New Jersey Legislature Weighs In on Recording Assignments of Mortgage
Prior to Instituting Foreclosure Proceedings
Attorneys who represent institutional lenders in the State of New Jersey have taken
notice of SB 1346 (the “Bill”), which became effective in February of 2016.
The primary thrust of the Bill is the legislative mandate that only the “established holder of a
mortgage” may institute foreclosure proceedings. An established holder of a mortgage is
defined as one who:
1. Is the record holder of the mortgage as established by the latest recorded assignment of
2. Found to be the holder of the mortgage in a civil action, joining as defendants the record
holder of the mortgage, the mortgagor and any other person known to have an interest in
In the past week, I heard from 2 clients in their 60’s who recently received what I will call
“scare tactic” marketing emails or calls from firms advising them of drastic changes in social
security benefits that could affect them. What was this all about?
They appeared primarily to be solicitations for financial newsletters or financial products.
However, these solicitations referred to recent legal changes to social security benefits
planning. Specifically, on November 2, 2015, the Bipartisan Budget Act of 2015 (the “BBA”)
became law. While the BBA covers many topics relevant to federal budget matters, the
relevant topic covered here is the BBA’s impact on certain social security benefits planning
Core social security benefits are not affected by the BBA. However, the BBA does end two
specific strategies (referred to as “unintended loopholes” in the text of the law), commonly
known as the “restricted application” strategy and the “file and suspend” strategy.
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