What’s In A Name? Identifying Servicer, Not Lender, Inadequate Notice Of Intent To Foreclose Under New Jersey’s Fair Foreclosure Act

by:  Steven P. Gouin

The New Jersey Chancery Division has reaffirmed that substantial compliance with New Jersey’s Fair Foreclosure Act (“FFA”) is not enough to overcome a motion to dismiss a foreclosure complaint.  In Bank of New York Mellon v. Elghossain, the Chancery Court noted that the issue of whether a mortgage servicer’s Notice of Intent to Foreclose (“NOI”) satisfies the FFA’s statutory mandate that notice be provided by the lender, had not yet been decided in New Jersey.  Ultimately, the Court held that, where an NOI identifies only the servicer and not the lender, the NOI is deficient and the foreclosure complaint should be dismissed without prejudice.

 

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