Court to oversee N.J. mortgage foreclosure process

A judge has been appointed to oversee foreclosure proceedings in the state of New Jersey to make sure they conform to the law.

In December, state Supreme Court Chief Justice Stuart Rabner ordered six of the nation’s biggest mortgage lenders to show why their foreclosure operations shouldn’t be suspended in New Jersey over reports of widespread irregularities.

This Spring, former Superior Court Judge Richard Williams was appointed as a “special master” to make sure the banks comply.

Rabner said the legal review is intended to provide greater confidence that the tens of thousands of residential foreclosure proceedings under way in New Jersey are based on reliable information.  Rabner says nearly 95 percent of the cases are uncontested despite evidence of flaws in the process.