Real Estate Crisis – Foreclosure Procedure Updated

The New Jersey Supreme Court has adopted a set of new and revised rules on mortgage foreclosure procedures designed to modernize the foreclosure practice in the face of the real estate crisis gripping the nation and particular and New Jersey in general.
 
Going forward, all foreclosing plaintiffs will be required to file a foreclosure specific case information statement with its first pleadings.   In addition, the new rules will require that the foreclosing party serve an affidavit of the amount due along with a Notice of Motion requesting final judgment of foreclosure.   The advisory committee on foreclosure practice in its statement believes that this rule amendment will put lenders, borrowers, and other parties on notice of this specific amount due and how it was calculated.

If you have any questions regarding New Jersey’s foreclosure practice, you may contact Bonnie Wright, Esq., at bwright@hnwlaw.com/.

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