JP Morgan Chase - Chase Mortgage Is a Complete "Bait and Switch" Operation
Mortgage Department - Complaint
COLUMBIA, MARYLAND -- Chase reached out to me via multiple phone calls and federal express packages telling me that I was approved for a no cost modification of my first mortgages on two investment properties. Then, after I called to inquire, I was sent two, full document packages and my loans were "put into processing".
Note, these modifications were for on time paid, first mortgages, non-distressed properties. I did not reach out to Chase for a refi or modification.
After I submitted the documents, there were many unanswered emails and phone calls from me to Chase inquiring as to the status of my deal.
Now, Chase is telling me that my rate lock has expired and that they will continue to process my loans only if I agree to pay $3850. I believe that this process is their scheme. Do not fall for it.
Additionally, I selected a title company other than the one that Chase uses--Maryland law requires that borrowers have the right to select their title company. My selected title company was never contacted by Chase to commence title work. However, I was told by the Chase representative that my files were waiting for the title work. This could not have been true.
Warning--do not bother with Chase and their promise of a no cost refi. They simply want to charge you fees.