Ohio Judge Follows JPMorgan’s Advice And They Promptly Throw Him Into Foreclosure
(THE DAILY BAIL) It’s the loan modification bait and switch…
- “We won’t consider your case if you’re current on your mortgage.”
- “Now that you are behind on your payment, we have denied your modification, and have started foreclosure.”
- Thank you for banking with JP Morgan Chase.”
What’s shocking, well maybe not so much for Jamie Dimon’s operation, is that they did this to a judge.
Even more shocking? That Bank of America didn’t do it first.
Ohio Judge Follows JPMorgan’s Advice, Ends up in Foreclosure
Ohio Judge Peter Sikora was looking to take advantage of the lowest mortgage interest rates in decades and refinance his eight-bedroom, lakefront Cleveland home, so he contacted his bank, JPMorgan Chase. With property values in decline in Cleveland, Chase said no to refinancing but told the judge to apply for a loan modification instead. The judge followed JPMorgan Chase’s advice to the letter and as a result has fallen a year behind on his nearly $1 million mortgage… hasn’t paid his property taxes… and now has ended up in foreclosure.
- “The bank advised me that the only way they would consider a loan modification would be if I fell behind on my payments,” said Sikora, 59, a judge since 1989. “I took their advice and put the money aside.”
Sikora said he was surprised when, in June, during the middle of negotiations, JP Morgan Chase filed the foreclosure lawsuit against him seeking $999,000, including $6,400 in unpaid property taxes.
“It’s unfortunate that it’s gotten to this situation,” Sikora said. “I’ve been talking with them for more than a year, but the bank hasn’t been responsive.”
The attorney for JP Morgan Chase did not return a phone call.