Bank Moves to Foreclose on Assemblyman Schroeder's Shore House

Just weeks after TD Bank sought relief from a court-ordered freeze on Assemblyman Robert Schroeder's debts allowing them to foreclose on his Washington Township home, another bank filed a similar motion which would allow them to foreclose on a shore house owned by the embattled lawmaker.

OceanFirst Bank, which owns the $825,000 mortgage on Schroeder's beach-front house in Lavallette, filed the motion last week seeking relief from the freeze which was put in place earlier this year when three of Schroeder's creditors moved to force him into bankruptcy.

If the court makes the order as sought, the bank would be able to start foreclosure proceedings on the house, which had an assessed value of $1,385,800 as of last year.

A judge is scheduled to consider the issue at a hearing September 23.

Schroeder has been sued by numerous creditors and is facing criminal charges that he allegedly stole $1.8 million and wrote bad checks valued at more than $3.4 million for loan payments. A grand jury indicted Schroeder on the charges in December, but he recently filed to have the indictment dismissed.

Schroeder's term in the assembly will be over at the end of the year. He is apparently not seeking re-election.