Foreclosures Surging in New York-New Jersey Market

Prashant Gopal, Bloomberg The epicenter of the U.S. foreclosure crisis is shifting to New Jersey and New York, threatening a housing rebound in one of the country’s most densely populated areas. New Jersey has surpassed Florida in having the highest share of residential mortgages that are seriously delinquent or in foreclosure, with New York third, a Mortgage Bankers Association report showed last week. By […]

Experts react to N.J. bill to expedite foreclosure of vacant homes

Joshua Burd, NJBiz State lawmakers have scored a partial victory in their bid to tackle New Jersey’s foreclosure crisis, after Gov. Chris Christie signed a bill that would expedite the process for vacant and abandoned homes. The law, which Christie signed Thursday, allows judges to enter foreclosure judgments for homes that they find are deserted, […]

NJ Courts Require Homeowners to Act Promptly in Defense of Foreclosure

Saul Ewing LLP on 11/20/2012 Summary The New Jersey Appellate Division found that homeowners’ excessive delay in raising their standing arguments precluded potential defenses and affirmed that a foreclosure judgment received by a party lacking standing is not necessarily void. On November 14, 2012, the New Jersey Appellate Division affirmed an order denying the defendants/homeowners’ motion to […]

New Jersey State Court Rejects Borrower Appeal Challenging Foreclosure

Goodwin/Proctor A New Jersey state appellate court held that a borrower could not challenge the standing of a bank in a foreclosure proceeding in a last ditch effort to relitigate the case. The borrower filed an application to vacate the default judgment entered against him, arguing that because the mortgage on the property was not assigned to the […]

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