JPMorgan Chase Expands Foreclosure Review
The bank is already reviewing 56,000 foreclosure documents in 23 states that need a judge to sign off on a foreclosure. Now, JPMorgan is expanding the review to states that don't require a judge's approval, CNNMoney said without naming its sources.
Lenders will foreclose on 1.2 million home this year as high unemployment and falling home values leave many borrowers unable to keep up with payments.
In its initial review, JPMorgan Chase asked the courts to not enter judgments until it had completed its review of documents. That means these homes cannot be sold until the review is complete.