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Possible Foreclosure Freeze in NJ?

Six mortgage lenders in New Jersey have been ordered by the State Supreme Court to appear on January 19th -- to demonstrate why the state should not suspend their foreclosure actions.

The Chief Justice of the New Jersey Supreme Court, Stuart J. Rabner, spoke out on the matter during a conference call with reporters: "It’s important that the judiciary ensures judges are

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not rubber-stamping documents that may not be reliable."

Without knowing the legal merits of the case, it certainly sounds as though the burden of proof is on the banks. At least that's how it sounds to this non-lawyer.

According to The Times, the lenders are: "Ally Financial, formerly GMAC; BAC Home Loan Servicing, a subsidiary of Bank of America; Chase Home Finance, part of JPMorgan Chase; OneWest; Wells Fargo Financial New Jersey; and CitiResidential Living, a subsidiary of Citibank."

If this case goes against the banks, this will become a very big news story.


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