JPMorgan Improperly Overcharges and Forecloses on Veterans
JPMorgan Improperly Overcharges and Forecloses on Veterans
JPMorgan Improperly Overcharges and Forecloses on Veterans
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January 18, 2011 (Shirley Allen)
mortgage-veterans-image
JPMorgan Chase reported yesterday, they overcharged roughly 4,000 troops on their mortgages and improperly foreclosed on 14 of the families. The bank has admitted it had made the mistakes and is trying to correct the problem, and as a result, Chase said it will be sending roughly $2 million in refunds to families that have been overcharged and will give back the homes that were improperly foreclosed.

Under the Servicemembers Civil Relief Act last amended in 2003, lenders can be required to lower mortgage rates for active-duty military personnel to 6% and cannot pursue a foreclosure.

According to a report from NBC News, Chase was slow to make the change for many of the families, including charging a Marine Captain, Jonathan Rowles, as much as 10% and hounding him with debt collection calls for as much as $15,000 in arrears.

“I’m concerned and troubled over JP Morgan Chase’s disclosure,” Iowa Attorney General Tom Miller said. “Our deployed men and women should focus on their deployment. Neither they, nor their families, should have to endure this kind of financial distraction back home.”

The Rowles case against Chase is still pending, but the bank said it had made the mistakes and is trying to correct the problem.

“We made mistakes here and we are fixing them,” a Chase spokeswoman Kristin Lemkau said.

Chase claims it is reviewing how it services loans to military personnel, and it has implemented a team that works only for these borrowers, however according to Rowles’ attorney, that isn’t enough.

“These are people who are in active duty. These are people fighting for us. The suit is going forward,” Harpootlian said. “Chase got caught. It’s a good first step, but it’s not enough.”

Tags: veterans mortgage, foreclosure, lower mortgage rates, active duty veterans

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January 18, 2011 (Shirley Allen)
mortgage-veterans-image
JPMorgan Chase reported yesterday, they overcharged roughly 4,000 troops on their mortgages and improperly foreclosed on 14 of the families. The bank has admitted it had made the mistakes and is trying to correct the problem, and as a result, Chase said it will be sending roughly $2 million in refunds to families that have been overcharged and will give back the homes that were improperly foreclosed.

Under the Servicemembers Civil Relief Act last amended in 2003, lenders can be required to lower mortgage rates for active-duty military personnel to 6% and cannot pursue a foreclosure.

According to a report from NBC News, Chase was slow to make the change for many of the families, including charging a Marine Captain, Jonathan Rowles, as much as 10% and hounding him with debt collection calls for as much as $15,000 in arrears.

“I’m concerned and troubled over JP Morgan Chase’s disclosure,” Iowa Attorney General Tom Miller said. “Our deployed men and women should focus on their deployment. Neither they, nor their families, should have to endure this kind of financial distraction back home.”

The Rowles case against Chase is still pending, but the bank said it had made the mistakes and is trying to correct the problem.

“We made mistakes here and we are fixing them,” a Chase spokeswoman Kristin Lemkau said.

Chase claims it is reviewing how it services loans to military personnel, and it has implemented a team that works only for these borrowers, however according to Rowles’ attorney, that isn’t enough.

“These are people who are in active duty. These are people fighting for us. The suit is going forward,” Harpootlian said. “Chase got caught. It’s a good first step, but it’s not enough.”

Tags: veterans mortgage, foreclosure, lower mortgage rates, active duty veterans

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
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January 18, 2011 (Shirley Allen)
mortgage-veterans-image
JPMorgan Chase reported yesterday, they overcharged roughly 4,000 troops on their mortgages and improperly foreclosed on 14 of the families. The bank has admitted it had made the mistakes and is trying to correct the problem, and as a result, Chase said it will be sending roughly $2 million in refunds to families that have been overcharged and will give back the homes that were improperly foreclosed.

Under the Servicemembers Civil Relief Act last amended in 2003, lenders can be required to lower mortgage rates for active-duty military personnel to 6% and cannot pursue a foreclosure.

According to a report from NBC News, Chase was slow to make the change for many of the families, including charging a Marine Captain, Jonathan Rowles, as much as 10% and hounding him with debt collection calls for as much as $15,000 in arrears.

“I’m concerned and troubled over JP Morgan Chase’s disclosure,” Iowa Attorney General Tom Miller said. “Our deployed men and women should focus on their deployment. Neither they, nor their families, should have to endure this kind of financial distraction back home.”

The Rowles case against Chase is still pending, but the bank said it had made the mistakes and is trying to correct the problem.

“We made mistakes here and we are fixing them,” a Chase spokeswoman Kristin Lemkau said.

Chase claims it is reviewing how it services loans to military personnel, and it has implemented a team that works only for these borrowers, however according to Rowles’ attorney, that isn’t enough.

“These are people who are in active duty. These are people fighting for us. The suit is going forward,” Harpootlian said. “Chase got caught. It’s a good first step, but it’s not enough.”

Tags: veterans mortgage, foreclosure, lower mortgage rates, active duty veterans

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.