Reader Bob writes:
I am in litigation v Chase. My premise is that Chase incentivized employees in modification and foreclosure departments to my detriment. If anyone can speak to this issue, please respond ASAP.
If anyone can help, please contact us through our contact form or leave information in the comments.
Tips | admin June 7, 2011 | 
Comments (1)
According to an article in the Wall Street Journal (Banks hit foreclosure hurdle, 6/1/11), courts are increasingly ruling in the favor of homeowners who claim the “show me the paper” defense to foreclosure. For instance, this case against our very favorite bank, Chase:
In March, an Alabama court said J.P. Morgan Chase & Co. couldn’t foreclose on Phyllis Horace, a delinquent homeowner in Phenix City, Ala., because her loan hadn’t been properly assigned to its owners—a trust that represents investors—when it was securitized by Bear Stearns Cos. The mortgage assignment showed that the loan hadn’t been transferred to the trust from the subprime lender that originated it.
Specific deal agreements required Bear Stearns to assign the loan within three months of the securitization. Because it failed to do so, Alabama Circuit Court Judge Albert Johnson determined, the trust didn’t own the mortgage. “The court is surprised to the point of astonishment that the defendant trust did not comply with the terms,” of the securitization agreement, he wrote.
The ruling is one of the first in the nation to strip a mortgage trust of an asset it thought it owned. A similar case earlier this year was decided in the bank’s favor when it held that the borrower wasn’t a party to the securitization agreement.
Nick Wooten, the lawyer for Ms. Horace, says the case won’t necessarily influence other decisions unless it is upheld by a higher court. But he says it is “another brick in the wall of trial-court-level cases that clearly show the wheels fell off the bus in the securitization industry during the bubble.”
Apparently Chase knows it can’t win this one
J.P. Morgan Chase hasn’t appealed the case. A bank spokesman declined to comment.
This might be a good time to start asking Chase to prove they have the authority to foreclose on you.
Foreclosure | admin June 1, 2011 | Comments (0)
This is certainly worth a try:
I just found this out, Chase hates it when you tape record their conversations. When you speak with them they tell you they are recording the call. If you tell them you are recording the call. They will not talk with you. I suggest we all start taping them. They hate it
Tips | admin May 30, 2011 | Comments (0)
This is just too classic.
January 10, 2011
Chase Bank
Reference Chase home LoanDear Sir
I want to start off by thanking you for sending the Police to my home. This was quite interesting to speak to them. I am very upset about my home loan can not get anyone to speak to me at Chase but your call center. I have been calling them for two years and can not talk to anyone but a call center. I have become so upset. I have sent the paper work in about 24 times and have never received an answer. The San Jose Police were very helpful. The advised me “Chase Bank is the worst bank in the world and they will take your home they help no one”. What does this say about your Bank if a Police department feels this way?
Very odd. Either Chase is ignoring the requests to stop calling for someone that doesn’t live there, or like Chase often does, different people from different departments can’t seem to get a hold of the same information.
Hi! We are receiving contant calls from Chase regarding my daughter and her husband. They married 4 years ago and have called Chase several times, but they continue to call our house…How to stop them?
In this case, NOTHING!!
I made an international transaction on my Chase credit card during my vacation on 11/26/2009 for about $619 which was subsequently refunded and I have evidence to prove that (receipt for sale being void). When the reversal of amount did not reflect on my credit card for over a month I contacted the bank (over phone) to register the dispute. When nothing happened after few months I contacted again and faxed them the evidence I had. After couple months nothing happened again (they said they never got a fax) then I initiated communication through their website and uploaded the evidence I had on their website. After which I tried communicating several times with them and every time I got response that their investigation is underway and they’ll get back to me. Today I received a call from their representative that they cannot resolve the matter because I did not register the dispute with them within stipulated time, which is incorrect. I consider this lame excuse because they were probably unable to track the error in their transaction processing system.
In summary, delay, delay, delay, deny.
This is good news for credit card customers who were bullied into closing their accounts or accepting rate increases by Chases raising of minimum payments from 2% to 5%. For more information on this lawsuit (and to join) go here.
Certification Granted in Chase Lawsuit
In May 2011, after extensive briefing and oral argument, the Court granted plaintiffs’ motion for class certification. This is an important ruling because it means that the case can proceed to trial as a class action, collectively representing all who fall within the class definition below:All persons or entities in the United States who entered into a loan agreement with Chase, whereby Chase promised a fixed APR until the loan balance was paid in full, and (i) whose minimum monthly payment was increased by Chase to 5% of the outstanding balance, or (ii) who were notified of a minimum monthly payment increase by Chase and subsequently closed their account or agreed to an alternative change in terms offered by Chase.
Fees & charges, Lawsuits | admin May 19, 2011 | Comments (3)
Hold the pickles hold the lettuce special orders don’t upset us? Yea, not so much for Chase according to this story:
I am trustee of my mom’s trust. We, my mom and I , have a joint account at Chase. It is not a trust account, per the Attorney’s advice. I was traveling (in California) and received a dividend check from a stock in the name of the Revocable Living Trust . The check is made out to me, as trustee for my mom. Chase is the only bank in the area where we have an account (all others are local, and in the trust’s name, where we live). I tried to deposit the check into the account and Chase said they couldn’t do that. I pointed out that I am the trustee, I am trying to DEPOSIT the check, not cash it, and both our names are on the account, and that their computer system has a copy of my Durable Power of Attorney for my mother. FInally, after speaking with three managers, over a period of an hour, one of them decided they could call our local branch (in Tacoma) to get their permission to accept the deposit. Huh?
Two years ago I had to get our State Attorney General’s office involved because Chase wouldn’t accept the DPOA to open a Chase CD in my mother’s name, with her funds from her Chase Bank account!
Never, ever had any trouble with any of the other financial institutions we deal with: 2 brokerages, 3 credit unions, and another bank.
Ineptitude | admin May 11, 2011 | Comments (5)
