BEND, Ore. -- A Bend man whose home was foreclosed upon the very day his son came home on leave from the Iraq war zone remains in the home. But after two months of legal limbo, he filed a federal lawsuit Thursday against J.P. Morgan Chase Bank, seeking at least $250,000 in damages, enough to recover his home, and an injunction against any eviction notice.
The 26-page complaint seeks "equitable redemption due to wrongful foreclosure" and also accuses the bank of breach of contract and unlawful debt collection.
Collette bought the Bend home in 2006 with a $127,000 down payment. When his small flooring and countertop business was hurt by the economic downturn, he contacted Chase for help.
But according to Economic Fairness Oregon, which has taken up Collette's case, "Chase put Tim on a collision course with foreclosure – advising him to skip payments to qualify for help, putting him on a trial modification for nine months, then denying him a permanent modification and slapping him with $9,000 in penalties and arrears."
"Unfortunately, Tim's situation is not unique,” says his lawyer, John Bowles. “His case is representative of what thousands of Oregonians are going through every month."
Collette v JPMC
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