JPMorgan Chase Joins GMAC Mortgage in Foreclosure Suspension
Like GMAC, JPMorgan is worried about the validity of documentation supporting their foreclosures.
Palm Coast, FL – September 30, 2010 – Like GMAC, JPMorgan is worried about the validity of documentation supporting their foreclosures. Consequently, they announced yesterday that they have temporarily stopped foreclosing on 50,000 homes.
Last week, a GMAC Mortgage employee acknowledged that he and his subordinates signed about 10,000 affidavits per month without personally checking their validity. At JPMorgan, an employee recently acknowledged that she and her eight-member staff signed 18,000 documents per month without personally verifying the information.
Here is the link to the NY Times article by Peter Henning recommended by Carol in "reader comments" below.
Don’t Get Too Excited
Bottom Line: The Judge will ask the borrower "Did you get the money?" Case closed.
Case is re-opened.
Case is not "closed" if you have a good attorney. Lender has to document that they are the legal owner of the mortgage. Case is re-opened!
Case is re-opened.
Case is not "closed" if you have a good attorney. Lender has to document that they are the legal owner of the mortgage. Case is re-opened!
…Just the Begining
I am working a bunch of these file and Chase is not the only one. Most of the people I work with are faced wit similar situation regarding FRAUD ON THE COURT by the banks and their attorney. The problem is, how can people afford to fight a such a lawsuit. Many of the banks dont own the notes and therefore can foreclose. THis gets swept under that table and unnoticed if one does not respond to the suit. Again, there willl be many more banks taking similar actions in the near future. See attached…https://www.dsnews.com/articles/jpmorgan-halts-foreclosures-robo-signers-appear-commonplace-2010-09-30
Robo-filings
Attorneys should begin preparing for Class Action lawsuits. Federal civil RICO should be considered, which pays attorneys fees as well as treble damages. I highly recommend the 10/4/10 New York Times article by Peter J. Henning, "The Gatherine Storm Over Foreclosures", which discusses several legal aspects of the current meltdown.