Prior to July 29, 1965, the then owner of mortgaged premises defaulted on the first mortgage by failing to pay the monthly installments thereunder and taxes and water charges. Plaintiff and one Rosenberg, the holders of the first mortgage, commenced a foreclosure action. Defendant William Levin was the holder of a second mortgage. On July 29, 1965, the premises were conveyed to Levin's wife, defendant Dorothy Levin, in her maiden name. On that same day the parties executed...
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