the trustee has $336,850 available to distribute to unsecured creditors, which easily covers the $100,000 owed to Mortgagor 2. The property is sold for $400,000, $100,000 of which goes to Mortgagor 2, $100,000 goes to the trustee's commission, and $200,000 of which goes back to the owner. Maybe this counts as "abusing the system" in a strict technical sense, but like most such abuses, you'd have to be really stupid to think you're getting one over on anyone.
Awesome, this makes it a lot more clear to me. Thank you for providing your expertise on the topic!
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