Democratic candidate for governor Virg Bernero highlighted what he called unfair mortgage foreclosure practices at a press conference with Holt resident Bill Krieger. Krieger, who is a captain in the National Guard, received a letter from JP Morgan Chase notifying him that he was facing foreclosure. The problem? Krieger had never missed a payment.
After hours on the phone with Chase, he was told the error had been resolved and that it would not impact his credit rating. But that turned out to be very wrong. Chase reported the alleged non-payment to the nation’s top credit bureaus, and his rating plunged to the life support area. Krieger however knew nothing about it until he attempted to lease a new truck.
The Lansing State Journal’s John Schneider reports Tuesday that Krieger has received a $53 check for his expenses and a letter informing him that Chase has asked the credit bureaus to erase the erroneous credit error. That could take some time, so in the meantime, Krieger has to lug around a letter from Chase announcing that his credit is not actually bad.
Krieger has hired an attorney. He says it’s not to “get rich” but to make sure his rights are preserved.