NY Times – JPMorgan Suspends Foreclosures Amid Document Review

JPMorgan Suspends Foreclosures Amid Document Review

The bank is the second major company to take such action this month, underscoring a growing legal problem about identifying the holder of the original mortgage note. The issue could stall an already overloaded foreclosure process. Analysts do not expect the delays to reduce the number of foreclosures in the long run.

“It will probably slow things down for a couple months while these documents are reviewed,” said Rick Sharga, a senior vice president at foreclosure listing service RealtyTrac Inc. “It won’t stop things.”

“It won’t stop things.”

How much you wanna bet???

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Comments
3 Responses to “NY Times – JPMorgan Suspends Foreclosures Amid Document Review”
  1. Yesterday I spoke to several plaintiff’s lawyers who represent Bank of America, and as of 2:00 pm none of them had been told to put any files on hold. In fact, I believe more than a dozen new cases were filed in my county alone on behalf of bank of America. I suspect that what we might see is a delay in SETTING SALE DATES ON FORECLOSED HOMES, not a delay in judicial proceedings.

    http://www.facebook.com/MediatorKen

  2. Michael says:

    RealtyTrac, Inc = the Mortgage Bankers Association, the people (using the term loosely) who brought us this mess.

    You’d think people would’ve learned to stop listening to them by now.

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