TRENTON -- New Jersey's highest court has stepped in to monitor the filing of real estate foreclosures in the state. Supreme Court Chief Justice Stuart Rabner today announced that six lenders suspected of irregularities will have to present a case in court next month or face having their foreclosure actions suspended. Rabner writes that the court "has become increasingly...
A sign on the outside of a Chase bank branch October 14, 2009 in New York City. TRENTON -- New Jersey's highest court has stepped in to monitor the filing of real estate foreclosures in the state.
Supreme Court Chief Justice Stuart Rabner today announced that six lenders suspected of irregularities will have to present a case in court next month or face having their foreclosure actions suspended.
Rabner writes that the court "has become increasingly concerned about the accuracy and reliability of documents submitted to the Office of Foreclosure."
A special master could be appointed to review the foreclosure practices of companies including Wells Fargo, JP Morgan Chase and Citibank.
Lawsuits by homeowners in several states have alleged mistaken foreclosures on properties where loan payments were up to date.
Previous coverage:
• N.J.'s real estate market stabilized but not improving, experts say
• Newark receives $2M in federal funds to rehabilitate, resell 47 foreclosed homes