Court Says Note and Mortgage Assignment Both Prerequisites to Foreclosure, but Makes an Exception

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Court Says Note and Mortgage Assignment Both Prerequisites to Foreclosure, but Makes an Exception

Court Says Note and Mortgage Assignment Both Prerequisites to Foreclosure, but Makes an Exception

New Jersey Law Journal-

A New Jersey appeals court has held in a published ruling that a party seeking to foreclose on a mortgage must have both the promissory note and a valid assignment of mortgage. But in a case where Capital One Bank brought a foreclosure action on a property when it possessed the mortgage but not the note, the appeals court said irregularities did not warrant reversal.

James Peck IV appealed the Aug. 26, 2016, judgment of foreclosure by Capital One, which was the loan servicer for Freddie Mac. Peck, an attorney who litigated the case pro se, maintained that only Freddie Mac had standing to foreclose. Peck represented himself until his death in July 2016, when counsel was retained.

According to the Appellate Division’s opinion Monday, Peck took out a $258,750 mortgage with Chevy Chase Bank in March 2005, and a few months later the bank sold the note to Freddie Mac but retained the mortgage. In 2009, Chevy Chase merged with Capital One, and in 2010 Peck defaulted on the mortgage.

[NEW JERSEY LAW JOURNAL]

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