New Procedural Wrinkle in New Jersey for Borrowers on Trial Modifications

Prepared by Kathleen Magoon, Supervising Foreclosure Attorney and Christopher DeNardo, Managing Partner, Shapiro & DeNardo, LLC, serving PA + NJ

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2019 was a busy year in New Jersey, with nine new statutes enacted that impact mortgage foreclosure.  In addition to these statutes, the Legislature and the Courts are heavily promoting borrowers’ entry into the Court’s sponsored Mediation Program.  
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Further, the Courts and the Office of Foreclosure introduced a new wrinkle in the Mediation Program in that once a borrower accepts a trial loan modification, the Court will close the case. In a measured effort to remove matters from the Docket, the Court takes the position the case will be considered “settled” upon the borrower’s acceptance of an offer of a trial loan modification.

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