After luring potential and current homeowners in with the promise of low payments, many mortgage companies have now jumped quickly at the chance to foreclose on homes in which payments have faltered. According to a Reuters.com article, Connecticut’s attorney general has recently asked state courts to freeze home foreclosure proceedings for 60 days while the business practices of mortgage companies, namely JPMorgan Chase & Co, are investigated. This is on the heels of borrower complaints that they were misdirected by their lenders.
According to the article, deceptive lenders first acquired business from unsuspecting homeowners by offering adjustable mortgage rates, which began with low payments but soon escalated to larger payments. Now, investigations are being conducted into how foreclosure proceedings are being handled. This is primarily because foreclosure documentation is being submitted incorrectly by mortgage companies, possibly because they either don’t fully understand the provisions of the documentation or are simply attempting to unfairly expedite the foreclosure process. Either way, it appears as though some individuals are having foreclosure thrust upon them without a completely valid reason.
Economic uncertainty has led to foreclosures and bankruptcies all across the country. For residents in New Jersey, the risk of losing their homes is at an all time high, particularly if an unethical mortgage company is involved. For more information about foreclosure in New Jersey, please contact the experienced New Jersey foreclosure resolution attorneys at the Law Offices of Robert Manchel. Our foreclosure attorneys will help you make the best possible decisions in regard to your financial future. Call us today at 866-503-5655.