Foreclosure of Mortgage by Established Holder
On January 19, 2016, effective February 18, 2016, the statute titled “Foreclosure of Mortgage
by Established Holder” was amended to restrict the entities entitled to bring a foreclosure
action. At first blush, the statute appears to tighten the reigns to require a recorded
assignment of mortgage to the foreclosing entity prior to the initiation of the foreclosure.
Rather, the change appears to give a little more clarity and confidence that the party bringing
the foreclosure action is entitled to do so; the amendment clarifies how to confirm standing.
NJS §46:18-13 provides:
THE NC SAFE ACT- SEVEN YEARS LATER
The North Carolina Secure and Fair Enforcement Mortgage Licensing Act (“NC SAFE Act”)
replaced the North Carolina Mortgage Lending act in 2009 and is found in Chapter 53, Article
19B of the North Carolina General Statutes. The NC SAFE Act requires individuals and
companies who engage in the mortgage business to be licensed by the Commissioner of
Banks. It imposes duties upon Mortgage Brokers and Mortgage Servicers; prohibits any
person from engaging in certain activities, and gives the Commissioner the authority to enact
rules, require disgorgement, impose civil money penalties and enforce the Act. Over the past
seven years, the Commissioner of Banks has used its authority under the NC SAFE Act to
perform audits on those licensed entities to ensure compliance with not only the NC SAFE
Act, but with other provisions of the North Carolina General Statutes, including the
Emergency Foreclosure Prevention Program enacted in 2008. Violations of the NC SAFE Act
could result in penalties up to $25,000 per finding.
Genworth, a financial services company that offers life and long term care insurance
products, publishes an annual state/regional survey of long term care costs. Genworth’s
annual survey for 2016 was recently published, and can be found here. This information,
which allows you to do a state by state (and region by region) comparison of long term care
costs, can be useful in anticipating and planning for long term care options.
For example, according to the Genworth survey, the monthly cost nationwide for an assisted
living facility averages $3,628/month v. $4,380/month in the Philadelphia region. The monthly
cost nationwide of a nursing home (private room) is $7,698/month v. $10,646/month in the
Philadelphia region. This survey shows that long term care costs in the Philadelphia region
are significantly more than in many other regions of the United States.
Long term care is not a topic people want to talk or think about, so planning ahead for this
possibility often is ignored or deferred (“I’ll get to it someday”). However, according to the US
Health Department of Health and Human Services, about 70 percent of people 65 years of age
or older will need some long-term care services during their remaining lifetime. Simply, if you
are approaching 65 (preferably sooner), you should consider planning now for long term care
as part of your financial and estate planning.
Steven K. Eisenberg, managing shareholder of Stern & Eisenberg, P.C., recently talked with DS
News about the reversal of a controversial decision in which a judge dismissed a foreclosure
case (Washington v. Specialized Loan Servicing) in November 2014 because the servicer had
exceeded the statute of limitations, essentially giving the borrower a “free house” despite the
court’s adamant previous position to the contrary.
For Full Article Visit http://www.dsnews.com/news/05-20- 2016/counsels-corner- reversal-of-
S&E Attorneys &
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