Chase Bank: Give Kim Cassidy a Permanent Loan Modification

How We Won

Dec 22, 2011

December 22, 2011

Chase Bank has officially approved Kim and her husband Lotus for a loan modification that reduces their interest and monthly payment. Just in time for the holidays, the Cassidys will now be able to avoid foreclosure and stay in their home in Missouri.

Earlier in the month, JP Morgan Chase was singled out by the US Treasury for its failure to work with homeowners to avoid foreclosure. After over 2,750 people signed Kim's Change.org petition to modify her loan, Kim was able to stop her foreclosure and protect her home.

Kim sends her thanks to everyone who took action and said, "what a great gift you all have given us: our home!"

Chase Bank is attempting to force me and my husband out of our home of Powell, Missouri.  

In 2007, we fell victim to a "mortgage rate swap" scheme. When we were in the market to buy, our home dealer told us that our monthly payments would be $548/mo. There was even a contract that laid out the numbers, in black and white.

However, the day of the signing, we were informed that our loan had just been bought by JP Morgan Chase, and that the actual monthly payment was going to be $848/mo—$300 more than what was originally agreed upon.

We were shocked and confused, to say the least, but didn’t want our dream of owning a home to die.  So, we signed.  

Almost immediately after the signing, the company that built our home called and told us that there were a number of things that needed to be updated on the property--install a new septic tank, a foundation block, new carpet, etc.

The maintenance costs started adding up, and we foresaw some tight financial times, so we contacted Chase bank for relief.

After months of back and forth, Chase told us that they were unwilling to lower our payments to help us stay in our home.

To make matters worse, in January of this year, my husband suffered from an Atrial fibrillation heart attack and was placed on disability. 

Almost overnight, we were forced to live on a fixed income of $1131/mo through Social Security, and we soon fell behind on our mortgage payments.

We contacted Chase again, knowing that we qualified for a permanent loan modification under HAMP.  The "best" solution the bank would offer was an $1171/mo payment--$40 more than our entire monthly income.  Chase is aware of our financial constraints and the original agreement, but they refuse to provide any type of real relief.

We need a reasonable loan modification, and for the bank to recognize the original agreement that was made with the home dealer company before Chase bought the loan.

JP Morgan Chase has the opportunity to do the right thing for Louis and me, but we need your help to put public pressure on the bank. 

Will you please sign my petition?

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