On August 29, 2011, the New Jersey Supreme Court issued an opinion in Gonzalez v. Wilshire Credit Corp., 207 N.J. 557, 25 A.3d 1103, 2011 N.J. LEXIS 931 (2011) that all New Jersey mortgage lenders should read. In sum, the Court held that the consumer-friendly New Jersey Consumer Fraud Act (“CFA”), N.J.S.A. 56:8-1 to -195, applies to mortgage loans and to, more specifically, a lender’s activities post-foreclosure-judgment, including entering into a forbearance agreement to avoid a sheriff’s sale. This ruling is detrimental for lenders because, among other reasons, a successful plaintiff on CFA claim is entitled to recover treble damages as well as their attorneys’ fees and costs of suit. Additionally, because of these consumer-friendly provisions, more competent plaintiffs counsel will be drawn to cases involving allegations by mortgagors of unconscionable practices in connection with mortgage lending. The facts in Gonzalez were troubling and tailor-made for a favorable ruling by the New Jersey Supreme Court. In 1994, plaintiff Blanca Gonzalez (“Plaintiff”) and Monserate Diaz purchased a home as tenants in common, and both of their names appeared on the deed. Three years later, Diaz borrowed $72,000 from Cityscape Mortgage Corporation (“Cityscape”) and executed a fixed rate balloon note. Plaintiff did not… Read full this story
- Conservative Supreme Court justices lean toward Trump on ending immigrant program
- Koskinen Shuts Down New Jersey, Oilers Blank Devils 4-0
- Young undocumented immigrants turn to Supreme Court to save DACA
- Trump's Supreme Court Nominee Brett Kavanaugh Is a Disaster for Net Neutrality, Great for the NSA
- Court docs reveal Boris Johnson will send extension letter to EU by October 19
- Forsaken by Trump, immigrant 'Dreamers' seek U.S. Supreme Court reprieve
- Brexit Supreme Court hears PM can't be trusted not to use 'low, dishonest, dirty tricks'
- Meet all of the sitting Supreme Court justices ahead of the new term
- 'Calculated Act, Desecration': What SC Said on Babri Masjid Demolition, Placing of Idols Inside
- The Supreme Court Considers L.G.B.T. Rights, but Can’t Stop Talking About Bathrooms
The New Jersey Supreme Court Extends The Powerful New Jersey Consumer Fraud Act To Foreclosures have 323 words, post on www.natlawreview.com at December 14, 2011. This is cached page on Law Breaking News. If you want remove this page, please contact us.