Future of Foreclosures in N.J. Hinges on State Supreme Court Decision
In the nearly five months since the state Supreme Court effectively allowed six of the country’s biggest banks to begin filing foreclosures again, attorneys and court officials have been expecting a flood of new filings to hit the courts.
Except it hasn’t happened. Foreclosure filings are down 83 percent as of October this year, compared with the same time period last year, according to court figures, and there are at least 100,000 cases either pending in the system or waiting to be submitted.
Attorneys involved in the work in New Jersey point to at least one reason for the significant delay: a court case that has reached the state Supreme Court, with oral arguments on Wednesday.
The case, US Bank National Association v. Guillaume, is important because the court is asked to determine who must be named as a point of contact on the document that initiates the foreclosure process, known as the Notice of Intent to Foreclose. The state Fair Foreclosure Act requires identifying the lender and its contact information. But because the original lender has often bundled and sold the loans to investors, the current lender lists the servicer, a third party that collects monthly payments and dispurses it to the mortgage holder. In this situation, the lender’s attorney argued it was unnecessary to name his client on the notice because the servicer had been assigned the mortgage rights.
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Timed out
WHERE IS ILLINOIS AG LISA MADIGAN BEEN HIDING AND ILLINOIS STATES ATTORNEY ANITA ALVAREZ ??????
EVER SINCE RAHM EMANUEL HIJACKED THE MAYOR OFFICE THINGS HAVE GOTTEN SOO MUCH WORSE HERE!!
EVERYONE SEEMS TO HAVE BEEN TOLD SHHHHH…AND EVEN TOM DART HAS NOT SAID A WORD ON BEHALF OF HOMEOWNERS EVER SINCE RAHM EMANUEL HIJACKED THE MAYORS OFFICE!
COOK COUNTY SHERIFF TOM DART, WHO WENT ON CNN AND SAID THESE BASTARDS DONT EVEN HAVE THE NOTES AND THEY COMMITTED TONS OF FRAUD…HAS BEEN SILENT..!
I recently went on you tube and watched Tom Darts interview on CNN…”SOMEONE” DELETED WHAT HE SAID AT THE END OF THE VIDEO.WHERE HE SAID…..THEY DON’T EVEN HAVE THE NOTES…..!!!
WHAT ABOUT ILLINOIS? WHERE ARE ALL OF THESE PIECE OF SHIT POLITICIANS HIDING? IN RAHM EMANUELS OFFICE?
WHERE ARE ALL OF THE COWARD ATTORNEYS IN ILLINOIS HIDING??…YOU LOUSY TRAITORS!!!
The media reporting Southern Illinois wants to secede because Cook County is sooooo CORRUPT that they are dictating policy through out the entire state…