Another bank receives OK to resume uncontested mortgage foreclosures

TRENTON – Another bank has been given permission to resume processing uncontested mortgage foreclosures in New Jersey.

OneWest Bank has received the OK from an appellate court following a special master’s review. Earlier this week, Bank of America, Citibank, JPMorgan Chase, and Wells Fargo received approval to resume those foreclosure proceedings.

The special master will monitor compliance in the wake of the “robo-signing” controversy in which hundreds of affidavits or documents are signed, often without the signer being able to attest to their contents.

 In December, a judge told the banks to show cause why such foreclosure actions should not be suspended.

Earlier today, Assemblyman Gary Schaer, (D-36), Passaic, urged Gov. Christie to sign a bill he sponsored that he said would protect homeowners from predatory foreclosure consultants.

The bill, A359, the “Foreclosure Rescue Fraud Prevention Act,’’ would mandate that consultants and buyers of distressed properties adhere to certain practices.

Among other things, the foreclosure consultant would have to post a bond with the Department of Banking and Insurance before conducting business in the state, and the homeowner would retain the right to cancel a foreclosure consulting contract at any time until after the consultant performs every contractually obligated function.

  Another bank receives OK to resume uncontested mortgage foreclosures