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Real Property

What Happened to the Independent Foreclosure Review? What Happened to the Independent Foreclosure Review?

Thursday, March 14, 2013

The Office of the Comptroller of the Currency abruptly announced on Jan. 7 that it was ending the Independent Foreclosure Review of the mortgage servicing practices of 11 of the largest mortgage servicing companies in favor of an $8.5 billion settlement.

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Reinstatement of Accelerated Commercial Mortgage Loans

Thursday, March 14, 2013

When payments from a borrower are late, the mortgage holder takes notice and begins to consider its remedies. The borrower, however, typically doesn't retain counsel until an acceleration letter is received, or until a summons in a mortgage foreclosure action is received. This article will demonstrate how Benjamin Franklin's adage about an "ounce of prevention" applies to the reinstatement of an accelerated commercial mortgage loan.

Reforming N.J.'s Public Bidding System

Thursday, March 14, 2013

In January, the New Jersey Department of the Treasury announced plans to implement a privately designed electronic management system for public contract bidding. While the planning for the new system is still in its early stages, and its impact is not yet known, many are hopeful that the system will prove to be a meaningful step down the long road of New Jersey public bidding and procurement reform.

Not Worth the Paper It's Written On?

Thursday, March 14, 2013

One of the first lessons a property owner learns is to always have the tenant sign a written lease. Having a written lease, the property owner believes, avoids ambiguities and provides both sides with an understanding of their rights and responsibilities. Unfortunately for property owners, there are times when even the clearest provisions of the lease are not worth the paper they are written on. In particular, this can occur when a tenant seeks to renew his/her lease.

Borrower Need Not File Suit

Thursday, March 14, 2013

In a precedent-setting decision that could have widespread implications for lenders, the Third Circuit has ruled that a rescission action, filed by borrowers more than three years after the closing on their loan, was timely. The court held that a borrower's sending of a notice of rescission to the lender within the statutory required three-year period is all that is required to exercise the right to rescind under the Truth in Lending Act. Sherzer v. Homestar Mortgage Services.

Getting Harder To Blame It on the Bank

Thursday, March 14, 2013

Two recent cases have diluted a defense often used by defendants attempting to resist or otherwise delay foreclosure proceedings by claiming that the lender failed to comply with N.J.'s Fair Foreclosure Act.