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Stacy v. JPMorgan Chase Bank, N.A.

United States District Court, N.D. Texas, Dallas Division

January 6, 2020

BRETT STACY, Plaintiff,
v.
JPMORGAN CHASE BANK, N.A., Defendant.

          FINDINGS, CONCLUSIONS, AND RECOMMENDATION OF THE UNITED STATES MAGISTRATE JUDGE

          DAVID L. HORAN, UNITED STATES MAGISTRATE JUDGE

         This case has been referred to the undersigned United States magistrate judge for pretrial management under 28 U.S.C. § 636(b) and a standing order of reference from Chief Judge Barbara M. G. Lynn. See Dkt. No. 4.

         Plaintiff Brett Stacy has filed an Emergency Motion for Temporary Restraining Order (the “TRO Motion”) seeking a show cause hearing at which Defendant JPMorgan Chase Bank, N.A. (“JPMC”) must appear and show why it should not be temporarily enjoined during the pendency of this action from proceeding with foreclosure until such time as the Court has had an opportunity to consider the merits of Plaintiff's claims and an order to enjoin JPMC from foreclosing in a foreclosure sale scheduled for tomorrow, January 7, 2020. See Dkt. No. 50.

         For the reasons explained below, the Court should deny the TRO Motion.

         Background

         Plaintiff purchased property located at 3209 Cornell Avenue in Dallas, Texas, (the “Property”), on October 11, 2007. See Dkt. No. 51-1 at 1-2, 6-7. To finance the purchase, Plaintiff executed two notes, secured by two separate deeds of trust, both payable to Washington Mutual Bank, F.A. The first note was in the amount of $1, 320, 000 and was secured by a deed of trust. The second note was in the amount of $165, 000 and was secured by a second deed of trust. Plaintiff borrowed a total amount of $1, 485, 000 to finance his purchase of the property. See Id. at 8- 27. Both loans were transferred to JPMC, which obtained rights as the mortgagee on Plaintiff's first and second mortgages. See Dkt. No. 1-1 at 10.

         Plaintiff defaulted on his loan payment in April 2018. See Id. at 2. Plaintiff cured the default on June 25, 2018, but he again defaulted on his payments.. See Id. Plaintiff most recently made a payment on the loan on July 31, 2018. See Dkt. No. 44 at 53.

         Plaintiff submitted a loss mitigation application to JPMC for the request for mortgage assistance form on October 23, 2018. See Dkt. No. 1-5. at 2, 38-49.

         On October 29, 2018, JPMC sent Plaintiff a letter regarding the application. The letter identified several deficiencies with the application, including that the form was not dated, the profit and loss statement did not indicate the period of time that it covered or did not cover the required three-month minimum period, and the profit and loss statement was not clear or complete or had been altered. JPMC requested that Plaintiff “send an updated copy of the most recent quarterly or year to date Profit and Loss Statement, signed and dated, showing revenue, expenses, company name and period of time covered” and enclosed the forms to be completed. See Dkt. No. 1-1 at 11; Dkt. No. 44 at 92-11. The letter stated that JPMC needed to receive the information by November 28, 2018 and cautioned Plaintiff that a request for mortgage assistance may not stop foreclosure of the property. See Id. Plaintiff did not provide the information requested by JPMC by November 28, 2018. See Id. at 239.

         On January 8, 2019, JPMC noticed the Property for foreclosure. The foreclosure sale was set for February 5, 2019. See Id. at 54-55.

         On January 24, 2019, JPMC sent Plaintiff a letter notifying him that JPMC had canceled its review of the application “because we didn't receive all the documents we need.” Dkt. No. 44 at 113-14.

         Plaintiff submitted another application for mortgage assistance on January 29, 2019. See Dkt. No. 1-1 at 12.

         On January 31, 2019, Plaintiff filed suit in state court to stop the foreclosure. See Brett Stacy v. JPMorgan Chase Bank, N.A.. No. CC-19-707-C (the “Petition”). Plaintiff asserted claims for violations of the Real Estate Settlement Procedures Act (“RESPA”) and the Texas Debt Collection Act (“TDCA”). Plaintiff also sought injunctive relief under the TDCA. See Id. at 8-25.

         On February 1, 2019, the state court entered an ex parte temporary restraining order enjoining JPMC from foreclosing on February 5, 2019 and setting a show cause hearing for February 15, 2019. See Id. at 61-62. On February 11, 2019, the parties entered a Rule 11 Agreement that the state court's ...


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