On November 25, 2009, MURRAY, FRANK & SAILER LLP filed a class action complaint on behalf of a proposed class of consumers who had their home equity lines of credit ("HELOC") with JPMorgan Chase Bank, N.A. ("Chase" or "Defendant") illegally, wrongfully, or improperly reduced or suspended based on faulty property valuation models or triggering events not allowed by applicable law.
Although Chase received approximately $25 billion in bailout funds provided by the federal government to assist homeowners with their mortgages, Chase improperly reduced, suspended, or terminated customers' HELOCs, on the basis that those customers' properties significantly declined in value. However, Chase's methodologies used to determine these declines were fundamentally flawed, and HELOCs frequently were reduced, suspended or terminated despite the fact that there was no significant decline in a property's value.
If your HELOC with Chase or any other bank has been reduced or suspended because of the alleged drop in the market value of your home, please contact us to discuss the matter.
In particular, New York residents may have recently received a form letter from Chase advising them that their HELOC was reduced, suspended or terminated. If you have received such letter, please contact us at [email protected].