JPMorgan Chase to Restart Suspended Foreclosures (Carrie Bay)

Nov. 4, 2010 (DSNews) -- JPMorgan Chase will begin re-filing affidavits later this month for some 127,000 foreclosures that have been on hold because of “robo-signing” issues.

Charlie Scharf, head of the bank’s retail financial services unit, told a group of analysts and investors at a conference in Boston Thursday that the company will begin resubmitting affidavits in these cases within “the next couple of weeks.”

JPMorgan stopped foreclosure proceedings in 40 states on roughly 127,000 loans in early October – 38,000 of which are in non-judicial states. Evictions of an additional 8,200 occupied REOs were also stopped.

Scharf says his company risks losing a couple million dollars each month the foreclosure proceedings are delayed. The re-filings should begin by mid-November and will take at least three to four months to complete, according to Scharf.

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