Chase and GMAC Put a Halt on Foreclosures


  • This delay will back up the already clogged waters of foreclosure.
(7 Votes)

Are They Holding Back Recovery Also?

Well, it’s sort of a, “good news, bad news” scenario. Let’s start with the facts:

  1. Both the GMAC Mortgage Corporation and Chase Bank have decided to stop the sale of foreclosures across the country to review some of the processes.
  2. They will mainly be looking over document signing and other papers.
  3. The suspension of these foreclosure proceedings will have an artificial positive effect on new foreclosure filing numbers for the coming months.

The Good News…

The setback will give some homeowners a chance to stay in their home longer than expected. For some, this could be an opportunity to solidify plans to keep the home or come up with an alternative solution. For the rest who have already decided to abandon home ownership or cannot find another solution, the extension will have little effect, except to draw out the inevitable.

The Bad News…

An unfortunate result of this delay in the process is that it will back up the already clogged waters of foreclosure. This, many believe, is bad news for the recovery effort. I must agree. If you’ve been affected by the suspension of your foreclosure, I recommend looking at all your options before making a decision.

Get Mortgage Rates!
(7 Votes)

People also like to Read

Betsalel Cohen

Mortgage programs have different minimum credit score requirements. However, lenders often have stricter rules. It is importa... Read more >>

Daniel Cohen

FHA Loans | FHA Loans are extremely popular for first-time homebuyers. Some of the huge benefits, including low down payments... Read more >>

Betsalel Cohen

Mortgage Basics - Down-payment, Equity, and LTV | Learn about mortgage terms relating to your property's value and how it aff... Read more >>

Betsalel Cohen

Whether you are refinancing or buying a home you will ask yourself if you can afford the mortgage. Learn to prepare and evalu... Read more >>

Betsalel Cohen

Qualify for a Mortgage | You can get qualified for a mortgage and the best rates by preparing yourself. Make sure that your c... Read more >>

Mark Cappel

Applying for a mortgage with bad credit and a spouse isn't as difficult as you may think. Learn the what lenders look for whe... Read more >>

Betsalel Cohen

PMI | If you are looking to buy a house and take a mortgage loan with a low down payment then PMI can...... Read more >>

Brad Stroh

Refinance My Home? If you are asking 'Should I refinance my mortgage?' or 'Is refinancing my home a good?', then check out ... Read more >>


1500 characters remaining
  • LM
    Jul, 2011
    Pembroke Pines, FL
    So many people are faced with this problem. Why don't the banks work with the people that can afford a lower mortgage and help them stay in their homes? After all, the bank got their bailout. Where is our government? The citizens need help and where is our government and our President, when his people are suffering? A lot of talk, but no action. A lot of talk but no action
    1 Votes