Chase Bank Mortgages

Star Empty star Empty star Empty star Empty star
1.2 out of 5, based on 4 ratings and
35 reviews & complaints.

Most Popular | Newest | More Options >
More filter options:
Chase Home Finance LCC Ohio Mortgage Modification Problems
Posted by on
COLUMBUS, OHIO -- By applying for a Chase home loan modification or forbearance, they have turned around and hurt me financially even more! I have been trying to get a mortgage modification through Lake County, Ohio, Fair Housing for nine months. What a vicious joke Chase played. The latest hit was a letter I just received from Chase that they are freezing my line of credit on my house (I didn't know I had one) because they learned that I was in financial difficulty! I am just trying to finish school so I qualify for a job! WARNING: By applying for a modification or forbearance, Chase has turned around and hurt LOTS of people financially even more!!! They froze this line of credit weeks before they mailed this letter informing me!!!

My house is not worth less than when they financed it. They even reappraised it during my attempted modification. So, how can they justify cutting off a credit line when the loan is secured - when I have never missed a payment! Could an even bigger profit motive be involved?

As an over fifty-seven year old displaced(unexpectedly divorced)homemaker, I was getting a grant from Ohio. That got canceled during the financial meltdown. Because I knew I would be facing economic hardship before my degree completion, I sought help for which I was qualified.

When I first got my Chase mortgage, I was assured it was a standard 30 year mortgage, but a "hybrid." Then, I learned from Fair Housing that Chase says it is an equity line of credit. That, according to what Chase told Fair Housing, disqualified me from a "forbearance" while I try to finish my degree. A couple weeks ago, they informed Fair Housing that they are not looking at "first mortgages" until late April. Why didn't they say that nine months ago?

When I applied, I was working many more hours. When they forced me to resubmit all financial data for different three month periods, I was working less - and was denied modification on the grounds that I could not afford my mortgage! (This is a repeating cycle with them - all the while, my financial status deteriorates.) I have an on-campus student worker job - and campuses have numerous non-paid closed days! I am restricted by law to working a maximum of 25 hours a week during the spring and fall semesters! And, without an Associate's Degree, I can not become a preschool teacher in Ohio!

I have been doubly screwed by Chase! I quit jumping through hoops to submit more documents, since I had figured out that they would never be satisfied - so they slapped this credit freeze on. Now, my credit is damaged! Thanks for nothing but stress and financial distress, Chase mortgage folks.

By the way, I am not the only one angry with you. Have you Googled yourselves lately? It appears that your generous offer to modify loans may have been nothing more than a ploy to bleed your customers bone-dry before you foreclose.

I have written President Obama and all my state politicians. I am hoping to attach my name to a class-action suit. And, thanks for the toll-free number I can used to request a reconsideration if my financial status changes. The thought of dealing with you just warms my heart - NOT!

Thanks (truly) to a supportive family and supplemental work - I will not fail to make my monthly mortgage payments, even at the current interest rate. Unless, of course, you find other ways to harm me as others have reported - not crediting payments, throwing whole payments into escrow and filing foreclosure for non-payment on loan, setting up three months of trial payments, not applying them to the mortgages, demanding lump sums, then not approving the modified loan agreements, etc. Really. This is some bad business.
     
Read 1 RepliesAdd reply
User Replies:
Anonymous on 2010-03-17:
The way I read this, to Chase, if you can't afford your mortgage and need it modified, then how can you afford to repay a line of credit? Yes, the mods are to help homeowners keep their homes, but the banks still have to profit otherwise NO ONE gets a home loan or mod when they need it.
Close commentsAdd reply
Chase Mortgage Flim Flam Sham Scam
Posted by on
This is a copy of a letter I mailed to Chase Bank CEO. I am sure he will place it in the round file by his desk and I will never hear back but I want all to know of the bad treatment and shady practices that Chase does.

Jamie Dimon
Chairman and CEO
JPMorgan Chase & Co.
270 Park Ave.
New York, NY 10017-2070
Dear Mr. Dimon:
I do hope that you or the person that you pass this letter off to actually cares about your customers. From the treatment and experiences I have had with representatives of your company I don’t believe that anyone there does care about the customer only how much money you can make off that person.

We purchased our home in 2008 as a new build from a builder. In January of that year we had a very good interest rate “locked in”. About three months later we were told that the interest rates had changed and so we no longer had that “locked in” rate. We did not like this but already had too much invested in the home to back out.

We have tried several times in the last 2 years to refinance our home with outside companies as well as with Chase. We have checked many times and we do qualify for every government program that the banks are supposed to have accepted to work for customers in return for the T. A.R. P. funds that they received. We have been rejected on every avenue we have taken with your bank. One representative even had the nerve to tell us to “not make your payments for 6 months then we will refinance your loan”. What the hell kind of advice and treatment is that coming from your representatives?

In July of this year we sent in all the documentation necessary to have our loan modified through the modification program. It seemed that every week we were told that we were missing documents that were sent in or that a certain page wasn’t signed (all pages were signed that needed to be). Your company kept losing documents and finding very ridiculous reasons that kept delaying the process.

Now in September we received a letter notifying us that our loan has been sold to another lender. How convenient for Chase. This is too much of a coincidence that our loan is sold during our attempts to have our loan modified so that we can afford to pay our mortgage. Our mortgage went up, by the way, due to Chase grossly mismanaging the escrow account and got us behind on our property taxes and now we have to pay extra to catch those up. I wish that banks were held legally and financially responsible for mismanaging accounts. Your company should pay the bill for your screw up not the customer.

When we first received the letter of our loan being sold, I called and received the worst treatment I have ever received from any company. The representative would not give me her name, kept interrupting me and talking over me while I was speaking, and even had the nerve to place me on hold because she did not want to hear what I had to say. I asked for a manager and she refused to connect me to one. She said that she would email her manager and he would call me back (which he has never done and it has been over a week now). She told me that my call was not a “manager” call. I told her she does not have the right to make that decision. I let her know that if I, the customer, state it needs to be handled by a manager then it has become a manager call.

I now called back and after several days of no one returning my calls finally got ahold of Mike in the modification department. He told me that our modification has been denied and tried to give me some bogus reasons that have to do with I or my wife losing our income for one reason or another such as death, being laid off, having to leave work to tend to a family members bad health etc..

I do not believe it when he or any other representative states that our modification was not approved because of the loan being sold. I don’t believe it at all. The facts are we requested modification, chase kept delaying the process by repeatedly ‘losing’ documents, we receive notification of loan being sold dated September 13th; Mike told me that the modification was denied on September 17th.

I have been told by Mike and the very rude person that has no name, that Chase doesn’t make the decision on the modification. I have been told that is done by Fannie Mae, the investor. I know this is a bold faced lie. Fannie Mae is not a loan investor they are merely a guarantor of the loan. They do not care if the loan is modified or not because it does not affect their bottom line. Chase is (was) the owner of the loan and has (had) all say in the decisions of that loan.

The facts speak loud and clear for themselves. Chase sold our mortgage to another lender to avoid having to modify our loan.

As of October 1st, our loan will be handled by another lender. I know that we will have to go through refinance and modification requests all over again. I hope that they care more about their customers than you do. When customers are treated the way that we have been in our situation or similar ones, it is no wonder that many people just give the home back to the bank. They are treated rudely and are not given any assistance when it is desperately needed because of the greed of the bank. But I guess you need to get your money to pay your rent on Park Avenue somehow.





Sincerely,
Chase Mortgage number XXXXXXXXXX


P.S. I signed it from the mortgage number because that is all your customers are to you, a number.
     
Read 5 RepliesAdd reply
User Replies:
idontthinkso on 2010-09-22:
Sorry for your troubles. Actions like these are simply because the current administration has made it illegal to outright steal, although bit by bit, like the banks used to do.

Loan sharking is illegal. Banks do not appreciate the competition.
Venice09 on 2010-09-22:
Excellent review.. well-written, easy to follow, and I understood every word. Thank you for that!

Even though nothing in your review can be proven, I believe everything you said is true. It's not a coincidence that this has become a stock review (insert name of lending institution) for too many people. I too hope the new lender cares more about you as a customer and a person. Good luck.
grandma005 on 2010-09-23:
Read your loan documents. If it says fixed interest rate then you have a legal case. If it does not then they have no legal right to up your interest rate.
FAMILYFIRST123 on 2010-09-23:
I love how you signed the letter. priceless!! ( and so true )

I know exactly how you feel. I wonder if there is a secret loan modification training book "HOW TO DRIVE YOUR CUSTOMERS INSANE" It seems to be the industry standard. Lose paperwork, delay, fabricate info and not allow you to talk to a supervisor or manager. what is the motivation behind these tactics? I hope that your letter finds his desk. Good luck to you and your family.
chasewantsmyhome on 2010-12-31:
I had similar experiences with chase. they appraised my home for 170,000, but want to modify it for 249,000. We didn't borrow that much 9 years ago and put 50,000 down. I told the lady with the economy the way that it was I couldn't justify the reasoning. If one of us were to lose our jobs and have to sell Who would pay 249,000 for a house appraised at 170,000 and would they give perspective buyers a loan for that much? She laughed and said there was nothing that could be done.
Close commentsAdd reply
StarEmpty StarEmpty StarEmpty StarEmpty Star
Chase forcing me into bankruptcy overcharging insurance on a $55K mortgage loan
Posted by on
Rating: 1/51
MIAMI, FLORIDA -- I have been making my payments on time for 10 years. My mortgage went from $112K to $55K on a house with a market value of at least $250k. Due to change in financial circumstances I can no longer afford the homeowners insurance not at 5-6k per year. So I cancelled it. Chase has not purchased for me added fees of over $2,000.00 for the previous year (already gone with no claims) and this year totaling $10,000.00. I am living paycheck to paycheck still paying my mortgage on time. I need help and fast. Chase will not listen to reason or help me in any way. If anyone knows who can help me, please email me plvarney@bellsouth.net.
     
Read 12 RepliesAdd reply
User Replies:
Mario The Great on 2012-02-14:
You have to initiate the process (at least until the loan's balance is paid down to 78% of the home's value at the time it was purchased). And yes, the lender has to approve, but only until an 80% loan-to-value ratio is reached. Then, the Homeowners Protection Act of 1998 kicks in, requiring lenders to automatically cancel coverage if you ask for it.

However, what puzzles me is why you have mortgage insurance in the first place. It is usually only required of borrowers who put down less than 20% of the loan amount, because it has been shown that those folks are more likely to go into default than those who have more skin in the game. By my calculation, you've paid more than 50% of the loan amount. If that's the case, your payments are more than enough to eliminate the need for PMI.

But back to your question. Many people look at mortgage insurance as an unnecessary expense, but I look at it as more of a necessary evil. Nearly 12 million families in the last 12 months alone have become homeowners thanks to PMI.

No, it isn't cheap. But someone paying $100 or so a month extra for mortgage insurance can purchase a house 10 years sooner than they might have otherwise and with as little as 3% down -- or even less for some qualified borrowers. Otherwise, they'd either have to wait until they scraped together the necessary 20% down payment or perhaps take out an even more expensive second mortgage.

Lenders accept the insurance as a substitute for the part of the down payment that is missing. The less money the borrower puts up, the more expensive the coverage. And worse, perhaps, is that even though you pay the premium, the insurance protects the lender in case you default on the loan.

People used to have a devil of a time getting lenders to drop coverage. But that changed seven years ago. You must be up-to-date on your house payments and have no other loans on the house. Also, the lender must be satisfied the property's value has not declined. But otherwise, coverage must be canceled.

Under the law, the lender must cancel coverage at the borrower's request when the loan is paid down to 80% of the property's original value. But if you forget to ask, policies must be terminated automatically when the loan balance reaches 78% of the home's value at the time it was purchased.

Again, your payments must be current. But even if they aren't, coverage must be dropped when you catch up. And you don't have to lift a finger. Cancellation is supposed to be automatic.

However, under rules adopted by Fannie Mae and Freddie Mac, the two giant financial institutions which keep the vaults of many local lenders fresh with cash for home loans, you can end coverage based on your home's current value as opposed to its original value. That's a huge difference.

Say you put down 5% on a $200,000 house with a 6% 30-year fixed-rate mortgage. If you simply sit on your duff and do nothing, your PMI coverage will end automatically in 11 years.

But if your place is appreciating in value at an annual rate of, say, 5%, you'd build up enough equity to meet Fannie and Freddie's rules after just 36 months, according to United Guaranty, one of the nation's seven mortgage insurance companies. If you happen to live in a place where housing is really hot and prices are rising at 10%, you'd reach the cancellation point in a mere 20 months.

Of course, the two secondary market institutions have their own set of rules by which lenders and their customers must abide.

You can't cancel coverage until your loan is at least two years old unless you've made significant improvements to the property. If the loan is between two and five years old, you must have paid the loan down to 75% of current value. But if yours is a "seasoned" mortgage that has been on the books for at least 60 months, your loan-to-value ratio need only be 80%.

In addition, you must have a good payment record, with no payment more than 30 days late over the last 12 months and none more than 60 days late within the last 24 months.

Not every lender abides by Fannie Mae and Freddie Mac's rules. The two government-sponsored enterprises touch only about half of the all loans originated. But they are so powerful that most lenders follow their edicts, especially if they intend to sell their loans sometime in the future.

Chances are that lenders who don't meet the GSEs' requirements are more strict about canceling coverage. But some could be more liberal.

The rules may seem a little daunting, but they are fairly cut and dried. First, you'll want to make sure your loan is at least two years old. If it isn't, PMI can't be released, no matter how much your house is worth now -- at least not unless the increase is attributable to a structural improvement you've made to the place; say, a finished basement, for example, or an addition.

Next, make sure you have a good payment record. After that, you'll want to make sure you have enough equity. If you don't have a good handle on that, spend $25 or so for an automated valuation, a kind of shorthand electronic appraisal that will give you a ballpark figure. Then, if it looks like you have enough equity to satisfy the rules, you can proceed with a full-blown, $300-$350 appraisal. But don't rush out and pay for an appraisal yourself. The lender will order one your behalf.

Mortgage Insurance Cos. of America, the trade group for private insurers, has a helpful Web site at www.privatemi.com that outlines the steps to follow for the most painless cancellation process, including sample letters you can used to get the ball started. Go to the MICA site.
macdave on 2012-02-14:
Mario, great write up on PMI and very informative. I think the writer was talking about his homeowners insurance, which I am sure the bank requires as part of his mortgage. Unfortunately for the poster may be out of luck unless he can find a policy he is able to afford and cancel the policy the bank took out on his behalf to protect their interests.

David
*Brenda* on 2012-02-14:
Mario - the OP said Homeowners' insurance not PMI.

That is something that I would never expect a loan company to risk. Although it makes me wonder why the insurance is so much. My house is about the same value and I only pay 600 a year.
Venice09 on 2012-02-14:
$5-6k a year for homeowners insurance? That sounds impossible. Is there a reason you can't find insurance on your own for a fraction of that price?
Mario The Great on 2012-02-14:
Man, I think I need new glasses. He did say Homeowners. Why not try Progressive or Farmers? They are much more affordable than Bank insurance.
clutzycook on 2012-02-14:
Wow Mario, I did not know that. Not that I would consider dropping my homeowner's insurance. The day I do that is the day that Murphy's Law will rear its ugly head on my property and I'll be out a lot more than my deductible, LOL. My husband and I had a PMI on our house when we first bought it, but about 3 years in, we refinanced and the broker was somehow able to get the PMI eliminated.

I'm rather concerned about the OP paying 5-6K/yr on homeowner's insurance, though. I pay about $5-600 a year (can't remember the exact amount right now)and even I think that's a little steep. I understand that he is in Florida and maybe he has a hurricane insurance attached to his policy (I'd be shocked if he didn't), but it shouldn't be 10 times what it costs here in the lovely midwest, should it? My advice would have been to investigate other insurance companies before dropping the coverage completely. Obviously, the bank doesn't like it when that happens (they want to protect their investment after all).
Inat on 2012-02-15:
I think there is some confusion or wrong information - I cannot imagine HO insurance being 5-6k unless you're in a house made of straw in the middle of a dead and dry forest with a grumbling volcano next door :)
traceylynn on 2012-02-15:
Homeowners insurance is not optional at all. In fact in your mortgage contract there is a form you have to sign that states you will carry homeowners insurance at all times and if you do not they do have the right to 'force-place' insurance on the property. Not only that but if you had a fire or a theft you would be up a creek. Please please PLEASE get coverage ASAP~!!!!
The 'force-placed' insurance will only cover the structure, it does not cover your personal contents. So as of right now you are still at risk for a (possibility) devastating financial loss!
Nohandle on 2012-02-15:
I have a number of friends with vacation property in Florida. After the last hurricane that came rolling through some insurance companies stopped writing homeowner's insurance in Florida period. I don't recall the exact amount for premiums but when they were able to find coverage were shocked at the increased price. These were individuals who had never filed a claim of any sort and also owned their property so there was no mortgage company involved.
Venice09 on 2012-02-15:
I found this on City-Data.com forum about the cost of insurance in Florida.

Question: Is the Homeowners Insurance still outrageous? Say I want to buy a $250,000 home. Can you give me an idea of what it will cost to get into the home and what the Insurance rates will be? Isn't there impact fees? etc?

Answer: You only need dwelling coverage - replacement cost - new. You will not need to cover the land. If the home is $250,000, then your dwelling coverage would be around $160,000 give or take. And yes, if you have hurricane shutters, HIP roof, age of roof and alarm system - those will lower the quote. Also, the age of the home comes into play as well.

I have dwelling coverage of $378,000 and I pay $2960 per year FYI. I just checked the website above but my insurance company (State Farm) shows I should be paying $7092 per year. My rate was close to that for 2 years, however, with my new roof (2003), HIP roof, alarm system monitoring and hurricane shutters, it was brought down to the $2960 per year which is close to the amount I used to pay.

Wow!.. That's crazy. If the OP can afford some improvements on the house, it might bring the price of insurance down. But it doesn't sound like that's an option.
Nohandle on 2012-02-15:
I'm wondering if dwelling insurance also covers contents, liability and everything else that goes along with homeowner's insurance? I sincerely doubt it. That's usually what brings the premium prices up to the staggering amount.
CowboyFan on 2012-02-15:
People living in Miami should pay more for homeowner's insurance. I live in Orlando, and there is a state surcharge on my homeowner's and automobile liability policy to pay for the state sponsored homeowner's coverage which provides lower rates, than commercial, for people who buy expensive homes near the coast. Make them pay the full amount is my belief.

My house (not land) in Orlando is probably worth $100,000, and I pay $2,300.00 per year on home owners insurance, with large deductibles (content coverage also). The reality is that homeowner's insurance is expensive in Florida because of hurricanes.

Look at it this way. In light of the hurricanes and wind damage in Florida, would you personally risk $160,000 to earn $6,000 per year, when it would take 26 years of no claims to make up a total loss? Knowing the possibility of storm damage in Miami during the next 15 years, I would not bet $160,000 to earn $6,000 per year - it would certainly have to be much more. Insurance companies take the same risks.
Close commentsAdd reply
Chase Home Finance Vs The Little Guy!
Posted by on
I have been a Chase Home Finance mortgagee since September, 2003. a period
of almost 10 years. In that time. each and every payment was made on time..
In 2005, due to medical expenses that were not covered by insurance, I was
forced to declare bankruptcy. During the bankruptcy period all mortgage
payments were still made on time. I am 73 and unable to work. My wife is 67 and still employed because we cannot survive without her income.

The crux of the problem with Chase is that I made a mistake in a payment in January, 2007. I paid the amount of $611.96 rather than the amount of
$877.96 that was actually due.

This problem is that Chase did not notify me for 31 consecutive months that they were charging me a late fee of $23.51 for each and every month since 1/12/07 and that a total of $728.81 in late fees was due at that point. The amount has since grown to over $1,000.00.

Chase claims that, because of my earlier bankruptcy, they would only send
Monthly Statements if I submitted a written request. However, the fact is
that I did continue to receive Monthly Statements for each and every month, even without making a written request. These Statements, of course, led me to believe that I was current with all monies due Chase.

If Chase had held true to their policy of not sending Monthly Statements
without a written request, I would have been forced to contact them, at
which point the fees that they were charging me would likely have come to
light. It should not fall on me to pay for Chase's failure to follow their
own policies.

I believe Chase had an ethical and legal obligation to include any and all
fees and balances on the statements that they were sending. Please note
that bankruptcy laws did not prevent Chase from continuing to send Monthly
Statements and to accept mortgage payments for 31 consecutive months before
notifying me that they were accruing fees against my account. It is
especially notable that chase did not ask for the loan to be reaffirmed at
any time during or after the bankruptcy process. Lastly, it is
unconscionable for a business the size of Chase to ambush its small
customers in this manner.

I have taken the matter to the Office Of Financial Regulation. As it turns
out, they have no authority and can do nothing to correct an abuse by any
bank. They appear to be there simply to listen.

Between the bank bailouts and shenanigans such as this, it is little wonder that people hold bankers in such low esteem. I intend to ask my
representatives to introduce a bill in both the Senate and the House to
prohibit practices such as these. It is patently unfair to attack a customer in a manner such as this. It is also very insulting to be repeatedly hung up on by Chase employees who are obviously unqualified or untrained in customer service.

It has been a lengthy and frustrating battle to attempt to right a wrong,
but it appears that the battle is lost.

Thank you for reading my complaint.











     
Read 3 RepliesAdd reply
User Replies:
Obsfucation on 2010-06-15:
None of these 31 statements showed that you incurred and owed a late charge?
clutzycook on 2010-06-15:
I was going to say the same thing. Those late fees should have been reflected on your monthly statement. Also, correct me if I'm wrong, but don't most bankruptcy lawyers advise against making payments on ANYTHING when you're in bankruptcy? I commend you for trying to keep up to date on your mortgage, but I wonder if that hurt you more than helped you.
FlShopper on 2010-06-16:
It depends on what's going to be included in the bk, and what isn't. If Chase wasn't on the list of debts to be discharged, then the payments would've continued as normal. I'm not sure if the OP was trying to discharge his mortgage...
Close commentsAdd reply
Chase
Posted by on
COLUMBUS, OHIO -- I called Chase bank after my wife lost her job and I had to take a cut in salary.$5,000.00 gone from our monthly income. I told them we were going to have a problem paying our mortgage and needed direction on what to do. They had me fax over 60 documents and said I was going to be put into a loan modification. Two weeks later we receive a forbearance plan from Chase. The monthly payments were higher than our original payments. We called the person we were working with, He STATED that we had received that in error and they were still working on the modification. We called every two weeks to check the status, STILL WORKING ON IT, THEY ARE NOT TAKING CALLS, FAX IN YOUR CURRENT PAY STUB, and many more to mention. Six months later and still calling and checking every two weeks, we were told that our modification had been cancelled due to Chase being unable to get in contact with us. We flipped out and she was rude to us on the phone and said we made to much money to have a modification done. We finally got in touch with the person who was working on our modification, he states that it has been disapproved because that we don't make enough money. I told him that I would talk to the President of my company and get reinstated some of my salary back. Sent in two months of new pay stubs and never heard from him again. Back on the forbearance plan, have paid two months of payments, sent UPS overnight with signature required, READY, are YOU READY..They have no idea were the January payment is and it has not been posted nor cashed. February payment has not been applied either, however they said it will take several days. I am looking at filing a class action lawsuit against them. My credit is ruined after tens years of perfect credit..I called them for help and they gave it to me up the - - -.
     
Read 3 RepliesAdd reply
User Replies:
tnchuck100 on 2010-02-11:
Isn't it amazing - banks can get themselves into financial straits and they can turn to the government to get our tax dollars and keep on truckin'. But if you need help that's just too bad. It ain't right!
Inat on 2010-02-11:
well, in JPMC's defense, they diudnt need a bail out- they agreed to take fed money (and the accompanying albatross) so the banks who were in REAL trouble would not be singled out by being hte only ones taking funds.

Anyway... beauracacy is bad and banks are the worse (excluding government) - seems like they need to refine the forebearance process a bit and perhaps assign 'case workers' to each applicant
hardworking on 2010-02-11:
Apparently there are thousands of us who are not getting what we need from chase. Here is a web site that may be helpful. loansafe.org
Close commentsAdd reply
Chase Home Mortgage Forces Me To Sit On A Time Bomb
Posted by on
COLUMBUS, CALIFORNIA -- I've been trying to refinance a mortgage, a no-doc, 7/1 interest-only ARM at 5.375 percent, from Chase, which readjusts in August 2012. I'm trying lock in a 30-year fixed-rate conforming loan that ensures I'm able to keep the property until its paid. I'd rather do this now instead of wait until 2012 when rates may be higher. Current monthly payments are at $2,248.

Due to falling home values, however, a large part of the 20-percent equity I initially put down has been erased. Whereas the home was originally appraised at $580,000 in 2005, the Chase blanket-appraised value is now $495,000. In 2005, I put down $116,000, financed the remaining $464,000 and that balance now stands at $461,789, leaving just $35,211 in equity remaining. However, I believe that a full appraisal will determine that my Redondo Beach, Calif., property in fact is worth substantially more. But a Chase mortgage counselor informed me on 22 January 2010 that I'm not 'streamline eligible.'

Though I'm experiencing no crisis, I consulted with an independent mortgage-crisis counselor to explore what I might do to improve my ability to qualify. They informed me that my chances are nil - unless I want an FHA loan with PMI, which I don't, or unless I experience a crisis (missed payments, default, possible foreclosure, etc.), which compels the bank to take some action. I don't care for that option either. I'm not looking for a rescue.

Why is a responsible and sophisticated financial consumer, such as me, forced to choose between those two equally undesirable options? Unlike many these days, my finances are in decent shape. I asked Chase to consider my:

- Good credit: my FICO score is in the 790-800 range;
- Timely repayment history: I haven't missed or been late on a payment to any creditor in many years.
- Property improvements: we made substantial upgrades to the residence. Additionally, our HOA invested nearly half a million dollars in improvements to the complex;
- Equity: we're not underwater. In fact, property values in my neighborhood are stabilizing;
- Higher income: my income today is roughly $20,000 more than it was in 2005;
- Greater personal savings: despite the financial crisis of 2007–2009, my retirement accounts all have higher balances than in 2005;
- Lower credit balances; again, despite the crisis, I've paid down my balances. All my credit balances trend downward historically;
- Financial savvy: as a successful, independent, institutional asset-management marketing consultant, I treat my assets and liabilities as an institution might. I've been a long-term consultant with a leading financial firm since 2001 and this gives me access to large amounts of sophisticated and forward-looking financial insight, which I put to use in my personal life;
- Income property: I also have a tenant who covers the mortgage on a second property in Hermosa Beach, Calif., which is due to be paid off in nine years. This provides tax benefits, but unfortunately impacts me negatively on my mortgage application.

I'm certain I represent extremely favorable credit risk to any bank that works with me to refinance this loan. Further, it would enable Chase to remove a risky, 7/1 interest-only ARM from its books and replace the loan with a safer 30-year fixed-rate loan to an AAA-type borrower with the capacity and intention of repaying the obligation - which might look good to regulators. If Chase offered me a rate at or near 5 percent, without PMI, it would increase my current monthly payment amount by only a few hundred dollars, which is very manageable.

Chase Home Finance has denied my refinance application and basically is penalizing me for being a proactive borrower who's working to prevent a potential future problem with my home. They're forcing me to roll the dice in 2012 and hope that I can refinance or sell by then. Apparently, no one at the bank has the foresight or the authority to look more closely at my unique circumstances, do some community banking, make a sensible move, and offer me a refinance. As a result, I have to continue sitting on this 'time bomb' of a mortgage.

As a consumer, evidently all I can do is complain loudly and often.
     
Read 1 RepliesAdd reply
User Replies:
clutzycook on 2010-01-22:
Have you talked to a mortgage broker? They can go through several different banks to find you a bank that will help you out. That's how my husband and I refinanced our mortgage last summer (got rid of our PMI).
Close commentsAdd reply
Chase Mortgage Loan Assistance Program Is Defrauding Great Paying Customers With Impeccable Credit Ratings Who Have Fallen On Hard
Posted by on
COLUMBUS, OHIO -- In March 2009, just two months after losing my job I contacted Chase Mortgage to advise of my situation and that I might have a problem making my full mortgage payment in the coming months. Being a honest, hardworking, NEVER LATE paying customer with a credit score of 853 - IN GOOD FAITH I explained to Chase that I was trying to be PROACTIVE in order to protect my good standing. I have sent them documents 3 times, and have called & emailed them pleas to please expedite processing my Mortgage Borrower's Assistance application. Here it is August 10, 2009 and I'm still waiting.

I called Chase again on August 7 asking for the status and advised that I have completely drained my checking, savings, IRA account, and 401(k), and even had to sell my wife and I wedding rings - after almost 30 years of marriage in order to come up with the money to pay our mortgage. Does Chase care? ABSOLUTELY NOT! In fact, when I spoke to the Chase representative on August 7, he was down right rude with me stating that they are trying to process thousands of requests, which I can understand knowing that I'm not the only one in similar predicament. He rudely told me that someone will contact me to request updated documents and could take another 30-90 days before its processed.

I firmly believe that Chase is not abiding Obama's legislation, which should be against the law. He is trying to help the working class of this nation, but companies like Chase couldn't care less. I believe that they are deliberately delaying helping honest customers, which is unlawful and is causing good people extreme financial hardship. I have been without work since January 2009, now my wife has lost her job, without Chase's concern or I should state THEIR BLATANT NEGLECT, they are forcing me into personal bankruptcy. I have no choice, I honestly tried to PROACTIVELY ADDRESS this issue more than 5 months ago. I've read other angry customers comments about Chase and I'm appalled by their thieving audacity by further crippling our nation's economy by their thieving, procrastinating tactics.

Chase all I can say, is that I tried...I honestly tried to do what was honest & just to come to you in good faith for help during a desperate time of financial misfortune. Yes, if forced into bankruptcy, I may lose my house and by outstanding credit rating, but never again will I do business with you...but what do you care! I look forward to one day driving by your corporate headquarters to see a once fruitful company driven into bankruptcy as well. Instead of filing or shredding your credit card offers and such, I think we will start using your marketing materials is toilet paper because your business ethics and concerning for great citizens of the US has gone down the toilet...so should your marketing materials.
     
Read 2 RepliesAdd reply
User Replies:
Anonymous on 2009-08-11:
You lose most of your credibility when you throw out things like "customer with a credit score of 853". Since credit scores only go up to 850, we know you are fudging that little bit of information. What else are you exaggerating?
Mrs. V on 2009-08-11:
OP may be talking about his vantagescore.

FICO is from 300-850

Vantagescore is from 501-990
Close commentsAdd reply
Chase Mortgage Loan Assistance Program is a fraud
Posted by on
P.O. BOX 78420, ARIZONA -- My wife and I have a mortgage with Chase Manhattan that still has 5 years to go to be paid off. Several months ago I lost my job and it has now become difficult to make the required monthly payments although I have never been late. I had heard that Chase was participating in a mortgage assistance program that could result in lowered monthly payments. After contacting Chase in early June, 2009 I downloaded a form and a list of information they wanted to consider extending the loan and reducing the monthly payments.

On June 8 I faxed 49 pages to the required number. On June 12 I followed up to see if everything was transmitted and was told that I would be called if there was any problem and that I should not expect a decision before 4 to 6 weeks. On July 28 I called again and was first told that they didn't have the information. Then they said that it was incomplete. Finally they said that the program had changed and I had to complete a new form with some new information plus some of the same information previously sent. They said that the dates were now almost two months ago. As another example, in the first submission they wanted proof that real estate taxes have been paid. Now they want a copy of the real estate bill. They blamed the Federal Government for changing the rules and for the fact that Chase moved the office to Rochester, NY.

I will assemble the information requested and make a new submission but I am convinced that there will be more delaying tactics. I don't think they are interested in modifying the loan. They are not asking for any new information, just forcing me to jump through more hoops.
     
Read 5 RepliesAdd reply
User Replies:
DebtorBasher on 2009-07-29:
I guarantee they will back out of any agreement they offer or make with you. That's very common for them...Believe me, I worked for Chase Mortgage and I know of several programs we offered the hurricane victims, only to tell them 'sorry, but Chase changed their minds and they are not honoring that offer'...many times, the actual programs they offered, caused the customers to get further behind on their payments, and they got charges and fees attached to them because of it. If at all possible...GET RID OF CHASE! It's only going to get worse! Refinance, sell your house or do whatever, just run away from Chase as fast as you can and DON'T LOOK BACK! And don't think that having anything in writing will save you...NOTHING WILL SAVE YOU FROM THE CHASE GRASP!
goduke on 2009-07-29:
The government often does change the rules in programs which have some federal oversight. You see it a lot in Medicare Part D -- each day there's a new regulation or rule which requires the providers to rewrite things and causes hassles for the end users.

Still...I don't have a lot of faith in Chase. Big banks get a lot of internal policies and procedures which can cause them to fall into inertia.
DebtorBasher on 2009-07-29:
Goduke...in the cases I mentioned...it had nothing to do with the government...they were allowing their 'investors' pull the strings. The investors didn't want Chase giving the hurricane victims deferments on their loans, after Chase posted in the newspaper that they would...so, Chase backed out of it to keep the investors happy...leaving the customers with even less than they had before.
goduke on 2009-07-29:
I agree with you DB...Chase is way too big for their own good, and are mostly concerned with big corporate accounts rather than the normal checker. I was referencing the OP's concerns about the fact that the rules changed....they often do with government backed deals.
DebtorBasher on 2009-07-29:
Gotcha..
Close commentsAdd reply
INVITED IN. SUCKED TILL EMPTY. YOU? RUN RUN RUN AND DON'T LOOK BACK...RUN!
Posted by on
10 YEARS AGO; BOUGHT HOUSE, A MILLION THREE $$$. HAD AUTO-DEDUCT 6,000.00 MO. WE WORKED OUR ARSES OFF, DENIED OURSELVES EVERYTHING. PAID EXTRA TO PRINCIPAL CONSTANTLY. CASHED ALL ASSETS, STOCKS, SOLD VINTAGE CAR TO DO SO AND BY JAN 2009 OWED 180,000. JANUARY 2009: CALLED CHASE TO RE-FI (THEY OWNED LOAN NOW) TOOK $750.00 APPLICATION FEE. I HAD NO DEBT. NONE. NADA. 8.3 CREDIT. CLEAN. A FEW MONTHS OF VERIFICATION BACK AND FORTHS ARE FINE BUT WE WERE KISSIN' OUR FIFTH MONTH (REMEMBER, EVERY FOUR WEEKS THEY WERE TAKING $6,000 OUT OF OUR ACCOUNT...) AND THEN GUESS WHAT THEY ASKED FOR??? THE BANK RAN OUT OF WAYS TO DELAY THE RE-FI SO IN APRIL, UNDERWRITING ASKED FOR "PROOF THAT THE LAST TWELVE MONTHS OF PAYMENTS WERE ON TIME." AND GET THIS: CHASE GAVE US UNTIL LATE AUGUST TO RESPOND! FOUR MONTHS AT $6,000 A MONTH=OH, JUST ANOTHER 24 MORE THOUSAND! NOW THEY OWNED THE LOAN AND IT HAS ALWAYS BEEN ON AUTO-DEDUCT! THEN AND THERE I KNEW THEY SAW US AS "CASH COWS" EARNING $6,000 A MONTH ON A $180,000 LOAN! COME ON! SO BEFORE THE NEXT DRAW AT 6 MONTHS GOING NOW, COULD BE MADE, WE DECIDED TO CLEAN OUT OUR CLOCKS AND PAY THAT DANG LOAN OFF BEFORE CHASE COULD GET ANOTHER DIME. THE LADY I TALKED TO WOULDN'T GIVE ME ANY PAY-OFF FEES AMOUNT, SAID IT WOULD TAKE 48 HOURS THEN THEY WOULD SEND IT TO ME. THE NEXT PAYMENT WAS DUE IN THREE DAYS. SO I JUST SENT IN AN EXTRA $2000,00 AND I FED-EXED THAT $182,000. CASHIERS CHECK AND CHECKED ON THE INTERNET TO MAKE SURE IT WAS SIGNED FOR SO THAT DANG BANK WOULDN'T GET ANOTHER NICKEL FROM ME. IT TOOK EVERY BIT OF OUR LAST RESERVE SAVINGS TO DO IT AND WE HAVE NOTHING LEFT BUT IT SURE FEELS GOOD AND I THANK GOD SO MUCH THAT WE HAD THE ABILITY TO BEAT THAT DANG BANK AT ITS OWN GAME. IT BROKE US, BUT WE WON. I AM NOW FIGHTING FOR MY $750.00 BACK, AND THEY ARE RELENTING BECAUSE I WENT TO SMALL CLAIMS AND HAD SERVED MY SPECIFIC MORTGAGE REP FOR CHASE IN ARIZONA THROUGH THE COURT. IT HAS BEEN CREDITED ON MY CHASE CC ACCOUNT FOR NOW, SO I AM EXCITED TO CANCEL AND BURN MY CARD! (MAKE SURE IT IS POSTED ON YOUR CREDIT REPORTS AS A CUSTOMER REQUEST, NOT MERCHANT REQUEST!) A CREDIT UNION WILL GET A VISIT FROM ME TO OPEN A NEW VISA ACCOUNT ON MONDAY AND I WOULD HAVE THEN FINISHED GIVING MYSELF THE CHASE COLONIC THAT I NEED AND WILL BE DONE WITH THEM, THANK GOD, AND GOOD RIDDANCE!!! ALSO! DURING THIS 5 MONTHS OF RE-FI NOTHING CHASE WAS EXITING $30.00 (THREE TIMES) OUT OF MY VISA WITHOUT ANY ACKNOWLEDGEMENT OR MY AWARENESS OR PERMISSION THAT THEY WERE DOING THAT FOR "PAY-OFF" QUOTES THEY CALLED IT! ILLEGAL!!! THOSE PENNIES MAKE THE DOLLARS WHEN THEY DO THAT TO EVERYBODY AND IF THERE IS EVER EVER A CLASS ACTION LAWSUIT...COUNT ME IN!!! I AM FIGHTING THOSE DEDUCTIONS TOO. SO PEOPLE IF THEY ARE MESSING WITH YOU JUST FIGHT BACK, DON'T GIVE UP. THESE CHASE EMPLOYEES ARE REALLY HUMAN UNDERNEATH THEIR NEGATIVE ROBOT BEHAVIOR AND MAYBE IF WE ALL STAY AGGRESSIVE AND PRINCIPLED AND KEEP FIGHTING FOR WHAT'S FAIR AND RIGHT WE CAN EVENTUALLY BREAK DOWN THEIR CORPORATE GREED. CHASE SEEMS TO HAVE STRATEGICALLY AND SCIENTIFICALLY CALCULATED HOW TO MAKE THE MOST MONEY AT ALL OF OUR EXPENSE AND THEY ARE SUCCEEDING. I HAVE ALSO HEARD THAT BANK OF AMERICA OWNS CHASE, SO THERE YOU GO. AND IF YOU ARE ONLY A LITTLE TIED IN, OR THINKING TO NIBBLE TO DO BUSINESS WITH CHASE DON'T DON'T DON'T!!! RUN RUN RUN AND DON'T LOOK BACK!!!!!
     
Read 19 RepliesAdd reply
User Replies:
madconsumer on 2009-07-19:
I don't get it ......
Anonymous on 2009-07-19:
I second that.
Soaring Consumer on 2009-07-19:
From what I understand, he bought a $1,300,000 house with Chase. He wanted to re-finance the loan for the remaining $180,000 owed because they were currently taking $6,000 a month and he was having trouble with the payments but Chase kept delaying the re-fi. So he wouldn't be put in bankruptcy and lose the house he spent everything he had to pay it off right there and then.

Furthermore since Chase never did the re-fi he wanted the re-fi fee back but they refused so he filed a lawsuit and they gave it back to him.
Eloise on 2009-07-19:
Make that three. But I think he doesn't like Chase! And all the screaming made it much harder to read!
BokiBean on 2009-07-19:
lol@Chase colonic!
Anonymous on 2009-07-19:
Soaring, that's what I came up with too! It was a puzzle, but fun figuring it out. Glad he was able to pay off the loan--most people couldn't.
madconsumer on 2009-07-19:
sue them? or file a complaint with the attorney general?
DebtorBasher on 2009-07-19:
"RUN RUN RUN AND DON'T LOOK BACK...RUN!"

You took the words right out of my mouth...errr...fingertips!

I worked for Chase Mortgage and they will screw you EVERY TIME! RUN!!!!!
Eloise on 2009-07-19:
'INVITED IN. SUCKED TILL EMPTY. YOU? RUN RUN RUN AND DON'T LOOK BACK...RUN!'
Sounds like a line from a horror movie.
bcd on 2009-07-19:
Please stop yelling.
Anonymous on 2009-07-19:
What a mess, at least the OP did not get screwed over by one of those sleazy loan mod companies too.
Eloise on 2009-07-19:
BCD this was a quote from the original post. I promise I wasn't screaming!
PepperElf on 2009-07-19:
I'll read this when it's reposted without ALL CAPS on
Anonymous on 2009-07-19:
Eloise--It could also sound like another type of movie. What do you think C2O, LMAO.
Anonymous on 2009-07-19:
I totally agree with you kia! More like a whorer movie.
Minda on 2009-07-20:
I agree. Please see my comment dated 7/20/2009. I don't know what to due to ensure this doesn't happen to someone else.
Eloise on 2009-07-20:
Knowitall, C2O lets keep this R rated please!
Anonymous on 2009-07-20:
Eloise--Okay, but that could be "R" rated, lol.
Anonymous on 2009-07-20:
Rated E, for everyone!
Close commentsAdd reply
Chase's Bad Attitude And Fake Concern For Customers
Posted by on
Thanks so much for trying, Ms. Whitheall. Both CharMaine and I appreciate your effort and for keeping us informed. It was a great try and we're only sorry that management wouldn't agree to the extension you tried to get us.

The assistance you've offered does make us feel that you value and appreciate us as Chase customers. But Chase, not you, let us down. I'm going to expand on this a little in the hope that, perhaps, you can share this e-mail with the committee(s) you interacted with as you worked on our behalf (and, by the way, on Chase's behalf as well, because I think the extension would have been beneficial to both ourselves and Chase). What follows isn't new to you--you know all this. But I hope someone else at Chase will see that what you asked for on our behalf should have been granted--that denying it didn't help Chase, hurt us, and, to be frank, made the very recent full-page ad in The New York Times by Chase stating that Chase was aware of these difficult times and "that it stood ready" to help its customers with mortgage problems--cynically untrue. Again, I'm not writing this to convince you--I think you did a great job and you didn't let us down at all. This is for all the other Chase employees and Chase management that did.

Our Chase loan had a final balloon payment due on December 19th. We applied for a construction rollover to permanent loan from Schwab about 2 years ago, received an approval dependent on the usual qualifications, and began the final approval process with Schwab in early September. Therefore we initially felt we had plenty of time--probably 2 months to spare. We felt, by the way, that we had to be careful not to be too early paying off because there was a prepayment penalty.

But from the radically different responses we were getting from MBS, Schwab's loan processing company, compared to any previous loans I've made (I've had about 15-20 real estate loans in California in the past 40 years), I soon began to worry that we might miss the December 19th deadline to pay off Chase with the new loan. The details of that difference aren't relevant here, but they were extraordinary.

When I saw how slow, detailed and repetitive the underwriting process seemed to be (this would now be late September) I began trying to find someone at Chase to talk to about a 1 month extension. We have (or had) a good credit rating and wanted to keep it that way. This proved frustrating: customer reps told us we didn't qualify for a loan modification because we weren't delinquent. It took us awhile to find Ms. Whitheall, the first (and only) person at Chase who tried to help us. By this time we were in October. She took our concerns seriously and over the following weeks worked toward different solutions. I believe before the final turndown we'd been turned down in two different Chase departments despite Ms. Whitheall's best efforts.

Please consider what it was we were asking for: a 30 day extension on the final balloon payment. I also offered to make an immediate $30,000 prepayment immediately upon approval of the extension, and I'm sure Ms. Whitheall conveyed the offer to the various groups/committees/executives who turned our request down. Please consider, too, that both my wife and I have had Chase credit cards for years and that we were paid in advance on the loan in question--as I say, by more than 10,000, probably close to 15,000.

We were nevertheless turned down three times by Chase over the 30 day loan extension.

What did the turndown accomplish for us? It marred our credit record.

What did this accomplish for Chase? It actually increased their risk of a larger default because we offered to prepay 30,000 for the extension, and having refused it the loan is technically still in default for the full $92K and will be until later this week when the payoff to Chase comes out of escrow.

It decreased our customer satisfaction with Chase. I won't say that I would never do business with Chase again; sensible persons do business with others they don't particularly admire or like all the time. But I wouldn't make any special effort to bring any future business to Chase, the corporation, now or ever.

Sincerely

Patrick Gleeson
     
Read 0 RepliesAdd reply
Top of Page | Next Page >