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02.12.2015
Most organizations, people and teams like to come first, but when you are top of the league in the foreclosure division stakes, it’s not a medal your team will be proud to wear. CoreLogic is a leading provider when it comes to real estate charts and data, and it places poor old New Jersey at the top of this league for foreclosures. Moreover, it seems to get worse when the figures released for the state’s delinquency rate is the highest of them all in the United States at 9.1 per cent. Last October 2013, there were some 875,000 homes registered as in some form of disclosure across America.
So what is behind the science and under the hood of these higher than average foreclosure rates in New Jersey? Many mortgage lenders in New Jersey decided to freeze the foreclosure process for thousands of households in the state.
New Jersey Supreme Court’s Guillaume decision meaningless – Should foreclosure defense rethink its strategy? We arrived at the battleground called “securitization fail,” and soon everybody on the homeowner side was learning to sing a new version of their ABCs that went like this… A to B, B to C, C to D, which represented the steps required to properly negotiate a note into a REMIC trust, steps that were almost never followed… or maybe never followed. Next up was the media darling “robo-signing,” a practice that created documents to be filed in the records that were forged or signed without knowledge of anything, or illegally notarized, or whatever else you could think of… the paperwork was all wrong. This debate is still raging, but it hasn’t done a lot of good for many homeowners, truth be told.  It certainly has delayed things, in certain instances, and it even slowed the number of foreclosures filed during the year… but it’s certainly not keeping people in their homes in any number.
Well, yesterday the New Jersey Supreme Court ruled in the Guillaume case, a much-anticipated decision, so I’d been told… and the ruling says that in addition to the servicer’s name and address, the lender’s name and address must appear on the document that states that a bank intends to foreclose on a mortgage. The state’s high court ruled that because the foreclosure notice that the servicer sent to the Guillaumes did not include the name and address of the lender in addition to that of the servicer, it did fail to comply with New Jersey’s Fair Foreclosure Act. From the sounds of that, you’d think that the decision represents some sort of a win for homeowners, right?
While the court ruled that the lower court judge was wrong about the need to include the lender’s name and address on the notice of intent to foreclose in addition to the servicer’s, the ruling also said that the lower court was correct to order a default judgment against the couple.
The Laks decision said that a foreclosure should be dismissed if the notice of intent to foreclose did not comply with New Jersey’s Fair Foreclosure Act, and by reversing that decision, now trial court judges that find a notice that’s fails to comply, will be able to either dismiss the action, or simply order a corrected notice, or even select another solution they deem appropriate. So, now… after all this… while it’s true that the lenders name and address has to be included on the notice of intent to foreclose along with the name and address of the servicer’s, in the event that the lender’s name is missing, that will no longer necessarily mean that the foreclosure will be dismissed and the servicer will have to start over.  Now, the judge will have the discretion to simply order a corrected notice and allow the foreclosure will proceed. Throughout last year, uncertainty over how the court would ultimately rule in this case led servicers to postpone foreclosures in New Jersey, and as a result foreclosures were down by 80 percent.
Now, I’m not saying that’s necessarily a bad thing, and if it were the goal, then I would call it a success. Now consider that reports all indicate that there are at least 100,000 New Jersey foreclosures that were stalled throughout last year, and that will now move forward.  That’s 100,000 or more homes that have less chance of being modifiable today than they would have a year ago.  So was the delay truly beneficial to homeowners? I suppose for those that have no chance to  save their home by getting their loan modified, they got an extra year living in the house, but  even these people might have been better off dealing with it  a year ago and today being one year closer to rebuilding their credit and buying their next home, assuming that’s they’re goal.  The point is that a delay can be a dual edged sword, because it almost never leads to saving homes from foreclosure. Lawyers that represent servicers all appeared quite happy with this decision because now a process that’s been clogged by uncertainty has been clarified by the court, and foreclosures will be free to move forward.
But it occurs to me… homeowners would not have been happy regardless of how this decision had gone.
I suppose I could be missing something, but I just don’t see a potential win in this case for homeowners no matter what.
I mean, one way the notice of intent to foreclose includes the name and address of the lender in addition to the servicer, and the other way the notice doesn’t.


It seems to me that we’re pretty much exclusively fighting for delays, these days… in the hope of gaining leverage… all to achieve one thing… an affordable and therefore sustainable loan modification, because that is the only way homeowners are remaining in their homes in any number.  Everything else seems to carry the odds of a Hail Mary at best. In February of 2009, our president introduced a plan that was to provide a path to precisely that, a sustainable loan modification, but when the participating servicers weren’t following that program’s rules, no one was willing to enforce them.  And because of that entirely unacceptable and unforgivable unwillingness to enforce the programs rules, our entire nation has endured unspeakable suffering and financial pain. But we didn’t turn to our legislature to demand that something be done to correct the unjust situation, we followed other paths instead, perhaps for good reason.  But the fact remains that we have largely ignored the fact that the failure of HAMP is our government’s failure. I’m certainly not saying that people and their attorneys shouldn’t be doing whatever they can to protect their homes, and I’m sure there are times when a delay is advantageous.  All I’m saying is that when the rules set forth by a federal program are being ignored it’s up to our elected representatives to do something to make damn sure those rules are followed because they were written in best interests of the program’s participants. To be blunt, it seems to me to be insane that our president should be allowed to announce and implement a $75 billion program designed to save homes from foreclosure, in order to rescue our economy and protect our middle class population, and then when program applicants are abused because program rules are not followed, that our legislature sit on their hands pretending that nothing can be done… as we go off to try other approaches. Why is there no effort to hold the administration and member of Congress accountable for what has clearly been their failure related to the federal government’s loan modification initiative?  Why are we accepting such utter failure and holding them accountable for nothing, when in point of fact, their failure has cost the country trillions, and destroyed the lives of millions? Instead it seems that we’re being corralled into a position where almost all of our efforts, even if successful, only have the potential to lead to a delay… a delay that in most cases reduces the potential to save the home.
We still have a democracy of sorts, do we not?  Isn’t it the responsibility of our elected representatives to protect us from abuses caused by inadequacies in federal programs?  Aren’t we supposed to be holding them accountable and demanding they so something.
Or, what about at the state level?  Our AGs settled and let us down.  That much seems water under the bridge, so fine. However, if the new servicer standards were made into state law that had a private right of action and a provision for attorneys fees, that would save homes and stop foreclosures, and it would do so more effectively than any amount of money. I’m not talking about bailouts for borrowers, I just want the rules associated with a national program to be followed and enforced, and I think every homeowner in the country should and would want that too, regardless of whether at risk of foreclosure or not at this moment.
Technically deficient paperwork, on the other hand, as was the crux of the Guillaumes decision by the New Jersey Supreme Court, is an entirely different matter.
It will also appear to be a transparent a stall tactic, since even if the judge were to dismiss a foreclosure that failed to comply with the state’s Fair Foreclosure Act, the remedy would simply be to begin again.  I realize that this would buy a homeowner some time, but it would not buy much, and the time it would buy would make it that much harder to get the loan modified, as time is the enemy of modifications. It’s quite another when it appears that all that’s happening is a delay of the inevitable based on what’s perceived as relatively trivial or technical, and that’s what comes to pass.  This decision helps no one but servicers, and does significant further harm to the image of homeowners at risk of foreclosures as “deadbeats” postponing the inevitable. I believe it is to large degree indicative of a need to re-think our strategy on behalf of homeowners and the foreclosure crisis.  The track we’re on far too often has no win available, and can cause significant harm to the cause and the individual homeowners we’re trying to help. I would appreciate responses to the ideas presented in this post, at least the  Epilogue… Thank you. Things I think homeowners should know about loan modifications & HAMP-2 viewed 93,635 timesThe secret NPV formula used to qualify for HAMP loan modifications that no one is allowed to know. Cape May Court House, New Jersey REO homes, foreclosures in Cape May Court House, New Jersey, search for REO properties and bank owned homes in your state.
Find foreclosure property in Cape May Court House, NJ, all types of REO homes and foreclosed properties including Cape May Court House, NJ HUD homes and government foreclosures, VA foreclosure and FHA foreclosures in Cape May Court House, New Jersey. The Camden Vicinage of the United States Bankruptcy Court for the District of New Jersey handles cases for individuals and businesses located in Atlantic County, part of Burlington County (the townships of Cinnaminson,Delran, Edgewater Park, Evesham (Marlton), Maple Shade, Moorestown, Mount Laurel,Palmyra, Riverside and Riverton), Camden County, Cape May County, Cumberland County, Gloucester County, and Salem County.
Tax Lien Certificates are rights to collect taxes and interest from municipal real estate tax assessments. In the State of New Jersey, the general rule for tax lien priority is the first filed document has the greater right.
Most states require a lengthy wait from the purchase of the tax lien certificate to the right to foreclose. In New Jersey, the waiting period is two (2) years for private investors.
What is the effect of a tax sale judgment entered in the Superior Court of New Jersey, Chancery Division?


Once a judgment is entered in a tax foreclosure lawsuit, can the property owner still redeem the tax lien under state law?
No. Unlike a regular mortgage foreclosure case , in tax foreclosure cases the property owner loses title to the property once a final judgment is entered. When in a judgment in an action to foreclose the right of redemption, the lands are described in a manner other than that contained in the certificate of tax sale, the judgment shall bar the defendant’s right of redemption in and to all the lands described in the judgment, and that property only. If you are a real estate investor, loan officer at a bank or financial institution, contact our New Jersey real estate tax foreclosure attorneys today to discuss your  property tax foreclosure case. Our New Jersey real estate tax foreclosure attorneys serve Northern, Central and Southern New Jersey. At 5.5 per cent, New Jersey has the highest percentage of foreclosures among mortgaged homes. But overall things have gotten better because the rate of homes in some form of foreclosure in October 2014, exactly a year later, had dropped by a staggeringly impressive 30 per cent. Well, for starters the entire process of foreclosure (from the very first payment missed to kicking the occupants right out of their home) takes much longer in New Jersey than it does anywhere else in the U.S. This meant many homes were effectively frozen in the foreclosure status, but Hurricane Sandy also helped to play a huge part in the process of adding new homes to the foreclosure lists, although this would have affected New York State just as much.
Specifically, the court ruled that the couple did not make a case for “excusable neglect” or a “meritorious defense” related to their foreclosure, so the Guillaumes still lose their home. But, time is the natural enemy of a loan modification, because the longer the delay, assuming no mortgage payments are being made, the greater the amount of arrearages that have to be dealt with in order to modify the loan.
As such, it is our government that should be held accountable.  And as this is an election year, it seems the timing for such efforts is fortuitous. That’s how democracy is supposed to function, is it not?  Why are we not trying to force our democracy to function, as it was intended to function… as it has functioned for hundreds of years?
During this 2-year period and during the foreclosure case the investor must pay all the property taxes assessed by the municipality. Thus, tax certificate liens holders must be prepared to tie their money up for an extended period of time. One of our experienced New Jersey real estate tax foreclosure attorneys will respond within 24 – 48 hours.
Bergen County, Essex County, Hudson County, Mercer County, Middlesex County, Monmouth County, Morris County, Passaic County, Somerset County, Union County, and elsewhere in the Garden State.
And what makes that figure sound even worse is that in second place came New York and Florida, which both tied for the runners-up spot with 4.1 per cent.
Yet these figures come as the country as a whole seems to have falling rates of foreclosure.
And it is this long drawn-out process that has contributed to a backlog in the county courts that get to ultimately deal with the foreclosure.
Our tax foreclosure attorneys also represent homeowners in defending tax foreclosure lawsuits.



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