Chase Home Finance LLC Complaint - Chase Home Finance LCC Ohio Mortgage Modification Problems
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 use 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.
Letter from Chase Home Finance re: mortgage modification attempt