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Eddie Perez's Blog

By Eddie Perez | Agent in Hoboken, NJ

New Jersey Chief Justice Takes Robo-Signing Seriously


New Jersey Chief Justice Stuart Rabner aims to protect Hoboken residents and all of New Jersey. Questionable foreclosure filings across the nation have New Jersey’s Chief Justice Stuart Rabner, working to establish a set of initiatives to combat this in New Jersey. He is concerned with the increased number of foreclosure filings, and that there may be incorrect applications. He said, "It is important the judiciary system ensures that judges are not rubber-stamping questionable documents that may not be reliable."

 

The term “robo-signing” has been extremely popular lately; especially with the brief foreclosure halt we saw last fall. Robo-signing is when mortgage lenders and other service employees sign hundreds and thousands of affidavits that are then submitted in support of foreclosure claims.  Many of those employees sign without having any knowledge of the information in the paper they just signed. 

 

In 2010 there was over 65,000 applications filed throughout the state of New Jersey, which is up from the nearly 22,000 only four years ago.  In December, Chief Justice Stuart Rabner ordered six large mortgage lenders to file documents to the court that provide their internal foreclosure application process to ensure they are up to standards. These documents were due to the court by January 19th, 2011.  New Jersey is not the only state to take these measures New York has also done the same.

 

If you are considering purchasing one of these homes, it is important to contact a local Realtor(R) such as myself, Eddie Perez of ReMax Gold Coast Realty, to gain more information on how to protect yourself. You can reach me directly at 201.344.2886 or check out my InvestHoboken website.

 

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