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Joy Wilkie 908-713-0345 joy@ennislegal.com

FOR IMMEDIATE RELEASE

NJ SUPREME COURT TO DECIDE FATE OF FORECLOSURES NOVEMBER 30, 2011 TRENTON, NEW JERSEY Today the New Jersey Supreme Court will hear oral arguments in the matter of US Bank v. Guillaume, Docket No. 068176. One primary issue being reviewed by the Supreme Court is how the New Jersey Fair Foreclosure Act should be interpreted and applied to the requirement that a lender sends a written notice to a homeowner known as a Notice of Intent to Foreclose. RealtyTrac, a firm that monitors court filings related to foreclosures, estimates that there are over 27,000 pending foreclosures that could be delayed or dismissed based on what the Supreme Court decides. On April 20, 2011, the Appellate Division decided US Bank v. Guillaume and held that the Notice of Intent to Foreclose, required to be sent to homeowners before a foreclosure proceeding could be filed, was adequate if it provided the name and contact information for the Servicer of the loan, not the Lender. In direct conflict with the Guillaume opinion, on August 8, 2011, a different panel of the Appellate Division decided in the matter of Bank of New York vs. Laks. The Laks panel agreed that mortgage lenders must be held to a strict compliance standard when informing homeowners with a Notice of Intention to Foreclose as to who holds or owns their loan. The Court in Laks held that legally sufficient notice must inform a homeowner as to the correct name and address of their Lender the party entitled to enforce the mortgage. Because most mortgage loans today are securitized, most homeowners are required to send their payments to a Servicer rather than the entity that actually holds or owns the loan after securitization. When the Servicer sends the homeowner the Notice of Intention to Foreclose and fails to identify the Lender, then the Lender has not met the requirements of the Fair Foreclosure Act. The Courts remedy for deficient notices is to dismiss the related foreclosure complaint without prejudice. The lender would then be required to send a corrected notice and start the foreclosure process from the beginning, buying homeowners additional valuable time that could be used to save their home. In June of this year the New Jersey Judiciary amended the Foreclosure Rules and imposed a new requirement now stating that a lenders foreclosure attorney must file a certification to ensure the lender has verified the accuracy of all the information asserted by the lender. As a direct result of this requirement, many foreclosures in New Jersey have been delayed because the original Notice of Intent to Foreclose did not provide the name and address of the Lender. Based on this very important issue of proper notice, the fate of many New Jersey foreclosure cases now hangs on the final decision of the Supreme Court.

To check on a Lenders compliance with the law, homeowners in foreclosure are strongly encouraged to immediately consult with an attorney who is familiar with foreclosure law. If the Notice of Intent to Foreclose was improper, an objection to the Notice must be filed with the Court prior to entry of a final judgment. If an improper Notice is not challenged in time homeowners can lose their legal rights. Many homeowners feel helpless and are completely unaware of their options and their legal rights. Do not waste any time, call and speak to an attorney today. says, Kirsten Ennis, a local attorney whose practice concentrates on these types of cases. Legal Services of New Jersey (888-LSNJ-LAW) offers assistance for those who are unable to afford an attorney. Kirsten B. Ennis is an attorney that concentrates her practice on helping people with financial trouble. She received her Juris Doctor degree from Nova-Southwestern University and a Masters of Laws in Taxation from the University of Miami. Since 1997, she has been representing clients in foreclosures, mortgage modification, bankruptcy, debtors rights and non-bankruptcy workouts. She is a licensed attorney in New Jersey and Florida. Her office is located at 92 E Main Street in Somerville, NJ. For more information or a free consultation, call toll free 877-226-5877 or go online to ennislegal.com ###