The LA Times reported recently that Chase bank is going to start resuming foreclosing on people who have stopped making mortgage payments. The large financial company headed by Jamie Dimon had temporarily stopped foreclosure proceedings in over 40 states.
Now it appears that Chase will resume the necessary legal work in 23 states starting in mid-November (just in time for the holidays). But California has a more streamlined process and Chase is still working on kicking out people in that state.
If you've had any luck in delaying your foreclosure with a show the note strategy---Leave a comment below.
This local California family with 9 kids went to the extreme to keep their foreclosed house. They originally purchased the house many years ago for over $500,000 and eventually borrowed over $1 million on the property---Needless to say, after a little while they fell behind on their monthly payments and got evicted.
Well after foreclosure-gate and the wrath of the robo-signers signing fraudulently on loan documents the family of Jim and Danielle Earl hired a lawyer so that they could stay on Mustang Drive. Well they managed to get a locksmith to open up the house for them and they moved in---effectively squatting in their old residence. Which must tick off the investor who acquired the property, invested tens-of-thousands of dollars in fixing it up prior to selling it to a new owner... The Earls managed to break in before the new family took position.
In my opinion, the Earls are fully taking advantage of the situation... They borrowed $1 million and now want to own the home free and clear with out paying anything. I think they are delaying the inevitable; but this situation may cost the title insurance company a lot of aggravation seeing as how the title has been based to 2 different people after the Earls.
