On March 27, 2019, in a case handled by PIB, New Jersey’s Appellate Division affirmed a trial court decision denying the defendant’s eleventh-hour motion to vacate a sheriff’s sale and restrain delivery of the deed to a third-party purchaser predicated on a novel – but incorrect – theory that a reinstatement quote constituted a binding contract. The decision is significant because, had Defendant’s argument been successful, it could have created the threat of potential litigation based solely upon routine communications between servicers and borrowers.
Posts from April 2019.
New Jersey’s Appellate Division Rejects Foreclosure Defendant’s Argument that a Reinstatement Quote Is an Enforceable and Binding Settlement Agreement
Posted in Banking and Finance