Chase Tag

20 Feb Can Collective Union Action Force Mortgage Modifications?

Congress has been unable to passany legislation that would allow for effective modification of mortgages. And the HAMP program is failing miserably. Two New York unions, however,have come up with theidea that collective action through the market may get the needed results. The heads of...

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06 Feb Should I sign a mortgage modification agreement?

Don't sign that mortgage modificationBased upon all of the agreements I have seen lately, the answer is clearly NO! Mortgage companies coerce homeowners into signing these oppressive agreements that include waiver of liability clauses releasing the lender from any wrongdoing. I met with a firefighter and his wife yesterday regarding a foreclosure defense case. They had a first mortgage through Chase with a decent fixed rate, and their troubles had nothing to do with a change in their economic circumstances. Rather, Chase unexpectedly jacked up their escrow by a few hundred dollars per month to provide an “escrow cushion.” Well, it is common knowledge that these mortgage companies keep most interest earned on escrow accounts, which rightfully belongs to the homeowner. So, this couple was genuinely upset and sought answers from Chase. Of course, as anyone who has tried knows all too well, it is impossible to get answers from mortgage servicers. As a result of the escrow increase, this couple fell behind in their mortgage payments. They actively sought a resolution with Chase, and in June of last year, they entered into a modification agreement that they believed resolved the dispute with the escrow account.
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09 Nov JPMorgan Chase Agrees to Keep Customers Out of Foreclosure!

JPMorgan Chase Agrees to Keep Customers Out of Foreclosure! Sounds, great, but is it accurate? Kurt O'Keefe, a Detroit consumer attorney, in his article entitled "Foreclosure Relief?" on the Mortgage Law Network, calls into question whether this announcement by Chase reports true foreclosure relief. Kurt's skepticism turns out...

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