JPM Chase Won't Evict 104 Year Old Atlanta Woman

Once the local media gets involved it is kind of tough for Chase (or Deutsche Bank) to foreclose on a 104 year old woman's house. The elderly lady has lived there for over 50 years with her 80 year old daughter. But somewhere along the line, a family member took out a loan on the home and didn't pay the mortgage. The bank recognizing a bad PR move around the holidays decided to call off the sheriff deputies and moving van in order score points with Atlanta's citizenry.

How does the foreclosure review process work?

If you went through any part of the foreclosure process during 2009 or 2010, you are eligible to have your mortgage foreclosure process reviewed by a government inspector to see if the bank acted appropriately. Probulica has an interesting Q&A that addresses many of the issues and concerns that you might have. The government website is kind of basic and cumbersome, so if you have issues or comments be sure to share them below. The consumerist said it well: ProPublica's Paul Kiel dissects the various flaws on the new review process. First off, no one is providing a definitive list of which particular lender errors would be worthy of offering the homeowner some sort of compensation. Furthermore, it has yet to be made clear about what that compensation would end up being. Is it cash? Or maybe just a cleaned-up credit report? Beyond that, there is also the issue of the 5-page Request for Review form that can be filed by people who believe they were given a raw deal during the foreclosure process. In addition to the standard questions the homeowner should be able to answer, there are open-ended questions like "Describe any other way in which you believe you may have been financially injured as a result of the mortgage foreclosure process," that may require the input of someone more savvy about lending terminology and foreclosure law.

How to Delay a Mortgage with a QWR

You have a right to a timely and thorough response to your written inquiries. Banks wish you never heard of a Qualified Written Request (QWR). Under Section 6 of RESPA is a requirement that lenders must acknowledge your inquiry within 20 days and respond thoroughly to your inquiries within 60 days. This request for a modification, there is a way to hold their feet to the fire. By sending a qualified written requestsuch as your hardship letter, request for additional concessions and request for itemization of feesyou force the banks to respond in a timely manner. This gets you priority in an overworked or understaffed loss mitigation department.

The man who foreclosed on Bank of America

The Daily Show With Jon Stewart	Mon - Thurs 11p / 10c
The Forecloser
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John Oliver of comedy central's "The Daily Show" filed a report on how the Bank of America foreclosed on a couple that had paid cash for their house. This Florida couple never had a mortgage let alone a home loan with Bank of America. Nonetheless, the bank foreclosed on the couple.

After they dealt with the issue at some level of expense, the married couple hired a rookie lawyer to try and get their money back from the North Carolina financial institution. The bank ignored their requests for months, so the couple foreclosed on their local BoA branch, hired a moving a company and went to the location with a Sheriff to foreclose and confiscate the banks furniture and other assets to get the value of their judgement.

Needless to say, after a few phone calls BoA cut the couple a check. While this skit has a lot of laughs, the story is all still true.