Two Ladies in California Fight JPMorgan Chase for Loan Modification
Jude Elliott and Joanne Hexom are at the end of their rope. Their mortgage company, JPMorgan Chase, is not helping.
They have owned their home in California for eight years. During that time they made every monthly mortgage payment on time.
Jude had been a speech and language pathologist in a local school district until a severe medical condition forced her to stop working two years ago. Since then she has received monthly disability benefits. However, these have been about 50% of what she was earning as a speech and language pathologist.
Joan is a high school teacher. She continues to teach.
The drop in Jude’s income has had a severe impact on her and Joan’s finances. They first used their savings to make their mortgage payments, property taxes and insurance. Once the savings were gone they did something no one should do. They used credit card advances to make ends meet.
Late last year they realized that they were reaching the end of their rope. In January they applied with their mortgage company, JPMorgan Chase, to have their mortgage reworked. Since then they have submitted four more applications. Each time the people at Chase have either asked for more information or have lost documents they have submitted.
Most recently they asked for proof that Joan was still employed as a teacher. This had been submitted to them previously.
Then their request was denied. Supposedly their combined income was too high. They have disputed the way their income was calculated and are continuing to fight for a loan modification and a lower monthly payment.
The stress they have been under has had a negative impact on Jude’s condition. It also has started to make Joan sick.
They were able to continue to make their monthly mortgage payments through September. They weren’t able to make their October payment and fear that Chase may foreclose on them.
Their experience with Chase highlights two things all facing foreclosure should be aware of:
- Mortgage companies are routinely losing documents. Make sure to keep copies of everything you send them so that you don’t have to waste time going out and getting duplicates of what they lost.
- Mortgage companies can make mistakes calculating income. If they say that your income is too high and deny your application for a loan modification, don’t accept what they tell you. Double check them on it or get someone to double check it for you.
Jude and Joan have been trying to get Chase to modify their mortgage since the beginning of 2009. They have sent much paperwork to Chase. Can you see why I recommend each person facing foreclosure get help from a lawyer or an expert in loan modification? Delays like this occur regularly. Many people trying to deal with their mortgage company themselves would have a tendency to give up, not pursue a modification and allow the foreclosure to go through. Look at how it can affect them and their families?
If you are facing foreclosure, you need to know as much or more about the process and what you can do than those people at your mortgage company. It won’t take much study for you to become this expert. One good source of information is my EBook. You can check it out by clicking Stop Foreclosure.
Much Success,
Mark Elkins
The reason Jude and Joanne cannot get a loan modification is because Chase is likely not the owner of mortgage/note. The mortgage/note has likely long been sold to a distressed debt buyer (possibly through derivative swaps). Jude and Joanne need to find out exactly who owns their mortgage/note.
The government is not addressing the massive problems in fraudulent assignments and identification of the real creditor. Eventually all will surface – but may be too late for Jude and Joan.
Attorneys appear to be lacking in knowledge of the extensive fraud in mortgage origination – and now loan modification. Jude and Joan must get to their congressional representatives. The real source of the problem is lack of knowledge by congressional representatives – or they are simply covering due to international embarrassment.