STATE – New Jersey’s supreme court has stepped in to monitor real estate foreclosure proceedings.
General Equity Judge Mary C. Jacobson of the Mercer Vicinage, who has been designated by the chief justice to oversee foreclosure matters in the state, signed an order directing six lenders to show cause why the processing of uncontested residential mortgage foreclosure actions they have filed should not be suspended.
The action comes after review of a report and series of recommendations presented to the Judiciary by Legal Services of New Jersey on “robo-signing” irregularities by mortgage lenders and servicers and actions by other states.
“Today’s actions are intended to provide greater confidence that the tens of thousands of residential foreclosure proceedings underway in New Jersey are based on reliable information. Nearly 95 percent of those cases are uncontested, despite evidence of flaws in the foreclosure process,” said Chief Justice Stuart Rabner.
“For judges to sign an order foreclosing on a person’s home, they must first be able to rely on the accuracy of documents submitted by lenders. That step is critical to the integrity of the judicial process,” said Rabner.
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