APPELLATE DIVISION OF NEW JERSEY SUPERIOR COURT REVERSES SUMMARY JUDGMENT IN FAVOR OF WELLS FARGO, FINDING THAT STANDING TO FORECLOSE WAS NOT ESTABLISHED

APPELLATE DIVISION OF NEW JERSEY SUPERIOR COURT REVERSES SUMMARY JUDGMENT IN FAVOR OF WELLS FARGO, FINDING THAT STANDING TO FORECLOSE WAS NOT ESTABLISHED

The Court concluded that Wells Fargo failed to establish its standing to pursue the foreclosure action and reversed the summary judgment, holding that the documents that Wells Fargo relied upon in support of its motion for summary judgment were not properly authenticated and that the certification was not based on personal knowledge as to the alleged “holder and owner” allegations, or how the person who signed the certification obtained his alleged knowledge. The Court also held that the purported assignment of the mortgage, which must be produced in New Jersey to maintain a foreclosure action (citing New Jersey statute), should not have been considered by the trial court as it was not authenticated by an affidavit or certification based on personal knowledge.

Significantly, the Court also noted that even if Wells Fargo could, on remand, establish its standing as a holder of the note through an indorsement from Argent “at this late date”, Wells Fargo would not thereby become a holder in due course that could avoid whatever defenses the borrower would have to a claim by Argent because Wells Fargo is now aware of these defenses.









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