NY JPMorgan Chase Late Satisfaction of Mortgage Class Action Settlement

New York State homeowners who have paid off their mortgages may be entitled to benefits under the terms of a recent Chase class action settlement.

Plaintiff Tina Bellino began this Chase class action lawsuit in May 2014. She claimed that after she finished paying off the mortgage on her residential property, defendant JPMorgan Chase Bank was late in filing the required paperwork with her local county government that would certify the mortgage was paid in full.

State law requires a satisfaction of mortgage to be filed with the county recorder within 30 days of satisfaction. In Bellino’s case, Chase allegedly took more than 40 days.

Further investigation revealed that Chase had failed to make timely filings in “thousands, if not tens of thousands” of instances, Bellino claimed. Chase allegedly filed many mortgage satisfactions months or even years late, she claimed, and sometimes they were not filed at all.

She argued that this practice violates specific provisions of New York State law, and that Chase was liable to her and her proposed Class Members for statutory penalties of up to $1,500 for each violation.

Bellino further claimed this habit of filing paperwork late could have adverse effects across the New York State real estate market. The lack of a timely satisfaction of mortgage could prevent an owner from selling the property, she alleged. And a large loss by a title company could “disrupt the entire system for transferring residential property in New York State.”

After preliminary motions, extensive discovery, and mediation sessions, the parties reached the current Chase class action settlement. The court granted preliminary approval of the settlement in May 2017, allowing the parties to begin settlement administration.

Under terms of this Chase class action settlement, qualifying Class Members who submit a timely and valid proof of claim will receive a payment, the size of which will be determined by how late their satisfaction of mortgage was filed with the relevant county recording officials and whether that satisfaction of mortgage was rejected and had to be refiled.

Although Chase has agreed to this settlement, it continues to deny Bellino’s allegations. The settlement does not require Chase to admit any fault, and the court has not made any decision as to whether Chase is liable.

Who’s Eligible

Class Members eligible to claim settlement benefits include all persons who had a recorded, Chase-serviced mortgage on a residential property in New York State for which all amounts due were paid between May 1, 2011 and Nov. 7, 2016, and for which a certificate of discharge or satisfaction of mortgage was not presented within 30 days to the relevant county recording officer.

Potential Award

Up to $750.

Qualifying Class Members will receive a payment determined by how late their satisfaction of mortgage was filed and whether it was rejected and had to be refiled.

Class Members whose certificate of discharge or satisfaction of mortgage was filed late but accepted upon initial filing may be entitled to the following payments:

• For certificates or satisfactions filed more than 30 days but less than 61 days after satisfaction: $250
• For certificates or satisfactions filed more than 60 days but less than 91 days after satisfaction: $500
• For certificates or satisfactions filed more than 90 days after satisfaction: $750

Class Members whose certificate of discharge or satisfaction of mortgage was initially rejected, then refiled late may be entitled to the following payments:

• For certificates or satisfactions re-presented more than 30 days but less than 61 days after satisfaction: $170
• For certificates or satisfactions re-presented more than 60 days but less than 91 days after satisfaction: $340
• For certificates or satisfactions re-presented more than 90 days after satisfaction: $510

Class Members who qualify for more than one of these sets of circumstances will receive only a single payment, according to whichever set of circumstances gives them the greatest benefit.

Proof of Purchase

Claimants must submit a timely Claim Form along with all requested information.

Claim Form

CLICK HERE TO FILE A CLAIM »

Claim Form Deadline

9/25/2017

Case Name

Tina Bellino v. JPMorgan Chase Bank NA, Case No. 14-cv-3139, in the U.S. District Court for the Southern District of New York

Final Hearing

11/9/2017

UPDATE: The NY JPMorgan Chase Late Satisfaction of Mortgage Class Action Settlement was granted final approval on November 9, 2017.  Let Top Class Actions know when you receive a check in the comments section below or on our  Facebook page.

Settlement Website

www.NYMortgageSettlement.com

Claims Administrator

Bellino v. JPMorgan Chase Settlement Administrator
c/o Kurtzman Carson Consultants (KCC)
P.O. Box 43490
Providence, RI 02940-3490
1-844-700-3713
admin@NYMortgageSettlement.com

Class Counsel

Todd S. Garber
D. Gregory Blankinship
FINKELSTEIN BLANKINSHIP FREI-PEARSON & GARBER LLP

Defense Counsel

Christian J. Pistilli
COVINGTON & BURLING LLP