It appears that all of you that have experienced a foreclosure better get your paperwork together for review. It’s finally happened. Big banks are being held accountable for their actions; their shady actions. JP Morgan Chase has been caught not reviewing their documents before sending down a foreclosure, but they’re not alone. There are others that have been caught sleeping on the job and now 50,000 foreclosures over at JP’s is coming to a halt. For instance, the Associated Press reported that GMAC employee Jeffrey Stephan said “he signed 10,000 documents a month without personally verifying the mortgage information.”
In May, JP Morgan employee Beth Ann Cottrell revealed, via deposition, that ”her staff of eight signed approximately 18,000 legal documents a month without reviewing every file.” Do you realize how many people were put out on the street because they didn’t feel like doing their job? If two major banks like JP Morgan and GMAC can find 50,000 people that this has happened to, imagine how many others are being hoodwinked.
Read here for more details and find out who your loan belongs to because JP Morgan and Fannie Mae can’t keep their loans straight. Two homeowners couldn’t be foreclosed on in Florida because JP took the money, but Fannie Mae put together the loan and JP is on the books as the owner of the loan. Go figure! Is that your problem too? Find out.