Gloucester Co. Lawyer Scott H. Marcus Quoted in Biz Journal Story on N.J. Commercial Foreclosure Backlog

WASHINGTON TOWNSHIP, N.J., August 15, 2011 – Scott H. Marcus, principal in Scott H. Marcus & Associates, a South Jersey law firm, lent his expertise to a story in the Aug. 5, 2011, edition of the Philadelphia Business Journal, on area banks' frustrations over the snail-like pace of the commercial foreclosure process.

Scott H. Marcus & Associates specializes in corporate law, commercial litigation, debt collection, bankruptcy and real estate matters, and represents several banks in the area. A strong believer in using technology to expedite legal matters of all types, Marcus said in the article that electronic filing of foreclosure documents has helped his banking clients successfully complete the process in "six or seven months" if the foreclosure is contested, instead of the two years or more often experienced by lenders.

"The greatest change that I have observed in the practice of law in my 35-year career is in the area of technology," says Marcus. "In the area of commercial mortgage foreclosures our ability to utilize the state's JEFIS (Judiciary Electronic Filing System) site has made the process from complaint to judgment significantly quicker than using traditional methods. I believe that the more efficient our efforts, the better the result, at a lower cost, for our clients."

The article, by Philadelphia Business Journal writer Jeff Blumenthal, notes that a significant backlog of bank filings has brought the foreclosure process to a crawl, at a time when many businesses are looking to buy space. One New Jersey bank CEO observed that these businesses frequently have to be put off until suitable spaces return to the bank's possession, and that, in turn, may stall hiring.

Marcus spoke of a Pennsylvania banking client that has stopped lending in New Jersey due to the foreclosure "logjam."

To view the complete story, click here.

Established in 1984 Scott H. Marcus & Associates provides businesses and individuals with outstanding legal services in a variety of practice areas including corporate law, debt collection, bankruptcy, mortgage modification, real estate, wills and estates. Headquartered in Washington Township/Turnersville, N.J., the firm is equipped with a full staff of attorneys, paralegals, and support personnel and is committed to excellence in client service. For more information call 856-227-0800 or visit www.marcuslaw.net. For Scott H. Marcus & Associates debt collection and commercial litigation division, visit www.marcuscollections.net.