The nation’s second largest bank is in the hot-seat this Martin Luther King holiday, as the bank has admitted that they may have wrongly charged nearly 4,000 troops on the mortgage payments. On top of unjustified strain, this may have also lead to 14 wrongly foreclosed homes.
The first words that pop-up when you visit the Chase Military website are, “Your commitment is to our country. Our commitment is to you.” Marine Capt. Jonathan Rowles does not see it this way. Rowels, a backseat pilot of an F/A 18 Delta fighter jet, says he has been fighting Chase for the past five years over his family’s mortgage payment.
Chase Bank Reevaluates Their System
This is not the first time Chase has had to double back due to faulty paperwork. After all, the foreclosure crisis was sparked due to “robo-signing” or the act of approving paperwork without evaluation. According to reports on NBC’s Today Show, it is Rowels’ lawsuit that triggered the bank to evaluate the rest of their filing systems.
Military Families Seek Restitution
Chase’s mistake came when the bank failed to follow the Servicemembers Civil Relief Act (SCRA). The SCRA protects families with active-duty troops by allowing for lowered interest rates, and protection from evictions. Chase’s failure to follow the provisions under the SCRA is what lead to the overcharges.
Chase chief communications officer Kristin Lemkau, told TODAY that the bank plans on mailing around $2 million worth of refunds to the families that have been overcharged. She also promised the 14 families that have lost their homes will get them back if they have not already.
All though the Rowels lawsuit is still pending, experts say that they have done everything right while the bank failed to do so.