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.
PROVO, UTAH -- Chase bank is the worst bank to do a mortgage with. Our mortgage officer "forgot" to send our documents to underwriting and has left us in a new state homeless for now almost a month. No one from Chase will return our calls. It is laughable how unprofessional and pathetic Chase bank has been to work with.
ATLANTA, GEORGIA -- I owe the bank 69K for home mortgage. I paid 20K, they credited 10k, they acknowledge the receipt of the other 10K but they do not credit it to my account. I called them multiple times and they say, I am right about the discrepancy and they will rectify it. It is now one week and no one has corrected it.
COLUMBUS, OHIO -- I called Chase bank after my wife lost her job and I had to take a cut in salary. $5,000.00 gone from our monthly income. I told them we were going to have a problem paying our mortgage and needed direction on what to do. They had me fax over 60 documents and said I was going to be put into a loan modification. Two weeks later we receive a forbearance plan from Chase. The monthly payments were higher than our original payments.
We called the person we were working with, He STATED that we had received that in error and they were still working on the modification. We called every two weeks to check the status, "STILL WORKING ON IT, THEY ARE NOT TAKING CALLS, FAX IN YOUR CURRENT PAY STUB," and many more to mention. Six months later and still calling and checking every two weeks, we were told that our modification had been cancelled due to Chase being unable to get in contact with us. We flipped out and she was rude to us on the phone and said we made too much money to have a modification done.
We finally got in touch with the person who was working on our modification, he states that it has been disapproved because that we don't make enough money. I told him that I would talk to the President of my company and get reinstated some of my salary back. Sent in two months of new pay stubs and never heard from him again.
Back on the forbearance plan, have paid two months of payments, sent UPS overnight with signature required, READY, are YOU READY.. They have no idea were the January payment is and it has not been posted nor cashed. February payment has not been applied either, however they said it will take several days. I am looking at filing a class action lawsuit against them. My credit is ruined after tens years of perfect credit.. I called them for help and they gave it to me up the - - -.
COLUMBUS, OHIO -- In March 2009, just two months after losing my job I contacted Chase Mortgage to advise of my situation and that I might have a problem making my full mortgage payment in the coming months. Being an honest, hardworking, NEVER LATE paying customer with a credit score of 853 - IN GOOD FAITH I explained to Chase that I was trying to be PROACTIVE in order to protect my good standing. I have sent them documents 3 times, and have called & emailed them pleas to please expedite processing my Mortgage Borrower's Assistance application. Here it is August 10, 2009 and I'm still waiting.
I called Chase again on August 7 asking for the status and advised that I have completely drained my checking, savings, IRA account, and 401(k), and even had to sell my wife and I wedding rings - after almost 30 years of marriage in order to come up with the money to pay our mortgage. Does Chase care? ABSOLUTELY NOT!
In fact, when I spoke to the Chase representative on August 7, he was downright rude with me stating that they are trying to process thousands of requests, which I can understand knowing that I'm not the only one in similar predicament. He rudely told me that someone will contact me to request updated documents and could take another 30-90 days before it's processed.
I firmly believe that Chase is not abiding Obama's legislation, which should be against the law. He is trying to help the working class of this nation, but companies like Chase couldn't care less. I believe that they are deliberately delaying helping honest customers, which is unlawful and is causing good people extreme financial hardship. I have been without work since January 2009, now my wife has lost her job, without Chase's concern or I should state THEIR BLATANT NEGLECT, they are forcing me into personal bankruptcy.
I have no choice, I honestly tried to PROACTIVELY ADDRESS this issue more than 5 months ago. I've read other angry customers comments about Chase and I'm appalled by their thieving audacity by further crippling our nation's economy by their thieving, procrastinating tactics.
Chase all I can say, is that I tried... I honestly tried to do what was honest & just to come to you in good faith for help during a desperate time of financial misfortune. Yes, if forced into bankruptcy, I may lose my house and by outstanding credit rating, but never again will I do business with you...but what do you care!
I look forward to one day driving by your corporate headquarters to see a once fruitful company driven into bankruptcy as well. Instead of filing or shredding your credit card offers and such, I think we will start using your marketing materials as toilet paper because your business ethics and concerning for great citizens of the US has gone down the toilet... so should your marketing materials.
P.O. BOX 78420, ARIZONA -- My wife and I have a mortgage with Chase Manhattan that still has 5 years to go to be paid off. Several months ago I lost my job and it has now become difficult to make the required monthly payments although I have never been late. I had heard that Chase was participating in a mortgage assistance program that could result in lowered monthly payments. After contacting Chase in early June, 2009 I downloaded a form and a list of information they wanted to consider extending the loan and reducing the monthly payments.
On June 8 I faxed 49 pages to the required number. On June 12 I followed up to see if everything was transmitted and was told that I would be called if there was any problem and that I should not expect a decision before 4 to 6 weeks. On July 28 I called again and was first told that they didn't have the information. Then they said that it was incomplete. Finally they said that the program had changed and I had to complete a new form with some new information plus some of the same information previously sent.
They said that the dates were now almost two months ago. As another example, in the first submission they wanted proof that real estate taxes have been paid. Now they want a copy of the real estate bill. They blamed the Federal Government for changing the rules and for the fact that Chase moved the office to Rochester, NY.
I will assemble the information requested and make a new submission but I am convinced that there will be more delaying tactics. I don't think they are interested in modifying the loan. They are not asking for any new information, just forcing me to jump through more hoops.