“it is a question of standing."
Westwood, NJ (PRWEB) January 6, 2011
"It is a question of standing," according to Joshua Denbeaux of Denbeaux and Denbeaux, who is working with home owners to protect their homes from New Jersey foreclosure fraud. Denbeaux & Denbeaux, is a Westwood New Jersey law firm specializing in foreclosure defense.
In a decision that may affect foreclosures in New Jersey, the Massachusetts Supreme Court unanimously decided that Wells Fargo & Co and US Ban Corp filed to show they held the mortgages on two properties at the time they were foreclosed. The decision addresses the validity of foreclosures done without proper documentation.
The recent Massachusetts Supreme Court decision in the cases of U.S. Bank N.A. v. Ibanez and Wells Fargo Bank NA v. LaRace et al, Supreme Judicial Court of Massachusetts, No. SJC-10694, to void the foreclosure and seizure of two homes by Wells Fargo & Company and US Bancorp, underscores the importance of the December 20th filing in the Superior Court of New Jersey Chancery Division, General Equity Part Mercer County, Docket No. F-059553-10 by Judge Mary Jacobson.
In that order by Judge Mary Jacobson, six national major banking institutions implicated in robo-signing activities: Ally Financial, formerly GMAC; BAC Home Loan Servicing LP, a subsidiary of Bank of America; JP Morgan Chase's Chase Home Finance LLC; OneWest Bank, formerly IndyMac Federal Bank, Wells Fargo Financial New Jersey and CitiResidential Living, a subsidiary of Citibank must “demonstrate affirmatively that there are no irregularities in their handling of foreclosure proceedings”.
On Thursday, January 6th, the six banks filed a response with the New Jersey court that any irregularities in their processes for seizing homes in the state can be remedied without halting foreclosures. However, the New Jersey Court may look straight at securitization practices the way the Massachusetts Supreme Court has in that every securitized loan has to be audited to verify the state of the original note, or lack thereof.
Joshua Denbeaux, of Denbeaux & Denbeaux, located at 366 Kinderkamack Road, Westwood New Jersey, has been investigating unconscionable closing practices by lenders throughout New Jersey and practices civil litigation, with a concentration in mortgage foreclosure, business, insurance coverage and employment litigation. They can be reached at (201) 664-8855 and by email at pr(at)denbeauxlaw(dot)com or visit http://www.denbeauxlaw.com
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