New Jersey Statutes 46:10B-49. Report of mortgage foreclosure actions
Terms Used In New Jersey Statutes 46:10B-49
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
- Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
(2) When a creditor or other person is required by any Rule of Court or otherwise by law to file electronically with the Superior Court of New Jersey pleadings in an action to foreclose on a mortgage, and the Administrative Office of the Courts is capable of collecting and transmitting the data set forth in paragraphs (1) through (8) of subsection b. of this section in electronic form, the creditor or other person shall transmit the data to the Superior Court, in a manner prescribed by the Superior Court, as part of the pleadings in an action to foreclose a mortgage. The Administrative Office of the Courts shall collect the electronically submitted data and transmit it to the Department of Banking and Insurance, which shall produce and make available on its website quarterly reports, as set forth in subsection b. of this section.
b. The Department of Banking and Insurance shall produce a report, on a quarterly basis, detailing information about mortgage foreclosures filed by creditors in each county of the State, and shall make the report available to the public on its website. The report shall describe the type of mortgage being foreclosed on based on the following categories:
(1) prime rate mortgages foreclosed upon;
(2) subprime rate mortgages foreclosed upon;
(3) fixed rate mortgages foreclosed upon;
(4) adjustable rate mortgages foreclosed upon;
(5) nonconforming mortgages, as defined by Fannie Mae, Freddie Mac, or their successors;
(6) mortgages insured by the Federal Housing Administration foreclosed upon;
(7) mortgages insured by the Veteran’s Administration foreclosed upon; and
(8) any other category of classification the department deems appropriate to effectuate the purpose of this section.
c. The Department of Banking and Insurance, pursuant to the “Administrative Procedure Act,” P.L.1986, c.410 (C. 52:14B-1 et seq.) shall adopt regulations necessary to effectuate the purpose of this section. Following the enactment of P.L.2009, c.296 (C. 2A:50-69 et al.), the department, in consultation with the Administrative Office of the Courts, shall adopt regulations necessary to effectuate the purpose of this section.
L.2008, c.127, s.15; amended 2009, c.296, s.4.