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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:
- 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
- You made timely and sufficient trial payments required by the TPP, and
- Your property has not been foreclosed, and
- 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
- 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
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57 thoughts onJPMorgan Chase Mortgage Modification Class Action Settlement
I have been fighting Chase for 15 years. The last 5 years have been the worst! The Federal courts will not help, they are in bed with Chase! A Federal Judge told us that it did not matter what Chase had done, we still owed them money!
I am appalled that Chase is still in business. Loan modification is a SCAM! They dont care about the lives they have destroyed. They lie and give people hope just to spit in your face. The employees are trash for going along with the game. I I cant tell my story because I would have relive it,
In my “book” Chase has a very definite place in HELL for the Hell that they have put me through! 3 years of hell to then have my HOME sold on a short sale for a fraction of what its valued!! Dont understand why they could not allow us to stay in the home! I feel I have to do something to punish them for their unscrupulous tacticts!! Life is “not fair” but Chase sure makes it worst!! !
What can I do about how I was done by chase mortgage.
After looking at my brothers modification from JPMorgan Chase,one line of the mortgage says this loan will cost you 0. But the unpaid principal balance was 144,305.23 + interest 9,080.28 + Escrow Advance 8,563.26 +Recoverable Balance, Foreclosure Bankruptcy Costs{ if applicable} 85.00 less credits1,461.14 = 160,572.63 and that is called Adjusted Unpaid Principal Balance And they have the nerve to say that the cost of this loan cost is 0.
UPDATE 5/30/14: This post has been updated with additional information regarding the JPMorgan Chase mortgage modification class action settlement. Please see above. A federal judge preliminarily approved the deal on May 28, 2014. More info: http://topclassactions.com/lawsuit-settlements/lawsuit-news/29031-chase-mortgage-modification-class-settlement-gets-preliminary-approval/
Yes they robbed me too, upraised my 120,000.00 home to stinking 333,000.00 to gain financial strength by suffocating poor and financially devastated folks like me to rot in debt, yet the filthy rich, financial and political yet knowing the scam turned a blind eye oto view the pain of poor home owners,
Fenny may, freddy mac will definitely end up together with all financially filthy gains in shameless puddle
They are crooks. I had excellent credit (in the 700’s) until Chase bought my loan. They took my house and then admitted it was their error only to not be compensated nor get my house back. They have done this to many many people. ROT IN HELL CHASE EXECUTIVES!!!!
Chase Bank did the same with me. I agree with you.
Well, It would have been nice to just get a loan modification with Chase! But all they have done is to keep sending the same crap over and over and over again. They know that our mortgage is a predatory loan and they will not do anything, they just want to get the house through foreclosure or the balloon payment! PREDATORY LOAN = Balloon payment, Very high interest rate 10.025%, SUB-PRIME Mortgage, and a Jacked UP Appraisal ! BEWARE of CHASE !!!! THEY ARE THIEVES !
it aint right how they rob the working people