In a New Jersey Supreme Court ruling Monday, it was determined that the name of the company which owns a loan must be included in notifications related to foreclosure action. Oftentimes, only the servicer which collects the debt on the loan, not the originator of the loan, is listed with appropriate contact information.
[IMAGE] [COLUMN_BREAK]Maryse and Emilio Guillaume were not originally provided with the name of the mortgage lender when notified of foreclosure action, but the mortgage servicer, America's Servicing Company, was named as the contact point.
The lender, U.S. Bank National Association, revised the document to comply with trial court orders. Due to the revision and the fact that the homeowners were fully aware of the situation, it was determined in a 5-0 court ruling that the notice of intent to foreclose satisfied the Fair Foreclosure Act, so the pending foreclosure action against the Guillaumes' was not overturned.
While the case, U.S. Bank National Association v. Guillaume, did not dismiss the foreclosure case against the homeowners, the ruling does state a requirement for mortgage lenders to include their information in foreclosure documents. Otherwise, foreclosure action being pursued may be kicked back.