Chase Manhattan Bank Complaint - Class action lawsuit
NEW YORK -- I had a home loan with WaMu that was a 5 year adjustable to mature in June 2010. I contacted WaMu who is now Chase to find out about getting a new loan in Feb 2009 because the rates were pretty low. They offered me a no document loan..simple transfer from my old loan to the new loan because we had so much equity. They required a $750 deposit to be refunded at the close of the loan and a 4 1/2% locked in rate. Well they came and did an appraisal, sent me disclosure paper work and I waited. Three weeks prior to the 2 month locked rate end period I called the loan processor and she said the paper work was in some guys desk. He and his managers were repeatedly contacted by email and voice mail but they never returned the calls.
I get an email back from the loan processor when I requested info on the loan last week saying all loans from WAMU need to be closed by the end of June and my loan has expired!My $750 is being returned.
My $750 was tied up for 4 months as I'm sure thousands of other applicants had their money tied up, along with losing the locked in rate and all the time I spent calling and e mailing.
I have a feeling that this was a sham from the get go. My loan was a no brainer, I had a locked in rate and rates went up after that!