Forbearance agreements in foreclosure cases, being stand-alone extensions of credit similar to loans, are subject to the Consumer Fraud Act, the state Supreme Court ruled on Monday
“We hold … that, in fashioning and collecting on such a loan — as with any other loan — a lender or its servicing agent cannot use unconscionable practices in violation of the CFA,” the Court said in its unanimous ruling in Gonzalez v. Wilshire Credit Corp., A-99-09.
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