Sunday, January 09, 2011

Banks Want Court To Scrap Proposal To Halt NJ Foreclosures; Ask Judge To Believe Screw-Ups In Process Can Be Fixed Without Stalling Court Proceedings

In Trenton, New Jersey, Bloomberg reports:
  • Bank of America Corp., JPMorgan Chase & Co. and other U.S. banks told a New Jersey court that defects in their processes for seizing homes in the state can be remedied without halting foreclosures.

  • The banks have taken steps to improve their procedures, making a suspension unnecessary, they said in documents filed [last week] in state court in Trenton, New Jersey, and made public [Thursday].(1) The filings came in response to a proposal to freeze foreclosures in the state by six U.S. banks while their procedures are reviewed. The banks’ practices came under scrutiny after bank employees signed court documents in foreclosure cases without verifying their accuracy, according to court papers.

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  • Judge Mary Jacobson scheduled a Jan. 19 hearing to consider suspending uncontested foreclosure cases and staying foreclosure sales by the banks: Ally Financial Inc., Bank of America, JPMorgan, Wells Fargo & Co., Citigroup Inc. and OneWest Bank, according to a Dec. 20 order. The move “is necessary to protect the integrity of the judicial foreclosure process in New Jersey and to assure the public that the process going forward will be reliable,” Jacobson said in the order.

For more, see JPMorgan, GMAC Urge New Jersey Court Not to Suspend Home Foreclosures.

(1) For the documents, see:

posted by Home Equity Theft Reporter at 4:08 AM