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Eight million people are at risk of losing their homes because Wall Street abandoned responsible lending practices to gain short-term profits. The housing crisis is not just a problem for families facing foreclosure - it's a problem for every homeowner in America. As long as foreclosures persist, home values will keep going down, and everyone loses.

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JP Morgan Chase Continues Foreclosure Proceedings Despite Promised Freeze

Published
by
nhavey
on February 27, 2009
in Content
. Tags: , , , , .

A greedy father has thieves for children - Serbian Proverb

Can we trust the banks? I guess we are leaning the answer to that question - or we will soon enough. As part of the Fighting for Our Homes Campaign, we documented the story of Gaila, who is being foreclosed upon by wholly-owned JP Morgan Chase subsidiary, EMC Mortgage. Gaila said an eviction notice was posted on her property this past weekend - while the supposed ‘freeze on foreclosures’ was in effect. In Gaila’s case however - betraying the ‘freeze’ is a minor offense compared to the havoc JP Morgan Chase’s EMC is wreaking across the country.

As it turns out - EMC has quite the track record. Along with Bear Stearns, they paid $28 million to settle with the FTC on charges of unlawful mortgage servicing and debt collection practices in September of 2008. They are featured on a site called the Ripoff Report, where there are 261 complaints about EMC Mortgage, including customers being penalized for being “late” when they weren’t, repeated phone calls, rude treatment, no help with mortgage modifications and numerous other problems. We also saw news reports about how EMC treats its customers, testimonials from customers, and even firsthand accounts from former employees.

So now, in addition to using TARP money to buy jets, throw parties, redecorate offices and bailout the NBA before lending money to struggling small businesses and helping homeowners (the purpose of the TARP funds), it looks like the greedy fathers of the financial industry in America are looking the other way as their wholly-owned subsidiary children continue to rob us blind.

Viewing 7 Comments

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    Why to give a chance to the Banks to forclouse our homes,
    just give the monthly payment of ur respective mortgages and stay cool.
    And in the ever future, If u find that now the Interest rate or monthly payment are not good or if their is a value increment in your house, just go for a Refinance or Loan modification of ur mortgage........ "this will ease ur worries".
    And if u think that U need the help for ur mortgage or debt in reference to settle it, u can go ahead to take the help of Debt or Mortgage management companies.
    they will negotiate with your lenders or creditors on your behalf and provide the best with a very nominal fee.
    --------------------------------
    Shawn Matthews
    foreclosure auctions
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    Normally, debt forgiveness results in taxable income. However, under the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude up to $2 million of debt forgiven on your principal residence. The limit is $1 million for a married person filing a separate return Karls Mortgage Calculator. Taxpayers may exclude debt reduced through mortgage restructuring, as well as mortgage debt forgiven in a foreclosure. To qualify, the debt must have been used to buy, build or substantially improve your principal residence and be secured by that residence. Refinanced debt proceeds used for the purpose of substantially improving your principal residence also qualify for the exclusion.
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    I feel everyone's pain. We have been in constant contact with Chase, and it just takes time with the whole process!! We received our 1st FC notice today so the game plan is to call tomorrow to see what our next step is!
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    So where is the $1,400 payments that we're made previously. Something here is not adding up. Either there is information not being conveyed or EMC is truly a bunch of crooks have taken the $1,400 in payments and have not applied them. Also, before any home can be taken away by law there will be 3 foreclosure notices before any home is foreclosed upon and any type of eviction can take place.

    If her statements are true, I am sure it wouldn't be difficult to find a lawyer to take the case.
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    First of all, her statements are very true! I also was a victim of this same type of practice from EMC, and know of several others in the same position. EMC was taking automated debits from my account every month (I have bank statements) and they said we had not made a payment for 6 months. We never could get the mess fixed and they eventually foreclosed on our home. We had a lawyer and our still fighting them.
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    A moratorium on foreclosures does not mean that the legal process will stop. The time you have to respond to a summons or complaint is not tolled because there is a so called moratorium. It does not mean that the mortgage company or servicer will continue to proceed to judgment. They will simply not execute their judgments until the moratorium is lifted. Then they will execute them all and have the biggest Sheriff Sales ever!
 
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