Wrongful foreclosure lawsuit hits JPMorgan Chase
The foreclosure crisis has claimed the homes of many Atlanta area residents in recent years. While the housing bubble and its subsequent burst are very complicated matters, we now know that systematic wrongdoing on the part of banks was a factor in the crisis. Improper foreclosures have, unfortunately, likely impacted many families here in Georgia.
A wrongful foreclosure trial that is taking place in Oregon brings some of these issues to the forefront.
The case is the first wrongful foreclosure complaint to reach a jury in that state. It involves a couple who are accusing Chase Home Finance of prematurely and unfairly foreclosing on their home.
In 2008, according to the lawsuit, they ran into financial trouble and asked Chase for a loan modification on their mortgage. At the time, they were current on their mortgage and a Chase representative told them that they would need to miss a few payments in order to qualify for a modification.
This, however, did not end up leading to a modified payment plan–it resulted in foreclosure, according to the lawsuit.
Chase maintains that it does not have any record of telling the couple to halt payments.
The future of this case remains to be seen, but it is yet another example of a potentially absurd foreclosure process.
Borrowers do have the right to be treated fairly by banks, and not to be forced through a foreclosure when a reasonable modification is possible. Unfortunately, allegations like those in the case discussed above are not rare. Homeowners here in Georgia who are struggling to make their mortgage payments or to come to agreements with their lenders may benefit from seeking legal advice from a foreclosure prevention and bankruptcy attorney.
Source: oregonlive.com, “Foreclosure trial pits Washington County couple against JPMorgan Chase,” Brent Hunsberger, July 17, 2013
Posted on behalf of
1718 Peachtree St NW, #385
Atlanta, GA 30309
Phone: (404) 685-8800