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Foreclosure proceedings under scrutiny in New Jersey

A number of judges, including at least one in New Jersey, continue to express doubts that foreclosure proceedings have improved since last year.

According to one New York State Supreme Court Justice, lenders have not done much to bring procedures up to par. He confirms that while efforts appear to have been made surrounding the chain of title, financial institutions have failed to improve their practices on other fronts.

When it comes to mortgage notes, the Supreme Court Justice's expectations were not met. He said banks have not been clear about who is controlling the notes and where the mortgage notes are located.

Since the controversies erupted last fall, courts across the United States have cracked down on lenders making attempts to foreclose on homes. To make sure no one is skirting around the law, a New Jersey General Equity judge appointed a special master to review foreclosure cases from large lenders. A second New Jersey judge will review filings from smaller mortgage companies.

Records indicate that New York has seen a steep drop in foreclosure filings in recent months. This is due in part to the fact that attorneys are now required to endorse an affidavit stating that they have read all of the documentation in a foreclosure case and that it is accurate.

Regulators in the United States are keeping a close watch over foreclosure proceedings across the country. Banks have been ordered to come up with their own systems for making sure the paperwork in foreclosure proceedings is consistently accurate. It will be interesting to see if these efforts improve the accuracy of foreclosure proceedings across the country.

Source: Wall Street Journal, "Judges See Little Improvement in Foreclosure Procedures," Ruth Simon, 29 April 2011

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