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Chase Under Fire for Foreclosures on Active Duty Military

by Administrator 11. February 2011 07:01

 

JPMorgan Chase has come under fire for issuing foreclosures on the homes of active duty military troops while they were fighting overseas. 

 

Chase bank, like many large lenders in the U.S., is under scrutiny after a wave of foreclosures swept the nation over the last two years. There have been reports of documentation errors for loan workouts, improper seizure of homes, and "robosigners" who signed off on thousands of foreclosure affidavits without having vetted the information required. All 50 state attorney generals and federal regulators have launched investigations in to the foreclosure crisis.

 

Recently Chairman Jeff Miller (R-Florida) reprimanded the bank saying "our nation's war fighters, and their families should not have to fight to keep their piece of the American Dream while they are on foreign ground defending that fundamental right for all of us." 

 

JPMorgan has responded to the criticism by promising to refund over $2.4 million in excessive interests to underwater homeowners. The bank also released a statement saying "we have 8 million customers who are living in a home with a Chase mortgage. When customers have difficulties, we do everything we can to help them find a way to avoid foreclosure. We have offered more than 1 million modifications and prevented foreclosure for more than 480,000 customers."

 

If you are in danger of losing your home to foreclosure, please contact a Maryland Mortgage Modification Attorney of Chaifetz & Coyle, P.C., by calling 443-546-4608.

 

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