Chase, GMAC Suspend Foreclosures, Other Lenders May Follow

Suspect handling of mortgage documents brings validity of foreclosures into question.

2010-10-20

FORT MYERS, FL, October 20, 2010 (Press-News.org) JP Morgan Chase and GMAC have both suspended actions against homeowners in foreclosure cases across the country due to questions about the legitimacy of affidavits signed by bank officials. It is likely that other lenders will announce similar foreclosure freezes as the investigation into these actions continues. Florida has been one of 23 states affected by the scandal.

The action in question is the use of robo-signers by several major lending companies. These robo-signers would regularly sign massive numbers of affidavits, assignments of mortgages, and other documents intended to establish the bank's ownership of the mortgage and its subsequent right to foreclose on the property without ever reviewing the documents to verify their validity. In a sworn deposition, Jeffrey Stephan, a robo-signer working for GMAC, has acknowledged that in some months, he would sign as many as 10,000 foreclosure documents without reviewing the details on the page.

Chase has suspended 56,000 foreclosure cases pending a review of these documents. GMAC has halted eviction proceedings on thousands of cases as well. Matthew Toll, a Fort Myers foreclosure lawyer at Lusk, Drasites, Tolisano & Smith, P.A. says these actions are symptomatic of a much larger problem with the regulation of our financial institutions.

"There seem to be two systems of law - one for foreclosures and the other for every other type of case, and the banks have been elevated to 'preferred status,'" says Mr. Toll. "If banks are permitted to file fraudulent affidavits for the purpose of expediency, we need to think about how this attitude will affect the future of our system of jurisprudence."

Several counties in South Florida have been hit particularly hard by this wave of foreclosures. Currently, there have been more than 26,000 foreclosures filed in Broward County this year. Chase has more than 4,000 cases pending in Broward County, while GMAC has 865. In Palm Beach County, Chase has filed more than 2,100 foreclosures already this year.

The Fort Myers foreclosure lawyers at Lusk, Drasites, Tolisano & Smith are currently accepting cases for individuals who feel they have been victimized by these fraudulent foreclosure practices. It is important for homeowners to seek experienced legal representation in these claims to ensure their rights are properly protected.

Lusk, Drasites, Tolisano & Smith have been protecting the rights of Southwest Florida residents since 1982. Located in Cape Coral, Florida, the firm specializes in handling claims for individuals facing home foreclosures. For additional information, please visit their website at www.attorneyscapecoral.com.

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Chase, GMAC Suspend Foreclosures, Other Lenders May Follow

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