JPMorgan Chase Mortgage Modification Class Action Settlement

JPMorgan Chase has agreed to settle a class action lawsuit over allegations the company failed to offer homeowners timely and proper Permanent Loan Modifications after they completed Trial Period Plans under HAMP or Chase’s own equivalent program.

Lead plaintiffs allege in the JPMorgan Chase mortgage modification class action settlement that the lender breached agreements it had made with the plaintiffs when JPMorgan did not provide loan modifications to homeowners who had entered into loan modification programs. According to the class action lawsuit, the homeowners entered into either government run HAMP trials or equivalent programs with the understanding that JPMorgan would permanently modify their home loans after they completed the program. These programs included stated-income trial period plans (TPP). The plaintiffs alleged that JPMorgan subsequently failed to modify their mortgage agreements.

A federal judge preliminarily approved the proposed Chase mortgage class action settlement on May 28, 2014. Class Members that wish to remain a part of the class action settlement do not have to do anything now. They automatically will be eligible for the settlement benefits if the Court grants final approval to the settlement.

Who’s Eligible

You are a Class Member of the JPMorgan Chase mortgage modification settlement if:

1. Your loan is serviced by Chase and you participated in a stated-income trial period plan (TPP) extended by Chase under the Home Affordable Modification Program (HAMP) and/or under another non-HAMP modification program, and
2. You made timely and sufficient trial payments required by the TPP, and
3. Your property has not been foreclosed, and
4. You have either (a) not received a permanent loan modification eligibility decision since the start of your trial period described in your stated-income TPP, or (b) you did receive an eligibility decision denying the loan for permanent modification during or after your trial period described in your stated-income TPP, and
5. You are not currently a debtor in bankruptcy proceedings.

Potential Award

Under the terms of the proposed class action settlement, JPMorgan Chase has agreed to:

• Provide an opportunity for new loan modification applications based on your current circumstances;
• Provide paid counseling assistance from qualified, independent, nonprofit organizations to assist you if you choose to apply; and
• Provide foreclosure stays, in most circumstances, to prevent foreclosure while you apply;
• Waive certain previously assessed fees and costs if your new application is approved and you agree to a loan modification.

Class Members will not receive a cash payment in connection with the JPMorgan Chase mortgage modification class action settlement.

Proof of Purchase

N/A

Claim Form

Note: There is currently is no claim filing process for this class action settlement. According to the Settlement Administrator, Class Members will automatically be eligible for settlement benefits if it’s approved by the Court.

Claim Form Deadline

N/A. If the Court gives final approval to the class action settlement, Class Members will receive an invitation letter 75 days after the settlement becomes effective. The invitation letter will explain the process for making a new application for a mortgage modification based on your current circumstances.

To be eligible for the additional review for a loan modification, Class Members will be required to contact Chase through the “800” number provided in the invitation letter, within 30 days from the date of the invitation letter.

Case Name

JPMorgan Chase Mortgage Modification Litigation, MDL No. 2290, in the U.S. District Court for the District of Massachusetts

Case Summary

The class action lawsuit alleged that JPMorgan Chase and certain other parties failed to offer timely and proper permanent loan modifications after they completed TPP under HAMP or Chase’s own equivalent programs. The plaintiffs in the JPMorgan Chase mortgage modification class action lawsuit claimed that JPMorgan Chase was liable for breach of contract, unfair trade practices and other violations of the law. JPMorgan Chase has denied any wrongdoing and contends that it has fully complied with the law.

Final Hearing

10/8/2014

UPDATE: The Court granted final approval to the settlement on May 7, 2014.

Settlement Website

www.ChaseMDLSettlement.com

Claims Administrator

Chase Mortgage Modification Litigation
P.O. Box 43223
Providence, RI 02940-3223
1-855-564-7379

Class Counsel

Gary Klein
KLEIN KAVANAUGH COSTELLO LLP

Gretchen Freeman Cappio
KELLER ROHRBACK LLP

Charles Shaffer
LEVIN FISHBEIN SEDRAN & BERMAN

Michael Flannery
CUNEO GILBERT & LADUCA

Defense Counsel

Michael J. Agoglia
MORRISON & FOERSTER LLP