John McWeeney, president and CEO of the New Jersey Bankers Association, says the New Jersey Supreme Court’s decision in US Bank v. Guillaume leaves room for lenders and servicers to cure deficiencies in foreclosure notices.
Having this room, kills the need for financial firms to panic.
In an opinion released Monday, the court said foreclosing parties complying with New Jersey law must list the lender’s name and contact information in addition to a loan servicer’s information to give validity to the notice of foreclosure.
While the decision puts additional burdens on financial firms, McWeeney said the decision gives judges presiding over foreclosure documentations cases like these enough leeway to come up with a remedy or a cure. In fact, it leaves enough discretion, he says, for the judge to allow financial firms to file an amended application with all of the information. “That is a big improvement from having to start the process over again,” McWeeney said.
— Kerri Panchuk