New York, NY: A nationwide settlement has been reached in a class action lawsuit claiming that JPMorgan Chase Bank, N.A. (Chase) improperly suspended or reduced home equity lines of credit (HELOCs) based on its determination that the properties securing the HELOCs significantly declined in value.
Entitled In Re: JP Morgan Chase Bank Home Equity Line of Credit Litigation, the CHASE HELOC settlement includes current and former Chase HELOC customers whose accounts were suspended or reduced by Chase between January 1, 2007 and September 30, 2012 based on Chases determination that the property securing the HELOC significantly declined in value.
A subclass of plaintiffs is also included in the settlement. This subclass includes anyone who, as of September 30, 2012, had closed their HELOC account during the time their account was still suspended or reduced, due to the determination by JP Morgan Chase Bank that their property value had declined significantly.
The class action lawsuit alleges Chase violated the Truth-in-Lending Act and violated customers HELOC Agreements and consumer protection laws by suspending or reducing their HELOCs even though their property did not significantly decline in value.
For complete information on the settlement visit: ChaseHELOCSettlement.com.
I needed to use the equity in my home ($100,000.00)
For repairs due to two hurricanes in 2006. I requested $25,000 of my equity and was told I
Could only get a HELOC.
The market crashed and they suspended my account and I have been paying what I thought
Was the principal and interest payments for 10
Years now. I received a notice the balance was due
Of $23,000. and they will roll it into a new loan
With the payment now being three times higher.
I feel like I have been taken advantage of and
They were somehow aware the market would crash. I am getting ready to retire and can't afford
To pay chase for the rest of my life for money that
Should have been my Equity to begin with.
Is there anything I can do?
Posted by Josiane Breton
These people took my second turned iturned into a HELOC and substitute it for my first made up a fake Peter Chris and trying to take my hands I can proof it a prematurely depleted my mortgage by disbursements to investors who are local and I can prove that they took my file and intermingled it with you at the bar hours to make up our official date no TVs and other creatures that work make these loans in not eligible to be REMICme I have all the original documentation
Posted by Beth Butler
can chase bank in Arizona legally come after us for a line of credit debt that is over 10 years old and double the amount actually used
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