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NJ COURT TELLS BANKS TO PROVE THEY HAVE RIGHT TO FORECLOSE

Posted by Admin Posted on Jan 11 2011

On December 20, 2010, Mercer County General Equity Judge Mary Jacobson issued an order to show cause why uncontested mortgage foreclosures in New Jersey should not be suspended.  Jacobson was named chief of the Office of Foreclosure by the Chief Justice.  The Office reviews all uncontested foreclosures in the state.

Six banks implicated in last year's "robo-signing"scandal responded last week, filing papers to show revised procedures and claiming that the suspension would be detrimental to the public.  An additional 24 banks must respond by February 3,2011.

Jacobson's order was accompanied by proposed rules requiring new affadavits of compliance to be submitted with foreclosure applications.

The order appointed Ed Dauber, of Greenberg, Dauber, Epstein and Tucker in Newark, to respond to the lenders and argue for the suspension.

 

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