Lawmakers Focus on New Jersey Foreclosure Rate – Still Highest in US

New Jersey’s foreclosure situation isn’t the acute crisis it once was, though its rate remains the highest in United States. With that backdrop, state lawmakers are beginning to consider a 10-bill package addressing the issue, resulting from a 2017 report by a special committee convened by Supreme Court Chief Justice Stuart Rabner. In addition to…


What to do when you have a Patriot Act Search Match.

If you are calling about a wire transfer or other “live” transaction: Step 1. Is the “hit” or “match” against OFAC’s Specially Designated Nationals (SDN) list, one of its other sanctions lists, or targeted countries, or is it “hitting” for some other reason (i.e., “Control List” or “PEP,” “CIA,” “Non-Cooperative Countries and Territories,” “Canadian Consolidated…


“Standing to Foreclose” – Has it Become a Moot Point?

Standing today is a leading issue in contested mortgage foreclosures, and New Jersey courts are using the ‘Mitchell’ standard to limit mortgagors’ standing defenses. The crux of the problem is that ‘Mitchell’ is based on a mistake. New Jersey courts are now using the dictum espoused in Deutsche Bank Nat. Trust Co. v. Mitchell, 422…


The Real Story of the Office of Foreclosure – 3 NJ CIE/CLE Credits

Exclusive Seminar for NJLTA Agency Section Members. This seminar will expose the attendees to the processes and procedures of the New Jersey Office of Foreclosure. It will intimately explore the requirements of the Fair Foreclosure Act and the duties imposed therein. The panel will consist of attorneys who were former employees of the Office of…


Zombie Foreclosures in New Jersey Continue to Decline

So-called “Zombie Foreclosures,” where the foreclosed property owner walks away, continue to decline in New Jersey and nationally. A zombie foreclosure is a property that is in the foreclosure process and is vacant. Basically, the home owner has left, even before they have been foreclosed on, and the bank has not taken back the property….


An Increase in New Jersey Foreclosures in July

In July, New Jersey had one in every 723 housing units with a foreclosure filing. Foreclosure starts increased in 44 percent of the nation’s metropolitan statistical areas (MSAs), according to ATTOM Data Solutions’ July 2018 U.S. Foreclosure Market Report. During the month, 30,187 U.S. properties started the foreclosure process for the first time, up 1…