Chase to restart foreclosures in the next few weeks
Chase has indicated that it plans to restart foreclosures in the next two weeks.
JPMorgan has also separately stopped 127,000 foreclosures in 40 states, up from 115,000 disclosed last month, while it reviews those files to correct any errors in the documents, Scharf said. JPMorgan will begin re-filing paperwork in a few weeks, he said.
Refiling Process
“It’s going to take three or four months or so to get all these documents re-filed,” Scharf said. “It’s state by state. It’s not just the affidavits that have to be re-filed.”
He said the bank doesn’t yet know what the latest foreclosure problems will ultimately cost the company, which is in talks with state attorneys general investigating whether banks have improperly seized homes. “The delay itself could cost us up to a couple hundred million dollars a month or so just in additional work that has to get done,” Scharf said.
Foreclosure | admin November 4, 2010
