JPMorgan CHASE STOPS FORECLOSURES!!!

[tobee43]

got it...now if jb can explain it...

Judicial and Non-Judicial Foreclosures

"Each state in the U.S. handles it's real estate foreclosures differently, it's important to understand those differences and know your specific state's procedures. The terms used and time frames vary greatly from state to state, but the following information provides a general overview of the different processes and considerations. If you haven't done so yet, you can review our guide to each state's procedures at foreclosure procedures.
Judicial Foreclosures

Judicial foreclosures are processed through the courts, beginning with the lender filing a complaint and recording a notice of Lis Pendens. The complaint will state what the debt is, and why the default should allow the lender to foreclose and take the property given as security for the loan. The homeowner will be served notice of the complaint, either by mailing, direct service, or publication of the notice, and will have the opportunity to be heard before the court. If the court finds the debt valid, and in default, it will issue a judgment for the total amount owed, including the costs of the foreclosure process. After the judgment has been entered, a writ will be issued by the court authorizing a sheriff's sale. The sheriff's sale is an auction, open to anyone, and is held in a public place, which can range from in front of the courthouse steps, to in front of the property being auctioned. Sheriff's sales will require either cash to be paid at the time of sale, or a substantial deposit, with the balance paid from later that same day up to 30 days after the sale. Check your local procedures carefully. At the end of the auction, the highest bidder will be the owner of the property, subject to the court's confirmation of the sale. After the court has confirmed the sale, a sheriff's deed will be prepared and delivered to the highest bidder, when that deed is recorded, the highest bidder is the owner of the property.


Non-Judicial Foreclosures

Non-judicial foreclosures are processed without court intervention, with the requirements for the foreclosure established by state statutes. When a loan default occurs, the homeowner will be mailed a default letter, and in many states, a Notice of Default will be recorded at approximately the same time. If the homeowner does not cure the default, a Notice of Sale will be mailed to the homeowner, posted in public places, recorded at the county recorder's office, and published in area legal publications. After the legally required time period has expired, a public auction will be held, with the highest bidder becoming the owner of the property, subject to their receipt and recordation of the deed. Auctions of non-judicial foreclosures will generally require cash, or cash equivalent either at the sale, or very shortly thereafter.

It is important to note that each non-judicial foreclosure state has different procedures. Some do not require a Notice of Default, but start with a Notice of Sale. Others require only the publication of the Notice of Sale to announce the sale, with no direct owner notification required. You need to know the specific procedure for your state."

[trying_to_fix]

I'm frustrated by all of this myself. I have a rental home that I surrendered during my BK which took place over two years ago.

I'd rather have my name off of this thing because I continue having to pay $250 per month HOA dues (now that is an absolute racket to have to continue paying that - which lobbyist agreed to those terms?). But also more importantly I want to eventually purchase a larger home than the one I live in now and I can't do that so easily with this albatross hanging around my neck still.

You would think by now they would have sold this thing. And in fact it was listed for foreclosure sale and at the last moment was pulled as a result of all of these issues. It sucks...

I tried calling my attorney, he knows nothing about it. Called the mortgage company's attorney and they won't talk. Called the county in Pennsylvania where the home is and they don't know anything either. So who can I talk to who actually knows something?!?

[tobee43]

I'm frustrated by all of this myself. I have a rental home that I surrendered during my BK which took place over two years ago.

I'd rather have my name off of this thing because I continue having to pay $250 per month HOA dues (now that is an absolute racket to have to continue paying that - which lobbyist agreed to those terms?). But also more importantly I want to eventually purchase a larger home than the one I live in now and I can't do that so easily with this albatross hanging around my neck still.

You would think by now they would have sold this thing. And in fact it was listed for foreclosure sale and at the last moment was pulled as a result of all of these issues. It sucks...

I tried calling my attorney, he knows nothing about it. Called the mortgage company's attorney and they won't talk. Called the county in Pennsylvania where the home is and they don't know anything either. So who can I talk to who actually knows something?!?

i feel your pain.....me too....been there done that. congress is going to do something!!! this is so terrible!!

[justbroke]

please tell me...i'm certain it will explain why chase and this government task force cannot give me answers as to why they will not accept my warranty deed and general release...or simply just foreclose....

There is potentially some Congressional oversight or, at a minimum, a Justice Department review of the shenanigans going on. There was one case in a Southern District of Florida case where a law firm was signing "Allonges" (addenda to a Promissory Note) as if they were an officer of the bank that held the note and mortgage! They testified under oath that signing those allonges was something they routinely did and they even indicated that they were neither officers of MERS nor officers of the foreclosing entity! Shameful, really. It would have only taken another few weeks to get the paperwork correct.

This little moratorium period is just so that the Banks can review not only their procedures, but to make sure that the "Foreclosure Mills" are doing their jobs properly, since they do so in the name of the Bank! I suspect that this is why you are getting nowhere with Chase right now. They really don't want to start to have a backlash of rescinded Foreclosure Judgments!

In any event, this doesn't quash the lien and note at all. It just ensures that the entity/person prosecuting the Foreclosure, is actually the RIGHT party to grant a judgment to! There was one case, I think in Florida as well, where the person had their home foreclosed while in Bankruptcy. Then, shortly after, the REAL HOLDER OF THE NOTE stepped forward! What a mess!

[tobee43]

what a mess indeed, well, one would think this poor person would or should be alright. after all you'd think the courts would know this person acted in good faith, while apparently, the banks have not...so the debt should still be discharged....i hope.

actually, after what your saying here...i'd rather be in the position that chase has yet to foreclose and sell the collateral out from underneath the proper owner of the actual note.

frankly, at this point...i can care less about our names being on the deed...just let the transfer of the deed get clear title and may the next owner be happy with the house!

i'm not going to even bother attempting to contact anyone from either chase nor this task force anytime soon....or ever for that matter! let them sort it all out...and thanks jb for all the info!! it's so much appreciated!!

[kevano51]

My real estate agent is Bill Ramey with Amper Fields realty here in Pinellas county florida and he recommends talking to some real estate firms to see what our options are now that all of this fraud has been brought to light. I used to work for Chase as of the last two years until they fired me as i had a house that they bought the loan on, once i listed it for short sale on the mls, they fired me shortly thereafter. I was in sales for them and we were forced to lie regularly to our clients in order to put a gallon of milk on the table, so this does not surprise me one bit. another issue of conerns is the credit swaps or the credit derivatives they have been called weapons of mass destruction by ben stein, who is an economist by trade and a we all know him as a game show host, these credit derivatives were another major financial occurence that crashed the markets as well and ruptured our economy, business as usual in america?

[tobee43]

My real estate agent is Bill Ramey with Amper Fields realty here in Pinellas county florida and he recommends talking to some real estate firms to see what our options are now that all of this fraud has been brought to light. I used to work for Chase as of the last two years until they fired me as i had a house that they bought the loan on, once i listed it for short sale on the mls, they fired me shortly thereafter. I was in sales for them and we were forced to lie regularly to our clients in order to put a gallon of milk on the table, so this does not surprise me one bit. another issue of conerns is the credit swaps or the credit derivatives they have been called weapons of mass destruction by ben stein, who is an economist by trade and a we all know him as a game show host, these credit derivatives were another major financial occurence that crashed the markets as well and ruptured our economy, business as usual in america?

ok kev...NOT much floors me...but your post certainly has....

WHISTLE BLOWER LAW!!!!! TURN THEIR ASSES IN.....

really...i'll write the letter to congress for you!! LOL!!!

are you kidding ME???? i can't believe what you have gone thru....

whoa........blog your thread.....everyone should be witness to your plight....

[ozarkmiss]

These are the "lucky" 23:

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

My atty told me today that this is likely going to spill over to all states. They just went to a atty conference on this subject and there were tons of bomb threats (explosive issue?). He predicts it's going to be a bonanza for homeowners facing FC.

[tobee43]

My atty told me today that this is likely going to spill over to all states. They just went to a atty conference on this subject and there were tons of bomb threats (explosive issue?). He predicts it's going to be a bonanza for homeowners facing FC.

how so you think???

i was just saying some people the banks are maybe going to have to re approach for correct documents you think?

we us....i would likely think it would just be a matter of finding the "correct" owner of the mortgage and then doing the foreclosure....thereby changing the deed out of our names into the new owners....once they correct the paperwork.

since we surrendered the house actually all they had to do was sell it at sheriff's sale to get the PMI from the FHA...but i guess if they have false documents the government backed loan, or at least mine...they will not get a dime back until they get their ducks in a roll.

now think about this.........if YOU or I would have done something so hanis....so against the LAW.....where would WE be???? this is unreal...and NO one ...just watch is going to have to take responsibility for this either.

i can see it now...OH...you committed fraud...stold money....millions....OH...that's ok.....but if WE even cross the street in the middle we get a ticket and get punished.

this really is so unreal!

[ozarkmiss]

how so you think???

Yup. It's a mess. I'll let someone more versed than I chime in on the logistics of all of it. From reading around, I get the impression this is a VERY big deal and banks could end up losing a lot of properties - to the mortgagees.

[tobee43]

Yup. It's a mess. I'll let someone more versed than I chime in on the logistics of all of it. From reading around, I get the impression this is a VERY big deal and banks could end up losing a lot of properties - to the mortgagees.

i may be incorrect...it certainly will not be the first time.....but i don't think so....only because it's just a paper mess up...and people still owe on their homes...so that's not the issue, i think...the issue is whom exactly owes whom what????

who owes the mortgage...the investors...the banks...whooooooo.....when one forecloses is suppose to get the leftovers???

[ozarkmiss]

perhaps at a minimum though, one can occupy their property (or rent it) for the years it will likely take it to get sorted.

[drowning123]

if i were you i would stay and keep the bucks until they throw you out! you'll be with excellent company...

Heck, that's what I plan to do.

[tobee43]

perhaps at a minimum though, one can occupy their property (or rent it) for the years it will likely take it to get sorted.

absolutely.....!!!

[hurtininaz]

I am nearly a year out of bankruptcy and my house is still not foreclosed. I am renting one neighborhood over. They keep filing NODs and then not foreclosing. I pulled the Assignment of Deed of Trust recorded by the bank. First Horizon transferred my loan to Metlife for servicing a few years ago. A guy that works for Metlife signed the assignment "Michael Fisher" in the name of First Horizon and MERS to lift the stay in bankruptcy. I pulled a couple of Assignments by Metlife in the same month in our county. Same guy signed for Mers alone and Homeowners Financial Group. Metlife can't assign themselves the Note and Deed of Trust. What gives?

My lease is up at the end of November. I think I am going to move back into my house until they can sort this out. I have to pay 75 a month to the HOA and any fines. I am really behind because I received an attorney letter last April telling me the house was owned by FNMA and to remove my property so I stopped paying the dues and watching the house. Months later I find out that it didn't foreclose and a new NOD was filed. Trustee sale for 9/8 that again didn't take place.

Funny thing is: my husband and I have jobs now and can finnaly qualify to work out the loan but we bankrupted it. Now I just hope I bankrupted the right company because heck if I know who I really owe the money to!