Sunday, June 24, 2018
CAPITAL ONE, N.A. VS. JAMES I. PECK, IV (F-005201-13, ESSEX COUNTY AND STATEWIDE) (A-0582-16T4)
(A-0582-16T4) In a residential foreclosure where an investor such as Freddie Mac owns the note but not the mortgage, the plaintiff must have both the note and a valid assignment of mortgage to have standing to foreclose. Given that defendant knew the servicer for Freddie Mac, given that Freddie Mac is a GSE (government-sponsored enterprise) that publicly declares its policy to foreclose through its servicers, and given that the servicer did possess the note at an earlier foreclosure proceeding and had a valid mortgage assignment, the irregularities are insufficient to defeat this foreclosure. Standing is not jurisdictional in New Jersey, and the equities here favor foreclosure.