Following a ruling by a Superior Court judge, Bank of America, Citigroup, JPMorgan Chase and Wells Fargo will be allowed to begin processing foreclosures in the state of New Jersey, according to a report from the Newark Star-Ledger. The decision came after all four major lenders submitted paperwork to the state, outlining the ways in which they save and review records, and train those who examine the documents related to foreclosure filings.
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The decision will likely mean that thousands of foreclosure cases in the state will now go forward simultaneously, breaking up a considerable logjam of temporarily halted cases, the report said. With assistance from two other banks, the four lenders filed more than 40 percent of the foreclosure petitions in the Garden State last year.
A recent report from RealtyTrac revealed that continual declines in the number of foreclosure filings both in New Jersey and across the country over the last several months could likely be attributed to these judicial delays, and not better on-time payments on the part of consumers.
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