Military Families Get Overcharged Mortgage

January 26, 2011 / Russell Legato, Residential Property Analyst

A congressionally chartered mutual-aid veterans organization of the United States armed forces— American Legions is calling unto all financial institutions across United States to be easy on military families and their mortgages. The organization wants to make sure that financial institution complies with the Servicemembers Civil Relief Act (SCRA) for military families.

Military Families Get Overcharged Mortgage

A report last week was made regarding an overcharging of about 4,000 military families on their home loans made in JP Morgan Chase, one the largest bank in America.

The bank is said to have closed improperly about 14 homes of military families.

According to the national commander of The American Legion, Jimmie Foster, discovering that banks may possible violated the laws that is intended to lift- up financial pressure on servicemen and military families is a sad situation.

The largest U.S veterans service organization is encouraging JP Morgan to make restitution to these military families that were unjustly overcharged, which came out in the public because a lawsuit filed by Marine Corps Capt. Jonathan Rowles regarding the bank’s overcharging.

In response to the veterans organization’s query, Kristin Lemkau, JP Morgan’s chief operating officer, about $2 million worth of refunds are in the processing of releasing to almost 4,000 homeowners, which are overcharged with high interest rates.

And for the 14 military families who got their homes foreclosed, Lemkau said, about 13 of the cases were now resolved, and still working on the remaining case.

JP Morgan now has a trained team dedicated for its service men clients and military families, because they also want what is best for them, said Lemkau.

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