To say that it is about time would be an understatement. Many Americans have been subjected to bank lawyers and blind judges who have readily accepted their pleas to foreclose even though those banks never really had the right to do so. Many homeowners were never really given the chance to make their case. In the case of foreclosures here in Rockford, Illinois, if a homeowner can not afford to be represented by an attorney, they may never see equal justice in these courts. It’s a conversation between the judge and the bank’s lawyers while the homeowners can only stand there and takes it. This issue is not only involving foreclosures but extends to most matters that find their way into the court room where one party is represented while the other is not.
“JPMorgan Chase has temporarily stopped foreclosing on more than 50,000 homes so it can review documents that might contain errors.” “JPMorgan’s move Wednesday makes it the second major company to take such action this month, underscoring a growing legal problem.” “But if the problems turn up at more of the largest mortgage companies, a foreclosure crisis that’s already likely to drag on for several more years could persist even longer.” “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.” “JPMorgan acknowledged Wednesday that its employees signed some affidavits about loan documents without personally verifying the files.” ” These affidavits verifies the accuracy of the loan information, including who owns the mortgage.” “The bank asked judges not to enter judgments against homeowners facing foreclosure until it completes its review of the problem.” “JPMorgan expects the process to take a few weeks.” “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.” “Christopher Immel, a Florida lawyer who represents homeowners, said people who already have lost homes could sue their lender, alleging errors in documents.” “In August, a judge in Duval County, Fla., ruled that JPMorgan could not foreclose on two homeowners.” “The reasoning was that Fannie Mae carried the mortgage on its books and JPMorgan Chase only collected payments on the loan.” “JPMorgan Chase had identified itself as the owner of the loan.” (Herron, Janna and Zibel, Alan, 9/29/2010, Associated Press, JPMorgan halts 50K foreclosures for possible flaws, Retrieved from www.finance.yahoo.com).
Next I think that attention should be placed on those who are pretending to assist homeowners with a loan modification because these same banks are beginning to try and game that system as well. Case in point, my sister fought for a loan modification and after exposing Well Fargo, she was approved. After less than two months of making payments, she has now come to realize that her payments have been increased past the point that they were before the whole loan modification was requested. Many are under the impression that loan modifications are supposed to lower your payments so that you can keep your home until your financial situation gets better but to my sister, it was the exact opposite. For years now foreclosures have been taking place and many of those suing the homeowners for possession of the property were those in charge of receiving the payments and not the real owners of the mortgages. What will be the remedy for them because as of right now, they have no one fighting for them?