Chase faces more pressure to stop all foreclosures
Chase has so far announced that it is temporarily halting 56,000 foreclosures in 23 states due to incorrect documentation procedures, but new developments are putting pressure on Chase to extend their foreclosure moratorium further.
In particular, Bank of America has announced it is halting all foreclosures in all states to investigate documentation irregularities and at least one title company has singled out Chase and announced it won’t be insuring the title for any purchases of homes foreclosed upon by Chase until the issues have been resolved.
Additionally, California is the latest of at least 9 states that have announced they are investigating the matter.
Update: While Chase has not said it will widen its foreclosure moratorium past the current 23 states, it has stated (WSJ 10/9/10) but it claims to be “widening” its document review beyond those 23 states.
For people facing foreclosure, it may be a good time to request a review of all documentation related to the foreclosure. In other words, make them show what they have and specifically challenge whether the people who claim to have reviewed the documents actually did.
Foreclosure | admin October 8, 2010
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