Friday, August 12, 2011

New Jersey Decision against truestee in foreclosure case

Here is an important decision regading housing trusts and securitized mortgages in NewJersey. 

Court reverses foreclosure for failiure to comply with pre suit notice statute.
publication a decision which reversed an Ocean County, New Jersey trial court foreclosure judgment and remanded with directions that the case be dismissed without prejudice due to the Plaintiff’s failure to comply with New Jersey’s pre-suit notice statute, which requires a foreclosing party to identify the name and address of the lender (who owns the obligation). The Court held that identification of the “servicer acting on behalf of the owner” is legally insufficient, and fails to comply with the statute. The case is Bank of New York as Trustee of CWALT, etc. v. Laks, No. A-4221-0593.

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