Chase, Bank Of America, Citi & Wells Fargo Allowed To Start Foreclosing Again In New Jersey

It’s been a quiet 2011 on the foreclosure front in New Jersey, as several banks froze seizure proceedings late last year following the revelation that foreclosure documents were being rubber-stamped by untrained “robo signers.” But a judge in the Garden State has given the go-ahead for Bank of America, JPMorgan Chase, Citigroup and Wells Fargo to resume uncontested foreclosures.

The judge issued the order after the four banks each demonstrated that they have enacted processes and procedures to ensure that information in uncontested foreclosures is based on a personal review of records. Of course, most of these processes are also part of a recent mandate from the federal government, but who’s nitpicking?

A BofA rep tells Bloomberg that the judge’s decision “reflects the court’s recognition of the significant work we undertook beginning last fall to enhance processes designed to ensure foreclosures are being processed correctly.”

Meanwhile, a rep for Wells Fargo stated, “Now that the New Jersey court has validated Wells Fargo’s foreclosure processes, we will resume these practices for the benefit of New Jersey’s communities.”

There are still two lenders — Ally Financial Inc. and OneWest Bank — who were not included in the judge’s ruling because the official in charge of reviewing the banks’ practices has yet to provide his report to the court.

BofA, Banks Can Resume New Jersey Foreclosures, Court Says [Bloomberg]