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New Jersey Mortgage & Homeownership

There are many advantages to homeownership like the tax and interst deduction, but nothing compares to the pride and esteem one get when they buy ...

If Held Separately, Note and Mortgage Assignment Both Needed to Foreclose, Court Says

A New Jersey appeals court has held in a published ruling that in the “unusual” instance that the promissory note and a valid assignment of mortgage aren’t held by the same entity, a party seeking to foreclose on a mortgage must demonstrate it has both.

But in a case where Capital One Bank brought a foreclosure action on a property when it possessed the mortgage but not the note, the appeals court said irregularities did not warrant reversal since it possessed both earlier.

James Peck IV appealed the Aug. 26, 2016, judgment of foreclosure by Capital One, which was the loan servicer for Freddie Mac. Peck, an attorney who litigated the case pro se, maintained that only Freddie Mac had standing to foreclose. Peck represented himself until his death in July 2016, when counsel was retained.

According to the Appellate Division’s opinion Monday, Peck took out a $258,750 mortgage with Chevy Chase Bank in March 2005, and a few months later the bank sold the note to Freddie Mac but retained the mortgage. In 2009, Chevy Chase merged with Capital One, and in 2010 Peck defaulted on the mortgage.

Citigroup to refund $335 million to credit card customers

NEW YORK (AP) — Citigroup said Friday it plans to refund $335 million to a group of customers who may have been overpaying interest on their credit cards.

In a settlement with the Consumer Financial Protection Bureau, Citi will refund 1.75 million customers in overpaid interest by the end of the year.

Earlier this year, Citi disclosed that it had used a flawed methodology in determining whether credit card customers were eligible for an interest-rate reduction on their cards, as required by the CARD Act, a federal law that governs the credit card industry.

Citi disclosed the flaw to regulators, including the CFPB, in 2017. The CFPB chose not to fine Citi for the flawed practice, citing the bank's decision to self-report the problem to regulators and that it was in the process of refunding customers. Citi had already set aside the funds to cover the refund in a regulatory filing earlier this year.

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My husband and I are First time buyers we really need to find someone to help us with questions and getting a home loan for about 200,000 we have 3.5% for a down payment.