Business Week-
New Jersey’s Supreme Court ruled documents indicating a bank’s intention to foreclose on a mortgage must name the lender before a residential property can be seized.
The case involves the foreclosure on an East Orange home owned by Maryse and Emilio Guillaume, who received a notice of intention to foreclose in May 2008. That notice included the name of the mortgage servicer, America’s Servicing Company while omitting the name of the lender. Credit Suisse AG made the loan and assigned it to US Bank National Association.
The state court in Trenton ruled today that the notice sent to the Guillaumes failed to comply with the state’s Fair Foreclosure Act, which requires the name and address of the actual lender, as well as contact information for a loan servicer. Failure to do so creates “potential for significant prejudice” to homeowners, the court said.
A-11 September Term 2011
068176
US BANK NATIONAL ASSOCIATION,
AS TRUSTEE FOR CSAB MORTGAGEBACKED
PASS-THROUGH
CERTIFICATES, SERIES 2006-3,
Plaintiff-Respondent,
v.
MARYSE GUILLAUME and EMILIO
GUILLAUME,
Defendants-Appellants,
and
CITY OF EAST ORANGE,
Defendant.
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