NJ Foreclosure Requirements Shift in Bank's Favor

In The case of Washington Mutual Bank v. Roggio, the New Jersey Appellate Court considered the foreclosure of a mortgage originally held by Washington Mutual Bank but held by JP Morgan Chase at the time of the foreclosure action. The Appellate Court held that, a note originally payable to one lender but later endorsed in blank was converted to a negotiable instrument payable to the bearer. Thereafter, future delivery of the mortgage to another institution, in this case JP Morgan Chase, results in receiving institution being in possession properly for purposes of foreclosure on the mortgage. This blog is for informational purposes only and in no way intended to replace the advice of an attorney regarding your specific matter. If you are facing foreclosure, you should consult an experienced attorney immediately in order to protect your rights. For more information on foreclosure, bankruptcy or other consumer debt related matters in New Jersey visit TheNJBankruptcyAttorney.com.