OHIO -- As the Seller I have been treated horrible, and after 67 days our home still has not closed and we still have no closing date. Working with Chase Mortgage has been a nightmare. Our pre-qualified buyer and I decided to use Chase Mortgage Banking since we're both Chase customers. However, if we had known in advance of the incompetence, inexperience, lack of professionalism and continuous resubmission of documents, we would not have used Chase to close my home.
Every time I tried to personally get information from the lender he said I had to ask the buyer, because he couldn't give me information for privacy reasons. Since when can't a lender give the Seller information regarding the buyer's documents status and the closing updates on Seller's home?
History: I put my home on the market December 8, 2017. The buyer and I signed the contract December 30, 2017. January 2, 2018 Rex ** of Chase Mortgage received our contract and said everything looked great and we should be able to close in 35 days or by February 9, 2018. The appraiser came on January 12, 2018 and we renegotiated the price based on the appraiser's low estimate (that is another complaint), with an addendum to our contract.
The new addendum was signed and submitted to Chase on January 21, 2018. By the way, per the original contract the approval letter should have been submitted within 5 business days. That didn't happen. Our buyer received her approval letter via mail on February 23, 2018.
Complaint: On February 6, 2018 when I complained to Rex **, Home Lending Advisor about the lack of communication on updates, changes, documents, closing and response to questions asked, he said not to speak with him and to solely communicate with our “first time” home buyer for information and feedback in the future. Chase lending has not been responsive to me, the buyer or the Attorney's office with updates or the closing status. After 67 days, no one knows what is going on. Is this how Chase Mortgage trains their lending staff to treat “valued” mortgage customers, or is this treatment reserved for Blacks and Hispanics?
After selling three homes, Chase lending has been the absolute worst experience. The treatment throughout this process is unacceptable. Every promise Chase Mortgage has made has been broken, without apology. HORRIBLE Mortgage to use. DO NOT torture yourself through the living hell of using Chase Mortgage Lending.
Chase sold my mortgage to a company that most people have never heard of and Chase did it after my home was flooded by Harvey. I went to Chase right after my home was flooded. Chase assured me they would work with me. Chase knew that I was going to try again to get home refinanced through them. I had tried earlier but the transaction was canceled because Chase did not get paperwork through in time so my money was refunded. I was going to try again once my home was back the way it was before flood.
Chase decided to sell my mortgage and the only way I found out was when I went back to Chase to ask them about my mortgage and if they could extend it further out like most mortgages were doing as I still have ongoing repairs. That's when I found out my mortgage had been sold and that Chase wanted the past months of mortgage paid now in two payments. If you currently have Chase as your mortgage lender be aware that if your home is ever severely damaged, they will more than likely sell your mortgage. If you are looking for a mortgage lender, I would advise someone other than Chase.
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 re-appraised 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 cannot 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.
TEXAS -- In 2015 I did a home loan modification and received paperwork regarding it. In March 2017, I decided to look at selling my home. I called Chase and asked them for my payoff amount including the modification amount because I knew it existed. They mailed me the payoff. I meet with my realtor who asked me to confirm my payoff to ensure that I would not have any legal issues. I again call to ask Chase about my payoff. They again tell me it is "x" amount. I insist that they look again because I know there was an additional amount after the first amount was paid off that had to be paid. I'm told "NO", that amount doesn't exist, it was interest and no longer has to be paid.
I asked to confirm and they told me there was no other amount. I explained again that I needed a correct payoff because I didn't want legal issues later. I was told not to worry about it. I asked for a copy of the recorded conversation and was told I couldn't get one but they would have it on file. My home is still pending and everything is going good until the Title Company starts working on the documents for closing and a second mortgage shows up. I call Chase 2 additional times regarding this and am told there is only 1 mortgage loan.
The title company calls and is told the same thing, only 1 mortgage loan. They ask for it in writing and she faxes Chase the paperwork. Chase sends back the paperwork including a second mortgage that they said didn't exist.
I call them regarding it and am told that they are sorry they overlooked it. Four different times I called and they overlooked $31k. Even when I insisted I knew that amount existed I was told it was wiped clean because of the type of modification I did.
Chase Mortgage sucks and they don't want to do anything about their mistake because I signed a paper. Yes I signed a paper to modify my loan but I called 4 times regarding my payoff and advised them of that amount and still it's my fault. I DON'T THINK SO!!!
PASADENA, CALIFORNIA -- I paid my mortgage off early almost three months ago and am due a check for the refund of interest I paid. Before I finished paying the mortgage off, my partner, who is also on the mortgage, died. Chase told me I needed a death certificate for him so they could send me the check in my name only. A representative in the personal savings department, where he had a checking account, said they had one on file.
I can't count the number of times I went from the mortgage department to the personal savings department with promises that it would be sent and then finding out that it hadn't been. It's hard enough repeating that I need a death certificate for a loved one to a new person week after week, but they finally told me they didn't have one at all. I sent the mortgage dept an original more than two weeks ago and since then three people have told me they will open a job order.
Yesterday I was told I have to send them a marriage certificate. Today I received a letter from them asking for proof that I have home insurance. Why would they need to see that when I don't have a mortgage through them? Awful, awful, awful.
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.
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 a hold of ** 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; ** told me that the modification was denied on September 17th.
I have been told by ** 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.
P.S. I signed it from the mortgage number because that is all your customers are to you, a number.
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.
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 it's 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.
10 Years ago; bought house, a million three $$$. Had auto-deduct 6,000.00 mo. We worked our ** 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. Cashier's 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 these 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!!!!!
Thanks so much for trying, Ms.**. Both ** 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 a while to find Ms. **, 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. **'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.** 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.