More on lawsuit against Chase for recommending customers become delinquent
It isn’t clear if this lawsuit is the same one we previously reported on.
The basics are that Chase has been recommending to customers facing hardships but current on their loans that they stop paying the loans otherwise they won’t be considered for a loan modification. This ends up causing all kinds of problems down the road when the customer is eventually denied a loan mod (most are) and Chase either demands all the payments in arrears immediately or ends up foreclosing in parallel with the loan modification process. In either case, it’s not good.
Bad bad Chase, Foreclosure, Loan modification | admin April 25, 2010
