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Ohio Judge Follows JPMorgan Chase?s Advice, Ends up in Foreclosure

By Implode-Explode Heavy Industries

"Ohio Judge Peter Sikora was looking to take advantage of the lowest mortgage interest rates in decades and refinance his eight-bedroom, lakefront Cleveland home, so he contacted his bank, JPMorgan Chase. With property values in decline in Cleveland, Chase said no to refinancing but told the judge to apply for a loan modification instead. The judge followed JPMorgan Chase?s advice to the letter and as a result has fallen a year behind on his nearly $1 million mortgage? hasn?t paid his property taxes? and now has ended up in foreclosure."

Full post as published by Mortgage Lender Implode-o-Meter on January 12, 2011 (boomark / email).