You think we’ve got it bad in states like Florida where judges theoretically look over the questionable practices and documents in the foreclosures? Well, not so fast…as recently reported in comments related to the New Jersey Supreme Courts investigation into foreclosure practices, approximately 94% of foreclosure cases go undefended….
Rabner announced that 24 other lenders will be required to submit documentation to a special master, retired state Superior Court Judge Walter R. Barisonek, to demonstrate that there are no irregularities in their handling of foreclosure proceedings. Rabner stressed that that group of lenders has not been accused of wrongdoing and was selected because each had processed at least 200 foreclosures this year.
The six lenders scheduled to appear in court next month have processed more than 29,000 foreclosures in New Jersey this year, Rabner said. The other 24 have filed about 16,000. The total represents nearly three-quarters of the 65,000 foreclosures filed in New Jersey, a number that has tripled since 2006, Rabner said.
More problematic, he said, is that 94 percent of the foreclosures have been uncontested, often due to homeowners’ inability to afford legal counsel.
“That means there’s no meaningful adversary process to protect them,” Rabner said.
Next, and even more importantly, read about the travesty and farce of non judicial process that is the Non Judicial Process of Foreclosure….Bloomberg on Foreclosures
NOW HERE’S THE BIG POINT…..THE FORECLOSURE INDUSTRY HAS COLLAPSED. WE’VE CAUGHT THEM IN GROSS ABUSES AND DECEIT….AND ONLY A TINY PERCENTAGE OF CASES ARE EVER DEFENDED AT ALL.
WHAT IN GOD’S NAME IS GOING ON IN NON JUDICIAL FORECLOSURE STATES?
