Chase Home Finance - Chase Exploiting Consumers
Home Loan Modification - Complaint
NEW YORK, NEW YORK -- I have been jerked around since 2008 by Chase Bank for loan Modifications. In 2008 I had a major heart problem that put me on a long term disability. I was informed by Washington Mutual that my request for loan modification was approved and that I would be getting a confirmation in the mail. 60 days pass by and no response, I call them back and am informed that my application is under review to verify which program is best for me the bank’s internal program or the President’s program.
Another few months pass by and no reply. I contact the Comptroller’s office and they took my complaint and contacted Chase Bank. I was asked to make a new application, which I did. All this time during my communication with Chase both my wife and I were employed. In February 2009, when I went to make my monthly mortgage payment to the bank, my payment was rejected and on inquiry by Bank manager, he was informed that since. I had applied for loan modification, they could not accept payment. I forced the bank manager to get me assurance that this would not affect my credit; the customer service authorized him to take the payment.
The same was repeated in March 2009; this time they refused payment informing me that since I am in loan modification, they cannot take any payments from me. The payment from February 2009, was also sitting in a suspense status. In 2009 April I started to get notices of cancellation of my credit cards from American Express, Bank of America and others, where my account was current with zero balance outstanding. On inquiring with my creditors, I was told that my credit cards were cance3lled because of negative report from Chase Bank. Then on May 15th, 2009, I got a letter from Chase stating I was approved for temporary loan modification for 90 days with the stipulation that if I met the conditions of loan modification for 90 days, I will then be granted permanent modification. I met all their requirements and after the last payment called them to send me the new loan papers and monthly statement that I had not received since January 2009.
After my call and completion of Temporary loan modification requirements in August 2009, an appraiser showed up at my door one fine day, not knowing who had sent him, I did not give him permission as he did not have any documents authorizing him to enter my house. I called Chase bank to inquire if they had done so, they replied in the affirmative and also apologized for not informing me. The appraiser came in after a few days and thereafter I called the bank to inquire and I was told that I did not qualify for loan modification because my income did not justify it. My wife had lost her job in June 2009 as a teacher’s aide.
I contacted the comptroller’s office and one of their consultants called Chase Bank and it was determined that my income was satisfactory and did qualify, I was told to file another application which I did. Unfortunately on October 16, 2009, I was laid off from my job and when I submitted my documents, I was told I did not meet the income requirements.
Chase exploited me for solid 3 years. If they had not jerked me around, I could have gone to another financial institution, I could have been approved. In April of 2009, my wife and I had a joint income of over $ 140,000 per annum. I have been unemployed for last 2 years, I have not missed a single payment have a credit score of 740 and yet the banks will not grant me a loan because I have no job.
I would greatly appreciate if the President’s office can assist me in my dilemma and help me lower my interest. Both my wife and I took an early retirement to support ourselves. We have been making our payments and if the interest rate is reduced from the current 5.95% to 4% or lower, our payments will be reduced by $1,000 per month.
Helping those who have been living up to the rules and not abusing the system are losing out. Those of us who have not missed any payments are not into foreclosures are being penalized and those who abused the system or are to no fault of their own underwater are getting help but those of us who do not have income to substantiate new reduced rate loans are not receiving any help from the Banks or the White house in securing reduced rate interest loans
I have now decided to contact cosumers for video clips of their experience and frustration and putting togethera UTUBE video for all consumers to watch and hopefully that will have some negative effect on CChaes roadmap of explotation. UTBE brought positive action at United airliens after a Complaint by Musician David Carroll after his treasure d Guitar was damaged in Transit.