Further to my post of this morning on cases where JP Morgan Chase is trying to reduce foreclosures of homes owned by military families, NBC News reports that Chase has: 1.)Agreed to lower the interest rate it charges to active duty military personnel to 4%; 2.) Establish an enhanced loan mod program for anyone serving in the mil from September 11, 2001 (not a misprint)(This will be for anyone on active duty having trouble making the payments on a JPM Chase loan.); 3.)establish a 24/7 hotline staffed by mortgage experts so military members can talk with someone about their individual mortgage issues on a JPM Chase loan; 4.)Not foreclose on any active duty mil personnel (as I noted in today's earlier post); 5.)donate over one thousand homes to mil families and vets over the next five years; and 6.)help out vets seeking employment by offering more jobs for military vets.
This action by Chase, along with its admission that it had overcharged about 1,000 mil personnel and wrongly foreclosed on at least 14 of them, has also triggered at least one Congressional hearing and a possible criminal investigation by the South Carolina attorney general (officially unconfirmed by the atty gen of SC). The reason for the Congressional hearing and the possible S. Carolina investigation is that active duty personnel are statutorily protected from many mortgage issues under the Federal Service Members Civil Relief Act. This law generally sets a maximum interest rate for mortgages at 6% per annum for such service members, and precludes foreclosures against their homes.
If you think you've been similarly victimized and are on active duty, you should contact your Congressman or Senator, and possibly an attorney.
Good luck.
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