New Century Stay Lift Sought For Foreclosures

Law360, New York (September 25, 2007, 12:00 AM EDT) -- As more homeowners with bad credit default on their mortgage loans, HomEq Servicing Corp. has hit the judge in New Century Financial Corp.'s bankruptcy with a flurry of motions for relief from its automatic stay so it can foreclose on over a hundred properties nationwide.

HomEq filed its motions Monday, saying that it couldn’t foreclose on the properties whose mortgages are in default because New Century holds secondary liens on the loans. It noted that it didn’t want any affirmative relief from the debtor; it just...
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