Ohio judge follows JPMorgan Chase’s advice for loan mod, ends up in foreclosure

Written by Biloxi

“The bank advised me that the only way they would consider a loan modification would be if I fell behind on my payments,” said Sikora, 59, a judge since 1989. “I took their advice and put the money aside.”

Who would ever thought that man who abide by the law and is the law would get screwed like some many distressed homeowners by the banks. This tells you that judges are human beings, and they, too, can get behind in mortgage payment. I only hope that the Judge Peter Sikora's case gets media attention since currently we have state and federal judges that are listening to homeowners' case like the Judge Sikora who are weighing into whether banks committed fraud or provided fraudulent documents to the court in foreclosure cases.

According to Cleveland Plain Dealer,  

A Cuyahoga County Juvenile Court judge faces foreclosure on his eight-bedroom, lakefront Cleveland home after falling a year behind on a nearly $1 million mortgage and property taxes.


Judge Sikora was seeking a refinance because of the low mortgage interest rates. JP Morgan Chase declined him, and they instead offered him a loan modification. Judge Sikora was told like so many homeowners' stories to fall behind in his payments in order to qualify for a loan modification.

Now the judge only hopes on an upcoming mediation session to keep him in his home, which according to the Cuyahoga County Auditor’s Office, appraised the home at $844,000.  Judge Sikora told the Plain Dealer in a telephone interview that he has the money to make his mortgage payments, and that the only reason he is in foreclosure is that he followed the advice of officials at JPMorgan Chase. The judge said that was surprised when back in June of last year while in the middle of his negotiations with the bank, the bank filed a lawsuit against him seeking $999,000 including $6,400 in unpaid property taxes.

According to Judge Sikora,

“It’s unfortunate that it’s gotten to this situation, I’ve been talking with them for more than a year, but the bank hasn’t been responsive.”

Let's just hope that Judge Sikora's case is used in current foreclosure cases in court as an example that judges, too, can fall victims to the banks' scam.