JP Morgan Chase Bank

[Shu]

I read an article today on MSNBC that JP Morgan Chase Bank admitted to overcharging and foreclosing homes of service members while they were deployed . B of A has done the same thing. Hopefully the Fed will actually do something this time to them instead of just give them more bail out monies. Chase and Bof A are both in violation of federal laws in this area.

All of this came to light after a Marine Captain sued them. Seems they charged him about 15 k interest they shouldn't have. Not to mention harrassed his wife with threatening calls of bill collections, and foreclosure scares. Apperantly they called at all hours of the day, weekends and holidays.

[Conan The Librarian]

That's what collection agencies do. Don't blame them. The issue is that some piece of perhaps flawed information triggered the calls. Collection agencies use whatever they have as resources to make the collection. For example, if a doctor fails to pay his student debt, the collection agency can cause him to lose his license to practice medicine. More than likely the bank got it right, and they were doing what they would do with anyone else who defaults on a loan.

I don't see anything sacrosanct about military people and their mortgages. If they can't pay, they can't pay. What's the bank supposed to do? Give them the house? Deployed or not, the contract says that payments are due monthly, and on time.

[Shu]

Im sorry I didnt add all the info. When an someone activates from the reserves and are deployed thier mortgages are supposed to be locked down from adjustable to 6%. Chase was charging 9-10% on the Marine Captain and yes they were making the payments.

My bad on lack of info.

Yes regardless the house payment has to be made. You are correct sir.