Chase Starts Foreclosures Again.
Chase to resume foreclosures this month
November 5, 2010 | 2:02 pm
JPMorgan Chase & Co., which had put foreclosures on hold in 40 states and the District of Columbia to assess whether it was following proper procedures, plans to resume seizures of homes "in a couple of weeks," the New York bank told a meeting of analysts.
Chase, the third-largest U.S. mortgage lender, imposed the freeze on about 127,000 delinquent loans last month in 23 states that require court orders for foreclosures as well as in states with more complicated non-judicial processes. California, which has a streamlined process, was not among the states where Chase stopped foreclosing.
The bank told analysts Thursday that it found problems: Court affidavits supporting foreclosures had been completed without signers' knowing the facts, and documents had been notarized without being properly witnessed. Getting the documents properly completed and refiled will take three or four months at "up to a couple million dollars a month or so just in additional work," said Charlie Scharf, the bank's chief of retail services.
But in a meeting Thursday with analysts in Boston, Scharf insisted that the errors were procedural. He said that foreclosures were justified and had been preceded by extensive reviews, repeated attempts to contact borrowers and attempts to modify loans.
The average borrower losing a home has made "not one payment in 14 months," Scharf said. "You know, in Florida it's 22 months, and in New York it's 26 months."
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Bedford NY Homes
Bedford NY Real Estate
November 5, 2010 | 2:02 pm
JPMorgan Chase & Co., which had put foreclosures on hold in 40 states and the District of Columbia to assess whether it was following proper procedures, plans to resume seizures of homes "in a couple of weeks," the New York bank told a meeting of analysts.
Chase, the third-largest U.S. mortgage lender, imposed the freeze on about 127,000 delinquent loans last month in 23 states that require court orders for foreclosures as well as in states with more complicated non-judicial processes. California, which has a streamlined process, was not among the states where Chase stopped foreclosing.
The bank told analysts Thursday that it found problems: Court affidavits supporting foreclosures had been completed without signers' knowing the facts, and documents had been notarized without being properly witnessed. Getting the documents properly completed and refiled will take three or four months at "up to a couple million dollars a month or so just in additional work," said Charlie Scharf, the bank's chief of retail services.
But in a meeting Thursday with analysts in Boston, Scharf insisted that the errors were procedural. He said that foreclosures were justified and had been preceded by extensive reviews, repeated attempts to contact borrowers and attempts to modify loans.
The average borrower losing a home has made "not one payment in 14 months," Scharf said. "You know, in Florida it's 22 months, and in New York it's 26 months."
Full Article
Bedford NY Homes
Bedford NY Real Estate
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