According to DSnews.com...
Following in the heavy and reverse-motion steps of GMAC Mortgage, JPMorgan Chase has stopped foreclosures in 23 states to review the accuracy of its filings.
According to the bank, the cases may contain “defects” and “flawed paperwork” which could give homeowners reason to contest court-ordered evictions. JPMorgan’s foreclosure suspension affects some 56,000 borrowers.
GMAC triggered what looks like it could be a domino effect when the company announced last week that it was suspending foreclosure actions and REO sales in judicial states because of some paperwork (and human) errors in its filings.
The sheer volume of foreclosure cases materializing out of the housing crisis seems to have given rise to what’s being called the “robo-signers” – servicing execs that mechanically sign off on foreclosure actions and push them through the assembly line thousands upon thousands a month, without abiding by clearly defined laws, such as having the signature notarized and ensuring they have personal knowledge of the information’s accuracy.
Read the whole article HERE
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