Insights
Joy Harmon Sperling and Rachel Packer authored an article, entitled "Court Clarifies Standing Requirements if Note and Mortgage Separated," published by the New Jersey Law Journal. The article refers to a decision by the New Jersey Appellate Division in Capital One v. Peck, which involved the appeal of a final judgment in a residential foreclosure matter. The issue on appeal was separation of the note and mortgage, and whether that affected the plaintiff's right to foreclose. The court ultimately affirmed the foreclosure judgment despite its disapproval regarding the so-called "irregularities" with the perceived separation of the note and mortgage. It further recognized the procedure by which government-sponsored enterprise (GSE) entities foreclose. Sperling and Packer concluded that, given the confusion among many courts as to how the foreclosure process works with regard to GSE loans, the decision should be of assistance in that regard.
