Currently Browsing: Lenders and Servicers

Chase overcharged and improperly foreclosed on veterans!

Chase overcharged and improperly foreclosed on veterans!
NBC was the first to report last week that JP Morgan Chase publicly acknowledged overcharging 4,000 military families for their mortgages. With that admission JP Morgan Chase CO also acknowledged improperly forclosing on some of the homes. The report came to light from a court case filed by Marine Captain Jonathan Rowles. In a statement to NBC News Chase chief communications officer Kristin Lemkau had this to say: “We are deeply appreciative of those who fight to protect our country and Chase funds a number of programs that provide benefits to military personnel and veterans, and while any...
read more

2nd Year of Record Foreclosures Expected!

2nd Year of Record Foreclosures Expected!
Colorado Still Top 10 in Foreclosures! What may be the worst year in the foreclosure crisis may have just begun! Banks repossessed 1 million homes last year alone. That’s the most amount of homes lost to foreclosure going back to 2005. One in 45 households received a foreclosure filing last year. 1 in 45 translates to 2.9 Million homes. “2011 is going to be the peak” said Rick Sharga, a senior vice president at RealtyTrac Inc. Sharga’s firm predicts 1.2 million homes will be repossessed this year by lenders. 1.2 million homes seems to be the conservative estimate, too! Mark...
read more

Foreclosure Crisis Settlement Taking Shape

Foreclosure Crisis Settlement Taking Shape
Compensation Fund Being Considered as Part of Settlement A spokesman for Iowa Attoreny General Tom Miller, who is spearheading the 50 state investigation into mortgage lender foreclosure practices, indicated a general compensation fund will be considered as part of any possible settlement. Geoff Greenwood, Miller’s spokesman, made the following clear in an interview: “That [a settlement] is one of the many options being considered. There are no details that have been hashed out. Any characterization of it as a done deal is just inaccurate.” The fund would serve to compensate borrowers,...
read more

3 Big Banks Working on Settlement

3 Big Banks Working on Settlement
End of Dual Tracking Near? Fresh from the Senate Banking Committee’s hearings on the foreclosure crisis, Bank of America, JP Morgan Chase, and Wells Fargo appear to be closer to a settlement which would compensate borrowers whose homes were improperly foreclosed upon. The banks would also agree to end the process of dual tracking. Dual tracking is continuing the foreclosure process despite working with the borrower on a modification. Many borrowers have complained of being foreclosed on despite having a modification in place or currently working with their lender for a modification. If you are...
read more

Ally CEO- “We Screwed Up”

Ally CEO- “We Screwed Up”
Ally admits to problems in its foreclosure procedures Ally Financial’s GMAC Mortgage subsidiary was among the first mortgage servicers to acknowledge problems in its foreclosure process due to robo signing. Their findings led them to freeze foreclosures and REO sales in several states so they could review the integrity and accuracy of their process. Ally CEO Michael Carpenter recently addressed his company’s issues related to robo signing: “We had a robo-signer affidavit problem. No question about it. We’re embarrassed about it and we fixed it going forward. We’ll be the first to say...
read more
Page 1 of 3123