This post is about one specific client but I have at least 10 more Chase horror stories that are equally as bad. Anyway, I consider myself very competent and efficient when completing a mortgage bailout for one of my clients. So much so that when I know I’m right about something I will fight it to the bitter end which often leads to extreme frustration.
I’ve been working with this particular client since July of 2009. She hired me because she was on a trial payment under Obama’s Making Home Affordable Modification Program, HAMP for short, and she had made six trial payments when initially she was told she only had to make three. I told her that making six trial payments was normal but then I looked at her paperwork and noticed that Chase was overcharging her by $170 per month.
Her hardship was that her husband had passed away and she was on a fixed income and couldn’t afford her payment. When you’re on a fixed income, it’s really simple to calculate you’re HAMP payment because all you have to do is multiply that income by 31%. For some reason when Chase did this simple math, they somehow came up with a number that was $170 higher than it should be…go figure.
Well, my client didn’t know this until I informed her. We eventually got Chase to adjust her payment and get her a permanent HAMP modification agreement by November. This agreement stated that she would begin making her new payments in January of this year. At this time we considered this a big victory because I only had to show Chase how to do there job once.
Now, fast forward to February after my client has made two of her new payments. She receives another package from Chase containing another HAMP permanent modification agreement with slightly different numbers and a first payment due date of April 1st.
We immediately call Chase and ask what’s going on? Several departments and 45 minutes later, we’re told that she needs to follow the most recent agreement that she received. So, my client has the new agreement notarized and she sent back to chase per their instructions.
Then, in mid march she received the signed, executed copy of the HAMP permanent modification agreement that she signed in November along with a “Notice to Accelerate” because she is behind by one payment, March’s. This was the payment that the new agreement, along with the Chase representative, said she didn’t have to make.
So since mid-March, I’ve been following up with Chase trying to get to the bottom of what’s going on and this is where my hatred for Chase bank begins. Apparently, in February, Chase changed their guidelines for third party authorizations, the document that companies like mine must submit to these mortgage servicers to speak on our clients behalf.
All authorizations must go through their legal department so they can determine the validity of the third party for fraud protection reasons. Personally, I think this is great that Chase is trying to protect the personal information they collect on their clients. However, with their new policy in place, I have faxed over 16 third party authorizations on this file since March 15th.
This is where my problems begin. Chase has like six different departments that work on loan modifications. My authorization can be found in all departments accept for the Immenent Default department which happens to be the department that I must speak to in order to solve this problem.
So, every-time I call in on this file, which is two times a week at least, I have to first speak with the Way Forward Department, which I think means the “We don’t do shit but read a computer screen department.” I always start the call telling them that they can’t help me and I need the Immanent Default Department but they always want me to tell the same, long, drawn out story only to confirm what I already told them.
But, somehow this department can find my authorization which is absolutely brilliant since they can’t help me. Nothing better than to be authorized to speak to someone that doesn’t know anything…talk about productive!
Anyway, after they realize they can’t help me, they transfer me to the Immanent Default department. Lucky for me(being sarcastic), it takes at least 30 minutes on hold before I get to connect with Immanent Default.
Once on the phone with the rep in Immanent Default, I’m told that they can’t find the third party authorization on file and they can’t speak with me. I inform them that I will conference call my client and she will give me verbal authorization for me to speak on her behalf.
Mind you, I’ve faxed my authorization 16 times already in the last 50 days but, it is what it is. So after verifying that it’s ok with my client for them to speak with me, I must now explain what the problem is. After the explanation, this representative tries to come up with their version of what’s going on but unfortunately they don’t have a clue.
So, now I have to break everything down to them, using the numbers that they already have, and show them how their math doesn’t work and I know what I’m talking about. This usually takes about 20 minutes and results in them telling me I’m right and that this needs to be fixed.
This is where it gets really exciting! They put me on hold to try and come up with an answer which, in and of itself, is fine. However, the wonderful technology that Chase has implemented on their phone systems only allows you to be on hold for a certain period of time before it transfers you to an available representative.
Seems like a rational form of customer service accept it transfers you back to the Way Forward Department in which you start the whole process over again or a recording comes on and says “I’m sorry, your call cannot be completed. Please try again.” Either way you end up starting all over again.
I went through this process four time today! I was on the phone with Chase from 10am until 1pm trying to fix this problem. half of that time was spent on hold and the other half was spent showing Chase how to do there job and where they screwed up. The sad part is that I can’t send them a bill on top of the fact that the problem still hasn’t been corrected.
This means that I get to spend more of my time, that I’m already limited on, trying to fix a problem that should never have happened, and trying to do so with the incompetent employees at JP Morgan Chase. If I didn’t sincerely care about my client’s results, I would have gladly refunded the small amount of money she paid me and given up already.
Fortunately, for our clients, that’s not how we do business. Like I said before, when I know I’m right, I don’t stop until the bank see’s it my way. Thanks for listening to me vent and I hope you take this post as a lesson which is don’t give up and know your stuff!
I’ll keep you updated on this client and I can’t wait until we’re done because her testimonial is going to be awesome! If you want to learn more about this process or find out if you qualify for a mortgage bailout, make sure you sign up for my FREE Mortgage Bailout Video Series.
{ 4 comments… read them below or add one }
you wouldn’t believe my story it’s a continuing nightmare which started in January of 2009 and continues through today. Chase Bank is full of incompetents and only after i filed a complaint and sent it to Washington and Dimon did something start to happen 6 months later.
Pat, unfortunately your story is common when dealing with Chase. In fact, a large majority of our clients have already attempted this process on their own before enrolling in our program. It’s really sad how hard these mortgage servicers make it for people to get approved for a program that they clearly qualify for. I’m hoping everything works out for you and make sure that you stay in constant contact with Chase at least once a week. Good luck and let me know if there is any way I can help.
Oh my word. We are dealing with the same thing. For 8 months. 8 months. If anyone I knew did our jobs the way Chase did, we would all be fired. I am in the process of slowly losing my job as a medical transcriptionist because of the wonderful government’s involvement of the EMR systems that doctors must use for their medical records. This takes away the jobs of transcriptionists, and is a faulty system to say the least. So the government sticks their nose into medical records, and it’s a mess. Well, it can’t be any worse than what they have done with the mortgages…thank you Chase. The head of Chase has been very vocal about how he doesn’t approve or agree with the HAMP program because people have signed a contract (i.e., mortgage) and they must pay it and that’s his thing. Well, he had no problem taking the billions of dollars from the government did he? Couldn’t put his hand out fast enough.
Right before I found out about my job, I had a car accident, injuring my neck. So we’ve had tons of medical bills. Physical therapy, co-pays, portions insurance doesn’t pay. Our medical bills have been running around $1200-$1500 a month. We told Chase that too. And that is not going to change anytime soon, thank you lady who doesn’t know red means stop.
As soon as I knew I was losing my job, I called to say – look – what we can we do about our mortgage? So we talked about the HAMP program and we did all we had to do to apply. Copying TONS of papers, UPSing the package of information ($10 of copying, $49 for UPS). We called them every week. Every blessed week. As stated above, from department to department to department, each idiot telling us something completely different. Every week. They don’t know what color their own underwear is. After being told time and time again that we had no “relationship manager”, our paperwork finally “expired” and we had to reapply. So we went through it again. Went through the same mess again – week after week after week as my paycheck got lower and lower. We are now making about $2000 less a month and can’t make our mortgage payments. Our house isn’t big. It’s an old style farmhouse that we have put $50,000 in to fix up. We weren’t the people who bought a house out of our means.
Anyhow. After the second time of the paperwork expiring, my husband went nuts and told them this had to be resolved that very day. Now this was 6 months into the process. Maybe two weeks later, we finally got a relationship manager. Had to send ALL OF THE PAPERWORK AGAIN…..Each time, copying fees, UPsing fees. Ok so now because of Chase’s delay, we are 8 months behind on our mortgage. Our credit is toast. And guess what? On Friday, we finally got a package from Chase. Yeah, they lowered our mortgage $50 a month. What a modification. That helps. how much did they get of OUR taxpayer money to help people in need???? Really? What a freaking slap in the face. Shame on them. We really don’t know what to do right now. I am facing a fourth neck surgery from a car accident. And one of the biggest banks in the U.S., who has been given billions of dollars of OUR MONEY won’t help us? Makes me sick. Wake up government and hold these idiots accountable.
Typical Chase. If you didn’t already know tyhe HAMP program is based off of your gross household income multiplied by 31%. This number represents what the government believes to be an affordable principal, interest, taxes, insurance, and association fee if applicable. This does not include any second mortgages or junior liens.
If your mortgage payment only went down by $50 per month, the relationship manager mught have been using your previous wages or a year to date figure that inflated your potential HAMP payment. If you can’t afford the modified HAMP payment you could persue a traditional modification that might reduce your payment further but nothing is guaranteed.
One of the first things I have my potential clients do is compare their current mortgage payment to rent in their area. If you are behind on your mortgage, owe more than your home is worth, and your payment is higher than rent, it may be in your best financial interst to let the home go to foreclosure and rent.