Last week, a mortgage lender put a stop on foreclosure proceedings. This week, the country’s second largest bank (when considering assets) is following suit. And analysts and economists say it may not be the last.

The country’s second largest bank and third largest mortgage servicer (according to Inside Mortgage Finance data) JPMorgan Chase and Co is delaying current foreclosure proceedings. This is adding to the real estate insiders’ worry that the country’s mortgage servicers may be facing lots of issues connected to the millions of homeowners who are unable to keep up with their mortgage payments.

This move by the New York bank is reminiscent of what Ally Financial, formerly known as GMAC, did last week. Ally Financial also temporarily suspended the foreclosure proceedings they have at hand. The move was actually a result of a finding that information indicated in foreclosure documents filed in court have not been personally checked out by the employees.

In the case of Ally Financial, at least four attorneys general are investigating their foreclosure procedures. North Carolina’s Alston & Bird’s Frank Hirsch says the Ally Financial situation just might urge other banks to look at the issue, like what JPMorgan is doing right now.

With unemployment rate still hitting close to 10% and home prices on a multi-year low, it is no wonder that foreclosures are happening left and right in the United States. Some homeowners, though, are complaining saying that some foreclosures were hurried. This is why JPMorgan also decided to suspend foreclosure proceedings: a Florida law firm earlier expressed their plan to question the bank on its foreclosure practices.

The law firm, Ice Legal, found out from a bank executive that she personally authorized some foreclosure proceedings without prior review of the necessary documents. JPMorgan’s spokesman said in the company’s defense, “We believe the accuracy of the factual loan information contained in the affidavits was not affected by whether or not the signer had personal knowledge of the precise details.”

Even so, JPMorgan, confirming a report from industry publication Housing Wire, says the bank is now systematically re-examining documents filed in current foreclosure proceedings; the review might take a few weeks to complete. Updated affidavits, whenever appropriate, will then be submitted to court. Another step that the bank is taking is the hiring of an outside counsel to help in reviewing the current process.

There are 56,000 JPMorgan foreclosure proceedings that are affected by the said delay.