Military Foreclosure
Families Suing JPMorgan Chase Over Illegal Foreclosure On Active Military Personnel
I’ve been described as a patriot, and a strong supporter of our troops who are fighting in the War on Terror overseas. So it is upsetting to hear that JPMorgan Chase was recently involved in illegal foreclosures on active military personnel. Basically under federal law, a majority of active troops can get the interest rates on their mortgage reduced to 6 percent, and the banks cannot foreclose. This is a part of the Service members Civil Relief Act.
This week, Chase announced that it had been charging the wrong interest rates to over 4,000 servicement who had been granted teh 6 percent rate, that error resulted in 14 illegal foreclosures.
Chase announced they would refund about $2 million to the families they overcharged, and that 13 of the 14 improper foreclosures had already been resolved. Now, while 13 of those 14 families (supposedly) have roofs over their heads again, the fact that it happened in the first place is disturbing. Illegal foreclosure is a problem that has come to light recently as a result of the robo-signing scandal.
While Chase officials are declining to give interviews, they released this statement: “While any customer mistake is regrettable, we feel particularly badly about the mistakes we made here.”
Good job, Chase. We’re glad you feel bad about what you’re mistakes. Now what do you plan on doing about it?
At least one of the families affected wants an answer, they’ve filed what they hope will become a class action lawsuit against Chase. In the words of their attorney Dick Harpootlian, a former prosecutor, “Everybody that got caught taking money that wasn’t theirs always said they were sorry, offered to give it back and call it even. And that is just not what should happen in cases like this.”
I can’t even imagine what the families of these active duty military personnel had to go through. It’s hard enough to have to deal with the thought of a loved one serving overseas without worrying about losing your home too. Not to mention the incredibly unnecessary stress added to the already difficult lives of the soldiers affected.
If you’re facing foreclosure , there is help (and not just for military personnel). There are sections of the bankruptcy code which allow you to reorganize your debt, while keeping a roof over your family’s head and food on the table.
About the Author
James Brown is a personal bankruptcy attorney in St. Louis, Missouri. He has filed over 30,000 bankruptcy cases and published many books and articles. You can request his
free Missouri and Illinois bankruptcy guide
for the best tips on how to prepare for your bankruptcy and find a great bankruptcy attorney.
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