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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
I gave house to my X in divorce. He had financial problems and applied for a Loan modification with Chase (it’s also a Va loan). Chase will not even accept a mortgage payment while under review. Is this legal? He wants to make mortgage payments until it’s been approved. Can he fight this? Is Chase just setting him up? Would really appreciate any advice. PS In the mean time, my credit is destroyed because my X was to refinance and get my name off mortgage.
This settlement is no longer open. You may want to try contacting class counsel regarding your situation. Counsel is listed in the article and can be Googled for contact information. Good luck!
I have been working on a loan modification since 2009. I have did everything chase ask for. I was in the processes of getting divorced and chase ask me to remove my ex from the deed once I did I thought I was getting the loan. And than denied. Later on I got remarried Chase ask if I could use his income because he had a good job. We said ok and still denied. I have been in court over 20 times. I find the situation sad. If I did wrong and didn’t comply shame on me. But I didn’t. When dose Chase take owner ship for their wrong doing.
I tried the loan modification the end of 2017. I was only 1 payment behind. Which was 929. Did all my trial payments. Then denied tge modification. And owed 4000 buy the end on thw month or i would be foreclosed on. Where do the trial payments go.
I bought my home in 2003 for 124,500. I had two modifications after 2008. I filed bankruptcy in 2013, chase took thousands back through the bankruptcy which was supposed to be paid at the end of the mortgage. I’m in my 4th year of chapter 13. Because all payments of about $650 per month plus a current mortgage payment has gone to chase in the last 3+ years I am just now paying back my back taxes. I’m 68 years old. I should have just walked away. This has been a nightmare, and a year ago chase sold my mortgage to some other company. I don’t know what to do to get my money back. I think my bankruptcy attorney did not serve me right. My loan balance is still $113,000. I think my next step is Elizabeth Warren. Maybe she can help. My account needs to be audited.
I was behind in my mortgage 1 month. I kept receiving calls and mail from Chase about a modification. Since the payments were lower, and I had late fees included in the!overdue balance, I thought a modification would help me. Low and behold, I call for a maturity date and they had the nerve to say 2043!!!! WHAT???? I was 18 years into my 30 year mortgage!!!! So they added 30 more years to my loan for $2,888.37!!!!! I am totally disgusted!!!!! I feel like this is wrong on so many levels! A class action is needed! This cannot be the only case like this
It also happened to me can’t afford a lawyer but found someone that knows a lot about mortgages that help. We are finding all kinds of fees.
When our loan was modified in 2013. We were lead to believe that the mortgage of the overvalued home would only reflect what the house was worth $250K. I feel mislead because we still owe the original amount of the mortgage but are not paying interest on $100k that was the overvaluation of our home at the time of modification. We are paying interest only on the valued worth of the home at the time of the modification (250K). Not only that, we had our loan stretched out to 40years and we cannot refinance because of the $100k we do not pay interest on. Rates are lower than 4.25% is there any way we can have a normal 30yr loan and refinance again at a lower rate? I hope this makes sense
Chase approved modification, but has destroyed my credit with a bunch of late payments. I believe if you enter a modification, late payments should not be place on your credit reports. This was not told to me regarding the modification. To date I am unable to purchase a home thanks to Chase. I will contact an attorney to sue Chase for credit reporting errors.
I am in the same boat Elenora, what can we do about this?
Nothing. They did the same to me. I filed complaints with the CPFB, my state attorney general, and all 3 credit bureaus. I’ve presented the situation to several lawyers, all of which won’t go against big bank even though they agree Chase is committing fraud. I continue to file complaints and hope there will eventually be a class action that can help me and my family. But I don’t have my hopes up.
I need help I did the trial payments as part of my commitment but the modification is done chase refuses to give me a permanent modification my home is devalued a lot our payments keep raising up and they don’t care the told me that this settlement is only for government loans I don’t see a clause that specificity that can somebody from the chase administration settlement help us to have the truth And rights thanks
323 353-6457
It happened to me the same. Trial period and all the payments on time. At the end was denied. Many lawyers stealing the money and doing nothing. Chase sold my loan to another investor bayview loan and now to another one. Already in forclosure fighting for a small apto 1/1. Amazing, and they every day richer and richer……
I purchased my home in 2003 at 93,000, in 2017 I now owe Chase $125,000. Help me understand that. I have had some hardships and applied for modifications. My most recent 2 modifications were denied, due to residency and one because, I didn’t have enough income. You’d think that at that time; they’d lower my mortgage during a trial period and see if I obtained employment. Which at the time the trial period would have ended; I would have. I am now gainfully employed with sufficient income and can’t get a modification. Chase is a bunch of money hungry dogs!