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Processing of Multi Families Distressed Properties Revamped in NJ



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By : John Cutts    99 or more times read
Several mortgage lenders have asked the New Jersey Superior Court not to suspend foreclosure actions that they filed in court. The lenders reportedly made the request and asserted that there will be no need since the procedures they use in processing foreclosures and distressed real estate, including multi families distressed properties, have been improved.

Lenders, such as Bank of America, Wells Fargo, JPMorgan Chase, Ally Financial, and OneWest, reported that they have made adjustments to their processes to ensure that inaccurate filings are not submitted to the courts. The report from the lenders was in response to Chief Justice Stuart Rabner's investigation of filings related to distressed homes in Freehold and other foreclosed properties in the rest of the state.

The ruling made by Rabner in December was prompted by his concerns over the massive increase in filings for New Jersey distressed properties and foreclosures and speculations that documents might not be accurate. Last year, 65,000 filings were submitted to the courts in the whole state, representing a significant increase from the 22,000 filings recorded four years earlier.

As the number of filings for foreclosures and even for multi families distressed properties continues to increase in the state, officials and homeowners became worried that a big number of cases that were filed involved faulty documents. This prompted Rabner to require all filings, starting last December, to include an affidavit proving that the lender's lawyer has communicated directly with a mortgage lending employee who attested that he or she personally checked the accuracy of the documents.

Lenders stated in their recent report that this ruling made it unnecessary for filings to be suspended since this will already ensure that processing and sales of distressed foreclosure properties are being done correctly and accurately. They also claimed that the additional requirement will eliminate worries that judges are rubber stamping documents that are faulty and lenders are foreclosing on properties without proper documentation.

Market observers stated that the recent ruling and the response of the major banks will go a long way in ensuring that all foreclosures and distressed homes, including multi families distressed properties, ended as they are, without any violation of filing rules.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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