The number of foreclosure filings, including for JP Morgan Chase homes and other bank foreclosures, increased in July 2010 compared with the previous month. The rise is estimated at 4%.
Increased activities in the new homes market during the second quarter of 2010 is helping to keep the balance in the housing market despite Houston foreclosures still posting high numbers.
Fannie Mae and Freddie Mac have been pressurized to suspend foreclosures so that borrows can explore loan modification. But they defend the dual track system of pursuing both loan modification and foreclosure as beneficial for all concerned.
Amid the high number of bank owned home foreclosures in Virginia, goodwill is shown by Chase after the bank expressed an intention to reverse foreclosure on one of the area's families.
In line with the company’s plan to provide foreclosure assistance to its borrowers, JP Morgan Chase has decided to hold off foreclosure --- at least for 90 days.
Top government agencies are getting together to investigate the foreclosures crisis. US banks being probed for faulty foreclosure practices could face fines or criminal action, according to the OCC.
A foreclosure freeze for the succeeding 90 days is declared by JPMorgan Chase as their move towards the improvement of foreclosure problems nationwide starts.
Five major lenders in the nation are set to arrive at separate agreements with the team of Attorney Generals of 50 states regarding foreclosure procedures. The team is pursuing civil action rather than criminal action against these lenders.
The Attorney General's Office in Arizona has launched an informative video designed to educate homeowners about bank foreclosures, including JP Morgan Chase home foreclosures.
Illinois foreclosures could surge again with the state owing close to $4.7 billion in unpaid bills and a general revenue balance of negative $4.69 billion as of June.
Property owners have called on local officials to work the factor of South Carolina foreclosures into property tax rates. High end homes are reportedly taxed using pre-recession rates.
Lenders try to give hope for troubled homeowners by planning new programs to put a temporary stop to foreclosures, but experts say that the worsening housing market problem needs more drastic measures.
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