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This settlement is closed!
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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
how can mortgage companies fraudulently access fees and add on deferred payments that are not a part of the original mortgage that is being modified??? Is this legal?
I applied for modification chase told me l have to be in default 3 month before l can apply, l kept making my pmts, finaly l defaulted applied for modification twice n was denied, l had to sell property short sale. I thought there was a class action lawsuit for this particular reason, l received notification from the court n l lost it. Does anyone know?
I was never notified of any suit, imagine that! first I had a fannymae thru chase which cost me about 10,000, and received 600 in that suit, what a bunch of crooks! then I tried to refinance a modification loan, I started the process imediatly when modification started. they jerked me around for a year till i had to pay someone else 5000 to get any action, well any way the loan they gave me turned out to be adjustable and for 30 years witch only paid half the loan, with a ballon payment due at the end. Well anyways after 10 years of paying on these 2 loans I have the same balance I started with and my payment ended up the same as I started with. SOMEONE SHOULD FIND A WAY TO PUT DIAMON AND OTHERS IN TURKISH JAIL OR SIMILAR And my loan was imediately sold to ocwen a collection service
My daughter has gone through this hell and was told there is an active class action lawsuits against JP Morgan Chase. I would really appreciate any information available. Her story is almost identical to many of these.
I wish someone will help us my home started out with Oakwood then Vanderbilt/ jp Morgan/ Chase Bank ask me nothing but a bunch of crooks no one is going to help us my loan won’t be paid off till 2024 started in 1999 the only thing save me and my husband is to file chapter 13 every 5 years just to save our home because I was hit by an 18-wheeler I’m permanently disabled and no I don’t qualify for Social Security a judge gave me SSI but get this social security took it from me and this is the world we live in I have had cancer hit by an 18-wheeler nerve damage 13 dismissed need a knee replacement and on top of this will muscles on home every month hey Rob Peter to pay Paul barely make it a lot of Tears and a lot of praying so maybe there’s class action lawsuit Maybe somebody can help us I pray
Again in 2005 purchased my apartment through Chase, the good faith estimate arrived one day before the closing date. I saw at the end of the doc an asterisk that says: Interest only. I had a very good credit in that moment. Refused to sign at the table, because the loan was toxic and the money was split in the famous 80/20. Finally signed against my will. And the nightmare started. Immediately tried to refinance the loan and get a fix rate. In 2008 applied for a modification. Started my free trial payments and sending the payments to the Bank through the western union. At the end nothing happened. Hired around 4 attorneys for the loan modification, and all the time they were making fool of you and stealing the money. Time passed and nobody helped us. Papers and papers. All that I wanted was to fix the rate. Finally forclosure. Chase sold my loan to another bank in New York. Now I had to hire another firm and I’m paying the trustee as a result of a Chapter 13 in order to save the property. The modification is not approved yet. Second mortgage was eliminated, but now I owe the same amount as when I purchased the apt. 160.000 one bed and bathroom. We are the victims of those thieves.
I received a loan modification from Chase. HOWEVER, it was twenty-eight months of pure torture. I have twenty-six pages of my nightmare journey with them, being transferred one day from Arizona to Ohio to California to the Philippines and back to Arizona. One denial was that I didn’t live there; another was that I had equity. Three months would go by and I’d have to resubmit all of my financial; e.g., bank statements, etc.
I did not participate in the class-action suit again Chase because I didn’t know it was happening. I’m in real estate and did very little business during those months because it was so preoccupying. Those Chase ‘people’ were trained to deny, deny, deny. So many thousands of people lost their homes because of the goings on with Bank of America.
One of my friends was in a loan-modification process for about four years. Bank of America told her she had the modification. The next thing she knew, she received a call telling her this person was the new owner, but he would give her sixty days to move.
Shame on all of them!
Chase started my loan mod in 2009. In 2014, when they sold my mortgage to another institution, they still had not completed my modification. Not to mention they rolled all their fees and interest into the new loan taking me back to where I started. Chase is scum of the earth!!
Chase put the payments I was advised to miss by Chase, which they totally denied at a later date: “Oh, we would NEVER tell you to miss a payment.”, at the end of the loan, but supposedly they do not include penalties and interest.
Add B of A to Chase and it’s the gruesome twosome. Sorry I missed the class-action suit now.
i Have been fighting chase since 2009 for a loan mod. I got a divorce and in the divorce decree my ex husband was to pay the payments he didn’t, made one punt after divorce was finalized. Chase has denied the loan mod since then and now i owe double the loan amount. They canceled my insurance on my home and have never notified me of the new insurance carrier. Now my home is up for Auction and still no loan mod. Chase is horrible and needs to be sued!
High on Brian Matthews and I’m a pick them of corporate greed too and I like to put a claim in for my reimbursement
Maybe it might be more helpful if more criminals rob more Chase banks !!
I have a similar situation I had an interest only loan for seven years I asked chase to give me a fixed rate and thy refused instead I had to apply for a modification it was a nightmare I then was introduced to a lawyer they did not advise me of the deferment of 18,000.00 now I tried to sell my home and the payoff is the same amount I purchased my home for ten years ago… Is there an attorney helping victims like us from chase