Sarah Portlock, The Star-Ledger
The state’s chief justice has given financial institutions that are foreclosing on homeowners more direction about how to file proper foreclosure paperwork.
The judicial order, signed Wednesday by New Jersey Supreme Court Chief Justice Stuart Rabner, comes six weeks after the high court ruled unanimously that a mortgage lender must list its own name and contact information, as well as that of the loan’s servicer, on the document that initiates the foreclosure process, known as the notice of intent to foreclose. Because many loans have been bundled and sold to investors, financial institutions have often only listed the servicer, a third party that collects monthly payments.
Any filing that only lists the servicer is now considered deficient, and the court order said the loan holder must submit additional information for uncontested foreclosure filings so a judge can make a decision. Nearly 95 percent of foreclosures in New Jersey are uncontested, the court has said. The lender must also send a copy of the updated paperwork to the homeowner.


