Chase Foreclosures Stalled in 23 States

MyBankTracker

By , Staff Writer
Posted on Thu Sep 30, 2010, Last Updated on Tue Jun 17, 2014

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Another major bank has suspended mortgage foreclosures in a number of states. Last week it was GMAC Ally that suddenly cut off foreclosures in 23 states. This week, it’s JPMorgan Chase Bank that is halting its foreclosure operations in 23 states.

Chase suspended action on 56,000 home loans currently in the process of foreclosure. The 23 affected states are territories in which the courts handle foreclosures, according to The Wall Street Journal.

Possible Missteps by Chase Employees

Some of Chase’s employees may have improperly prepared some of the documents necessary for the foreclosures. A Chase spokesperson said the bank would have to go back and “systematically re-examine” its foreclosure filings to make sure they pass legal muster. Chase Foreclosures Stalled in 23 States

The mortgage meltdown and the consequent boom in foreclosures put pressure on banks to move as many home seizures as possible through their systems as quickly as possible. Chase and other large institutions responded to this added strain by employing a practice The New York Times called “robo-signing.” Chase moved foreclosure filings across its desk at maximum speed, sometimes failing to make sure it was following all the necessary legal steps. Legally, each foreclosure is supposed to be inspected carefully by an employee. In reality, Chase employees may not have taken enough care reviewing the documents. Chase said its mistakes were merely clerical, but in a worst-case scenario for the bank, the foreclosures could be thrown out by the courts.

Following in GMAC’s Footsteps

A near-carbon copy of this story emerged last week when GMAC halted its foreclosures in the same 23 states. GMAC was the first domino to fall in what could potentially be a long line of banks that may have processed mortgage foreclosures improperly. Florida’s court system is investigating four banks for improper foreclosure documentation, according to the Times.

Some of America’s most populous states and territories hit hardest by the mortgage meltdown are included in the 23 states with frozen foreclosures. Here’s the full list:

  • Connecticut
  • Florida
  • Hawaii
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Nebraska
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Pennsylvania
  • South Carolina
  • South Dakota
  • Vermont
  • Wisconsin
 

Post a Comment

  • marie terry -shelia harris

    chase is also doing this in georgia and mississippi because i am a victim as we speak, my home is being foreclose on this month and i ve paid my mortgage.if there is someone who can tell me what i need to do.please call me 678-330-6485 please i have 2 weeks i agree. save me

    • James E. Bolton

      get in touch with your GA BANK Regulators….

    • http://twitter.com/arlenearmy arlenearmy

      You may try the Attorney General in your State, as well as your congressman & senator. I say this because atty. gen in other states have stopped Chase from foreclosing. Your paperwork could had been one of thousands that were rubber-stamped in the pile.

      Chase has a terrible habit of giving customers the run-around. Sometimes it takes hours just to get thru to someone in the mortgage department even if you are trying to pay the house off. But you got to move very quickly on this cause I think the doo-doo is about to hit the fan.

      I also read that the title insurance companies are not insuring any of Chase mortgages that have been foreclosed on. For that reason alone, I dont think Chase would be able to sell any foreclosed home. Its mentioned in the following article: http://www.nytimes.com/2010/10/03/business/economy/03foreclose.html?_r=1&src=busln

      I hope this helps.

  • Tanks

    Better hope you do not live in central Texas, our congressman Chet will ot even answer his emails. Guess him and Oduma are planning more vacations on air force one

    • O-chemantrailrider26

      Not any better in Missouri, Chase Mortgage gave me & my husband the run around for over a year. we meet every demand they asked for and then some and did it when they asked and then sent them several copies of everything they wanted over and over again , just to deni us the loan. they gave us no reason for the denial of the loan until later. The reason was for documents they never asked for and I have the contractual document that tells what they wanted and it did not list the one document. they denied us right after they got caught in a LIE! They tried to say the money we sent was all insufficient funds?? What! ALL of the money we mailed to them was in a POST OFFICE MONEY ORDER!! how can that be insufficient funds, its the POST OFFICE. I told them I had copies of all the money orders I sent to them and that the post office money orders can be tracked and when they are tracked and found out that they have been paid to you CHASE, then what will you do. we got a denial for the loan like 2 days after that. I have copies of a lot of faxes and letters that I sent to them and they never responded to these requests, and later they said they never heard from me?? I still have the copies of the faxes and letter sent with confirmations of delivery. So later after Chase denied us then I contacted the BBB (Better business bureau) and made a formal complaint. the BBB tried to contact Chase but they never did respond to the the BBB in the time lotted. 7 months later the BBB contacted me and said that Chase did respond. I read the response and again it was false and I again have the paper work to back my comments. My QUESTION IS THIS: The banks have been getting all this bale out money to help regular people, but the loans are not there. What are the banks doing with the money and is ANYBODY MONITORING THIS TO MAKE SURE THAT THE BANKS ARE DOING AND GIVING THESE SPECIAL LOANS OUT WITH THE BALE OUT MONEY, OR ARE THEY JUST KEEPING ALL THE MONEY AND STILL TAKING THE BALE OUT MONEY??? I was informed in writing by the BBB that this would put a negative on Chases record with the BBB.

      • Shirley P

        Hi. CHASE did me the same way .. There is no way out of this mess for the people who have work for corperate America for 29 years or moreThen to loose your home to the outrages interest, taxes and insurance and NO JOB… This is really the RAPING OF AMERICA IN THE WORST WAY. We can send money overseas to other countries that is no part of the USA .. Import foreigners, support them with our taxes dollars and we become unable to support our own… no HELP…

      • Jrpbox293

        Chase did us the same way, we ended up walking away from the home. Now Chase won’t foreclose and I have a medical condition that is life threatening, can’t work and no health insurance. Medicaid is out of the question, sents Chase will not foreclose we have to many assets so no help there. I have cut back on the medication as far as I could and now only have about one week left. We called Chase about 6 months ago, they didn’t even ask for our new phone number or address, said our account was closed and thats all they could tell us after us not making a payment for oner a year.

  • Elainekis

    My husband and I have been the trial phase of modification with Chase bank for over a year. We missed one payment because they told us that was the only way to get into the modification process. That missed payment is now over $12,000 with the late fees added to it. My husband calls in our payment each month and this month they said they couldn’t accept it because we are in the final stages of the mod and the paper work should be at our house in the next week or so, making our next payment due in November. They would not take a payment because that would change all the numbers on the new loan. Needless to say, we haven’t gotten any paper work. My husband called this morning and he was told we have been turned down for the mod because we opted out in May? Now what?? We’ve lived in our house for 23 years… always paying and we’re not late on any bills and we are both working?? I am so upset with Chase and I am not sure who to contact? We can’t afford an attorney? Of course we want to keep our house… we never thought we’d get turned down??? It’s a terrible society we live in when no one cares and you’re only a number….. :(

  • Earthshine65sg1

    Same in SC. Chase is screwing me over as well! It’s been over a year starting with NOT paying my home owners Insurance, Force placing their own ‘Hazard Insurance policy, thus increasing my monthly mortagage by $300 more a month! (keep in mind, insurance & taxes are escrowed into the monthy payment), so where’s all that money been going??? So I purchased yet another insurance plan through a private company, fax & mailed and called daily for 3 months with no one who would confirm ‘receiving this’ or adjusting my escrow back to normal. All this causes deliquentcy to set in and so Home Mod time! It’s been almost 11 months with the same run around and ‘NO DON’T PAY’, wait till underwriting. People ‘I have spoke too, now can not be found anywhere inside this corporation. I HAVE STACKS OF PAPERWORK AND FAXED CONFIRMATIONS AND EACH TIME THEY TELL ME, WE DON’T HAVE IT! I HAVE REACHED THE POINT OF INSANITY WITH THESE PEOPLE!!! I have faxed and e-mailed my SC Governor, State Senator, Congressman, and CEO’s of Chase! No response as of yet! We are living in Tribulation! We are losing our home right here at Christmas time! America the Proud????

  • Deb

    We were 5 payments of $376.00 + late fees behind. I called Chase Feb. 1st and tried to pay with my paypower tax refund card. The lady from Chase said that they don’t accept credit cards for payments. I explained that it was my tax refund debit card but she still said no they would not accept the payment. They only accept payment on checking account debit cards. I could only get 500.00 pr. day off of my card so I couldn’t pay the entire amount at once. In a few days I called Chase back and they told me that they could no longer accept payment and I would have to speak with their attorney, and gave me their attorney’s ph. #. When I called I got a voice mail. No real person. I had to leave my name, number, and email address on the voice mail. So I did. I waited a few days to hear back from their attorney but they never called me back so I called Chase back again. A lady from chase told me that it had been noted that I had called and their attorney should be contacting me within the week. If they don’t give chase a call back. I didn’t hear back from them so my husband called chase back. A lady told my husband that we should receive a statement in the mail from their attorney within a few days, and whatever the amount was the amount would be good for 30 days. So we waited a few more days. Still nothing. So my husband again called chase back. They lady told him that we owed 2,680.00 for past due payments, late fees, attorney fees…But remember, she said that the statement was good for 30 days!!! We received our statement from chases attorney on the 1st of March. The statement showed it was signed the 27th of Feb. So we sent the 2,680.00 to the attorney since chase could not accept the payments. So in 3 days I receive a phone call from Chases attorney and she stated that we waited to long and there were more fees due. She gave me a total of 1204.00 due besides the 2680.00. I asked her what for and she told me that we owed for another months payment of 378.00 and the rest were fees for one thing or another. So for being five months behind on our house payment cost 3884.00. This is because chase would not accept my refund card on the first of Feb., then it took another 3 wks. to get the attorney to give us the amount we owed! The attorney wanted the 1204.00 to be send via fedex. I sent it regular mail. She called me Fri. and in a very mean, angry voice stated that she did not receive the 1204.00. I told her that I sent it regular mail, and she came unglued! She was so mad! She told me that if she didn’t receive the payment by Monday that we owed quite a bit more money for fees then hung up on me…At this point I don’t care! I will live in the house without making any payments until the sheriff makes me get out, but I am not going to pay anyone anymore fees. If I hear Monday that I owe more money I am going to be so mad!!! The reason why we had to pay the additional 1204.00 is because the attorney didn’t get us the quote in time, but according to the lady from Chase, she said that the document we received from their attorney was good for 30 days which would have made it good until March 27th. Not true at all! I’m calling chase back again Monday so I can hear them give me the run around again, or deny saying that the statement was good for 30 days, or I misunderstood…

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