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"The median monthly payment reduction for borrowers enrolled in
the (HAMP) program is $522" - DSnews.com

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JPMorgan to start resubmitting foreclosures



JPMorgan will start re-submitting all their foreclosures that was put on hold due to the "robo-signing" problem. This will take affect toward the end of the month.  Bank of America and GMAC have already begun resubmitting their foreclosures.  JPMorgan had realized that the 2 major issues that caused them to put the foreclosure process on hold were that homeowners had no understanding of what was going on after the home was approved and recorded.  The second problem was that documents were being notarized "without being properly witnessed." JPMorgan explained that prior to a client being foreclosed on, it is first determined if they will qualify for a Loan Modification. Each customer is thoroughly analyzed to see if they would be eligible for a loan modification. A homeowner who is being foreclosed upon has usually not made a mortgage payment in over 14 months.