IMN NPL Series-The Changing Default Environment, Chen, Partner at Activist Legal

Welcome to Capital Markets Today and the IMN NPL Notes & Default Servicing Forum podcast series.The forum is being held Dana Point on June 3rd & 4th.Listeners of the podcast can use code NSCM30 when registering for a 30% discount

A new foreclosure bill in New Jersey was just signed into law by Governor Phil Murphy.  The objective of the new Bill is to resolve the surge of new foreclosures and streamline pending cases.  In 2017 New Jersey led the country with nearly 70k foreclosures.

Some highlights of the new Bill are

• Increasing the notice of intention to foreclose notice from 30 days to 180 days.
• Require any person acting as a mortgage servicer to obtain a license from the Commissioner of Banking and Insurance for each main office and each branch office where business is conducted.
• Reduce the statue of limitations in foreclosure actions from 20 years to 6 years.
• Revise certain procedure under the “Fair Foreclosure Act” to expedite foreclosure proceedings
• Require the county sheriff to conduct a foreclosure sale within 120 days of the sheriff’s receipt of a writ of execution.

Joining the podcast to discuss the changing default environment is David Chen, Partner with Activist Legal. Activist Legal is a nontraditional law firm based in District of Columbia.  Activist Legal LLP facilitates legal services in the areas of real estate, mortgage, banking and private investor transactions for non-performing loans & assets.