JPMorgan CHASE STOPS FORECLOSURES!!!

[mickeyme]

SPalin - Which bank was your mortgage with? I am in CA and have GMAC mortgage and I am really hoping to stay in my place till at least Jan 2011...but I am not sure of the likely hood of that happening. My NOD was recorded on July 22nd.
It seems like the days of going 14-18 months with no payments may be coming to a close. Though all these banks are making such a mess of the foreclosures all the articles state that it will only delay the process by about 60 days. The only hope I really have in delaying the process is that it will take the banks longer to go through EACH case instead of getting rubber stamp happy and passing them through.
I plan on calling the California AG next week to get the scoop on GMAC. If I find out anything interesting I will be sure to post.

[tobee43]

it most certainly does!!!


i know when i posted this the other day there were only 4 states involved...florida, ny, nj and illonis....

however, last nights nightly news says basically they are halting ALL foreclosures (then they said 20 states so as usual tv news is unreliable)...that is chase, but they expect other banks will follow shortly.

what an absolute MESS!!!!!!!!!!

[feelingnutsy]

I wonder if Wells Fargo will follow suit.

[SPalin]

True both Chase and BofA have stopped foreclosure processes in 23 states, but California is not one of them! Glad mine went smoothly and on time, once they filed the NOD (May 27)... 110 days later was sold back to the bank (Sept 17)! Now I only wish that they did offer it in California, as the house I'm now renting has just had a NOD filed so will be moving after the Trustee Sale and hope BofA offers cash of keys, as I could be out in less than 30 days.

[mickeyme]

Well looks like BoA has jumped on the bandwagon

http://www.msnbc.msn.com/id/39467220/ns/business-real_estate/

[tobee43]

i'm really wondering now what....i'm almost certain we are one of those mortgages where they can't locate the paperwork or if and when they do it's most likely a mess or lost...LOL...!!!


we are in foreclosure mortgage lost forever limbo i guess. no wonder they have no answers for me.

we were told to call this number because we were in the loss mitigation prime loan section...whatever the hell that means? is that like in a big building with white walls and hundreds of tables where there are phones and people sitting on fold out chairs.....

i ask them...don't you see the chapter 7 discharge...yes...hate to tell you that prime loan you think we still have will you....it's in the trash can bout now.

a good indication that there are really some serious issues here, is when chase said we applied for a loan modification LAST week for a house that's been vacate for 2 years...they are making up loan apps now...holy cow....

[tobee43]

tobee43...so your daughter's broker found a renter to pay 6 months of rent upfront. Now that is impressive!!!

it's was not a real estate broker...it's a mortgage broker who she hooked up with!
yes....she did and also drew up a deed....and a purchase agreement....so we'll see how she makes out!
As for your refi...$18K is way high...they must have charged you discount points to get the low rate or origination points...either way they took advantage of you. Not sure what state you are in but here in CA you can write-off origination points in full in the year the loan was originated and discounts can be writen-off as amoritized over the term of the loan. I am sure you already know that but just incase I thought I would put it out there.

oh...thanks, yes, federal taxes you can deduct the points...we rec'd a HUGE refund that year, that's one of the reasons it really didn't matter that much...or actually it DID...because they ripped us off! (state wise they could care less about your mortgage points..LOL!). it was extremely HIGH!

but they have the house back now...LOL!! with the BLACK MOLD....CRACKED foundation......i'm certain snakes r living in there now!!!

[mickeyme]

tobee43...so your daughter's broker found a renter to pay 6 months of rent upfront. Now that is impressive!!!

As for your refi...$18K is way high...they must have charged you discount points to get the low rate or origination points...either way they took advantage of you. Not sure what state you are in but here in CA you can write-off origination points in full in the year the loan was originated and discounts can be writen-off as amoritized over the term of the loan. I am sure you already know that but just incase I thought I would put it out there.

[tobee43]

mickey...sorry i haven't heard anything about GMAC but i'll have my ears open not only for you, but my daughter...now what she did was she did an owner financing while GMAC still owes the property....she couldn't sell her house and moved to another state...had a broker draw up the paperwork and took 6 months mortgage payments upfront from the "renter" with option to buy is really what it is.....these people have 18 months to get a mortgage or she takes back the property...in the meantime they pay GMAC her mortgage payment...OH....i'm glad the 150k on her college education seems to have paid for itself...LOL!!! either that or she's be ending up in jail...LOL!!!!


now back to this chase thing: this is a quote form the article.


"The way mortgages are packaged and sold to many investors as securities can make it hard to determine who has the right to foreclose on a homeowner.

In some states, lenders can foreclose quickly on delinquent mortgage borrowers. But 20 states use a lengthy court process for foreclosures. They require documents to verify information on the mortgage, including who owns it. Florida, New York, New Jersey and Illinois are the biggest states with this process."

we have been dealing with chase for well over 20 years in one way or another...a mortgage bank cc's etc........but.......AHHHHHHHHHHHHHH.....ok...we had some funky mortgage brokerage firm for our last refin.....first we were told that chase was "servicing" the loan....then about a year past and THEY supposedly sold the mortgage to chase....???? we just got some kind of general letter saying hi....we are chase and we now own your mortgage....ok...that's good i was familiar with chase and certainly NOT this other lender...but they had offered 4.2% and we jumped on it. but they turned out to be crooks because i reviewed all the closing papers prior to closing...then went to the title company to closed and they in the 12th hour added an additional 18k worth of closing FEES!!!

we should have walked out...but i went to the other room and figured the 18k was still better than the 6.7% we had over the long term...i just hated them being sneaking and pulling it the last minutes...so i knew they were no good....

about another year past and we got another letter form some class action suit for overcharging during closings...LOL!!!!!!!!!! we should have responded but were in the middle of this financial crisis.....

so now....i bet chase doesn't have correct paper work on my mortgage...... OMG!!LOL!!!!!!!!!!

[mickeyme]

http://finance.yahoo.com/news/JPMorgan-halts-50K-apf-1054548494.html?x=0

Let me know if anyone hears about a delay in timeline for GMAC...

[tobee43]

mickey....can you put the link in with the article??? would LOVE to see it...i only heard it briefly on cnn this morning.

[mickeyme]

I just read this article on Yahoo. It was mostly speaking about Chase but it also mentioned GMAC. I am wondering if anyone has heard anything else about GMAC? I just started the foreclosure process in March 2010 and I am hoping to delay as long as possible. NOD recorded on July 22, 2010 so if GMAC is moving forward then NOS will be set sometime around Oct 20th. My place is up for short-sale in hopes to get an offer and delay foreclosure.

This is what the article said about GMAC "GMAC Mortgage LLC last week halted certain evictions and sales of foreclosed homes in 23 states to review those cases. The company said it found procedural errors in some foreclosure affidavits. After GMAC's announcement, attorneys general in California and Connecticut told the company to stop foreclosures in their states until it proves it's complying with state law. The Ohio attorney general this week asked judges to review GMAC foreclosure cases. And in Florida, the state attorney general is investigating four law firms, two with ties to GMAC, for allegedly providing fraudulent documents in foreclosure cases."

[tobee43]

I think we are HUD and backed by Fannie Mae...I don't know what that means but for Pete's sake. I know I will be going through this for a while. Sooner or later I will have to give my tenants their notice because I cannot afford the water bill. I do like their income though. Hell, if Chase won't take it, I am just going to find another renter to move in on the other empty side too. might as well profit all I can while Chase is being lazy

don't take this to be dishonest or anything...but why can't you have your tenants pay the water bill themselves....just tell them their rent is going up....??

there's GOT to be SOMETHING behind what Chase is doing??????? i need some thinkers here...and i need to meditate for a month or so to attempt to figure it out. LOL!!!!

or maybe they have just gone MAD because in a way many of us called their BLUFF...ok...FINE...DO NOT work with US...here you GO...TAKE THIS HOUSE!! It's YOURS now....

"THE SILENT REVOLUTION" fight BACK NOW....GIVE YOUR HOUSE BACK TO THE BANK!!

YES!!!!!!!!!!!!!!

well....if everyone is doing what we did then, holly cow...they must have tons of houses sitting about!!

[tyson24]

I think we are HUD and backed by Fannie Mae...I don't know what that means but for pete's sake. I know I will be going through this for a while. Sooner or later I will have to give my tenants their notice because I cannot afford the water bill. I do like their income though. Hell, if Chase won't take it, I am just going to find another renter to move in on the other empty side too. might as well profit all I can while Chase is being lazy

[tobee43]

LOL...that's all, just LOL. You have to laugh at how ridiculous and nonsensical all this bs is.

the only thing i can think of is that the properties are just not worth anything....so they are boggarting all these properties until one day i don't know the sea will part again?? LOL!!!

sounds to me like they are hurting themselves and the economy by not giving loans or selling foreclosed properties. what a mess