Court voids deed of trust for Chase TILA violations
Another win for the opposition. Homeowner Paul Nguyen took Chase to court for violations of the Truth in Lending Act. After a year-long legal battle, the court found in favor of Nguyen and voided his deed of trust with Chase bank, effectively wiping out his mortgage. Furthermore, they awarded Nguyen $4,000 for each TILA violation for a total of $16,000. Here is a link to a lot more information on this case for anyone that might want to use Nguyen experience and research to take Chase to court.
I dont know how many people take it upon themselves to challenge their bank; but I was an experience I will never forget. I challenged Chase on my mortgage based on TILA violations. The bank retained a large law firm in So. CA with 3 lawyers. So much motions and procedures to learn and apply as the case moved along in the last year. Finally, the case went to trial yesterday. The court finally rendered judgment in plaintiffs’ favor in voiding the deed of trust. As far as the outstanding loan, it is forfeited and the bank would have to take that lost. Furthermore, the court imposed statutory damages of $4k for each violations which amounted to about $16k.
I am in the process of preparing the judgment for the court to sign along with tax cost. Believe it or not, I have expended over $10k in cost alone; which includes expert witness cost.
So much research was done and I hate to see it goes to waste. If you have access to PACER, everything is there for public use. Best of luck to all fighting the bank now and keep up your spirit.
Bad bad Chase, Lawsuits | admin August 24, 2010
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By Shannon Hogan, December 9, 2010 @ 6:56 am
Chase is run by corruption and greed from the very top. We, as taxpayers, have bailed out a financial institution that should have been allowed to tank. We have spent billions aiding corruption, greed, sloth and deceiept. Obviously their mortgage industry is corrupt, but even more is their banking institution! They continously withhold consumer checks in a pending status for days while other transactions continue to go through, meanwhile the amount is deducted from your account for the withheld check. Then when the check is posted (as in my case on one particular check for $40 school fees), it is posted WEEKS later. Not only did they withdrawal the $40 intially but they again withdrew the amount again AND charged me NSF fees, for a check that posted weeks earlier!
This account is one that my wife uses solely to purchase small items and pay for expenses that are not great in cost. So the balance is never as much as my US Bank account. Having said that, there is ALWAYS more than enough deposited to cover ALL of the expenses and STILL have some left. Well, that is until Chase gets a hold of it, and they wipe it all out with their ridiculous and immoral proactices here. I Seem to recall Wells Fargo being forced to pay millions in funds back to its consumers for EXCACTLY the same practice(s). I think it is time consumers start a class action against Chase for this as the consumers for Wells Fargo did. Come to think of it, now they are the same bank and no one seems to have this issue with Chase? I HIGHLY doubt this.
It is time the consumers took back control of their money and sent Chase a message, saying you WILL NOT steal our hard earned money to pay your idiot executives their overpaid salaries for corruption and greed. Let us start a petition for those who have had this issue with Chase, and see which respected law firm wants to pick up our class action suit against Chase. The more we stand up to corruption and greed the more we hit them where it hurts……in their fat, overstuffed wallets! They do the same to us only ours are not overstuffed, because of Chase they are empty!
Stand up America and send the banks back to reality, this is run for the people by the people! NOT run by Bankers who steal from the poor to keep getting rich!
By Yati, August 11, 2011 @ 4:37 pm
Chase is unbelievable in how they treat people and even criminal in how they creatively penalize customers. I’ve been customer with BofA, Wells, Chase, and credit unions for over 25 years. Not one time in that quarter century did the Chase ever make a mistake that benifited me. It was always the otherway around.
To add insult, I had a Providian card that became WAMU and was later owned by Chase. You cannot get a proper English speaking person on the line. Yet you get someone from India that taunts you with their rudeness.
Credit Unions are much better, but sometime it is not practical for business accounts.
The banks made money hand over fist for decades. Even dipping into the now demise subprime mortgages. After they nearly collapse from the greed; they continue to find ways to screw us.