Archive for 'Ally Financial'

Pending compliance with New Jersey Chief Justice Stuart Rabner’s requirement that six lenders appear on January 19th in state Superior Court in Trenton to “demonstrate affirmatively that there are no irregularities in their handling of foreclosure proceedings,” New Jersey homeowners are seeking foreclosure defense as banks continue to process foreclosure actions.

“It just goes to show how far the banks will pressure a home owner even as the courts warn them against further improper conduct.”

According to Joshua Denbeaux of Denbeaux & Denbeaux, a Westwood New Jersey law firm specializing in foreclosure defense, a client he represents received notification that foreclosure proceedings would be continued while the New Jersey Supreme Court waits for banks to “demonstrate affirmatively that there are no irregularities in their handling of foreclosure proceedings,” as was stated in the December 20th filing in the Superior Court of New Jersey Chancery Division, General Equity Part Mercer County, Docket No. F-059553-10 which requires six lenders to appear on January 19th in state Superior Court in Trenton.

“It just goes to show how far the banks will pressure a home owner even as the courts warn them against further improper conduct,” says Josh Denbeaux of Denbeaux and Denbeaux, a leading New Jersey lawyer specializing in foreclosure defense, who is working with home owners to protect their homes from New Jersey foreclosure fraud.

While homeowners are being subjected to the “dual track” process of foreclosure proceedings continuing even while working on a home loan modification, the New Jersey Supreme Court ‘s pronouncement as stated in the December 20th filing in the Superior Court of New Jersey Chancery Division, General Equity Part Mercer County, Docket No. F-059553-10 by Judge Mary Jacobson may bring closer scrutiny into the practices of One West Bank and other home mortgage lenders and subject them to further sanctions, as well as suspending precessing for orders, judgments, writs of execution and Sheriff’s sales.

Judge Jacobson’s order directs ” the named foreclosure plaintiffs to show cause why the court should not suspend the ministerial duties of the Office of Foreclosure and the Superior Court Clerk’s Office regarding the processing of certain uncontested residential mortgage foreclosure actions , stay Sheriff’s sales in those foreclosure actions, appoint a Special Master Pursuant to Rule 4:41-1 to investigate questionable practices and appointing an attorney to appear in support of the proposed relief.”

In the December 1st Senate Banking, Housing, and Urban Affairs Committee Hearing, representatives of the Treasury Department, the Federal Reserve Board, and Fannie Mae and Freddie Mac testified on the mortgage crisis as it is related to shady foreclosure and lending practices, and mentioned the “dual track process”.

On December 20th , the New Jersey Supreme Court ordered that six national major banking institutions implicated in robo-signing activities: Ally Financial, formerly GMAC; BAC Home Loan Servicing LP, a subsidiary of Bank of America; JP Morgan Chase’s Chase Home Finance LLC; OneWest Bank, formerly IndyMac Federal Bank, Wells Fargo Financial New Jersey and CitiResidential Living, a subsidiary of Citibank must “demonstrate affirmatively that there are no irregularities in their handling of foreclosure proceeding”, or face significant sanctions

“Robo-signers” are mortgage lender/service employees who sign hundreds—in some cases thousands – of affidavits submitted in support of foreclosure claims without any personal knowledge of the information contained in the affidavits. “Robo-signing” can also refer to improper notarizing practices or backdating.

Joshua Denbeaux, of Denbeaux & Denbeaux, located at 366 Kinderkamack Road, Westwood New Jersey, has been investigating unconscionable closing practices by lenders throughout New Jersey and practices civil litigation, with a concentration in mortgage foreclosure, business, insurance coverage and employment litigation. They can be reached at (201) 664-8855 and by email at pr(at)denbeauxlaw(dot)com or visit http://www.denbeauxlaw.com

GMAC Mortgage to Review Foreclosure Process

GMAC Mortgage to Review Foreclosure Process

GMAC Mortgage to Review Foreclosure Process-Image via Wikipedia

GMAC Mortgage is committed to preserving the integrity of the foreclosure process and in that spirit has engaged several leading legal and accounting firms to conduct independent reviews of its foreclosure procedures in each of the 50 states.

In addition, foreclosure sale files nationwide receive an additional review by a specialized team to ensure that: home preservation procedures have been fully followed; the timing and substance of the foreclosure is appropriate; and the file itself is in good order and complies with all laws and requirements of the state of jurisdiction.

Foreclosure is a very serious matter and only implemented when all other home preservation options have been fully exhausted.  We are taking these additional steps to restore confidence in the process, which is critical for the stability of the home and mortgage industry.

In addition to the nationwide measures, the review and remediation activities related to cases involving judicial affidavits in the 23 states continues and has been underway for approximately two months.  As each of those files is reviewed, and remediated when needed, the foreclosure process resumes.  GMAC Mortgage has found no evidence to date of any inappropriate foreclosures.

GMAC Mortgage is committed to working through this matter diligently and encourages borrowers with questions to contact a customer service representative at 866-304-4682 or loan.assist@gmacm.com.  Additional information can be found by visiting www.gmacmortgage.com.

Contacts:
Gina Proia
646-781-2692
gina.proia@ally.com