Quick update here that may affect some of you living in either Vermont or New Jersey:
It seems as though the foreclosure problems that have plagued this country are starting to come to a head. Last week, the Massachusetts Supreme Court ruled against major lenders in a key foreclosure case. Over the weekend, the new Sheriff in Philadelphia suspended foreclosures in the city for 50 days. A Brooklyn judge has rejected dozens of foreclosures over flawed paperwork. In October, the Sheriff for Cook County refused to carry out foreclosures citing improper paperwork. In December, the chief Justice for the New Jersey Supreme Court threated to suspend foreclosures due to unreliable documents.
Today we learn through this Housingwire article by Christine Ricciardi that Vermont and New Jersey are amending their foreclosure laws to try and ensure that proper procedures are followed. Both states are judicial foreclosure states, which means that foreclosures are processed through the courts system. The new Vermont law stipulates that a foreclosure may not be issued until all paperwork has been inspected for completeness and accuracy. The New Jersey law has similar stipulations, but only applies to uncontested foreclosures.
Both of these measures are responses to the robo-signing foreclosure scandal.
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