Comments on: Why I hate Chase bank and you should to!

By: Yolanda

Yolanda — Tue, 02 Aug 2011 00:02:25 +0000

I hate Chase pure and simple. Is there a government watchdog that we can sic on them? I have been negotiating a loan modification with them for so long, I now have grey hair! I just want them to do their job instead of giving me the run around and to monthly ask me for the same documents that I faxed them 6 times already!

By: goblin

goblin — Tue, 31 May 2011 09:20:43 +0000

I’m sorry to hear of your current frustrations but now with the higher payment due to the escrow shortage, you may be able to qualify for a modification. It all depends on your gross income but an increase of $500 per month because they can’t use a calculator is rediculous. I wish you the best of luck with your dealings with Chase.

By: Bob

Bob — Thu, 12 May 2011 03:56:32 +0000

I first requested a modification from Chase approximately two years ago. They told me that I needed to be further behind on my payments to be considered so should wait a couple of months and then contact them. After a couple of months I talked to them and received a modification packet. Long story short, we have submitted the modification packet at least 6 times. I would submit it and then they would tell me that they had everything they need; it shouldn’t be long now. Then we would get another packet saying we were short one piece of info and would need to make the whole packet current.
As of last August, we were $14,000 behind and still no resolution. We asked them to put the amount on the back of the loan and please work with us. They would not do it, and in fact they sent back a payment that we tried to make saying that it wasn’t enough to bring the loan current.
In October we were served Foreclosure papers. We have now been trying to get them to accept a short sale on our property. We have an offer that is very fair, but will not now cover the $40,000 in late fees that Chase has tacked on. Chase hired an appraiser to get a value on the house, she valued the house at least $50,000 over what it is worth. Surely they told her what they wanted the value to be because there are no comparable houses in the area that are worth this amount. Now Chase says we make too much money and cannot qualify for the short sale, which by the way, they already told us that we would qualify for. But, get this, Chase has offered to accept our offer and finance us for the rest for up to 15 years. What!! We asked for a very similar result 8 months ago and they refused. Now that they have added another $26000 in fees and penalties, they are willing to finance us.
If you do ever accidentally stumble across someone at Chase that is competent and actually cares and wants to help, the rules seem to be that you may never speak to that person again. I do not want to file bankruptcy and I also do not want a foreclosure on my record. Very frustrating. I owe them the money, I do not dispute that. I just asked for some help and Chase has delayed this so much that the amount I owe is fast approaching insurmountable. I hate them!!!!
We have had inquiries from the Wisconsin Attorney General regarding the treatment we have received. We did not want to go that route but my wife and I are tired of being crapped on so we will be talking to the AG.

I would not trust Chase Bank to make change for the parking meter.

Good luck to everyone else out there.

By: Lori

Lori — Mon, 25 Apr 2011 15:15:21 +0000

Awesome Trevor – thank you.

By: Trevor Sines

Trevor Sines — Mon, 25 Apr 2011 15:09:53 +0000

Lori, in order to extend the term on your loan to 40 years you would have to qualify for a loan modification typically under the governments Making Home Affordable program. That means that your exisiting first mortgage payment, including principal, interest, taxes and insurance must be greater than 31% of your gross income. The free video series offered on this blog will show you if you qualify or you can email me your contact info and we can talk about your situation.

By: Lori

Lori — Mon, 25 Apr 2011 14:23:33 +0000

Trevor – I hope you are still around here. Question – how do some people get their mortgage carried out to more years (i.,e was 30 years, then get it for 40 years so their monthly payments are less). Chase doesn’t want to do anything like that, but I’ve heard so much about this. Any insight on that? Thank you so much!
Lori

By: Lori

Lori — Sat, 16 Apr 2011 17:50:22 +0000

I see I posted on here in August. Ironically, it is now April of 2011 and we are still battling. We have gotten letters from Chase stating they are working on our modification (about every three days), even from people who when you call their number and extension, don’t exist at Chase. We have gotten a letter stating that foreclosure will start on a specific date. We were then, two days later, informed they were still working on our modification. then we were notified by a congressman’s office that we contacted, that we were not approved because we didn’t have enough income. NO KIDDING. That’s why we need a modification. BUT, when we contacted Chase for about the 899th time, we were told that was incorrect, and they were still working on our modification. So now, 16 months into this mess, we are still here. Can they be anymore incompetent. They are a joke. Yet when they asked for help, we taxpayers had to bail them out. What can be done about this mess?????

By: P. Stosko

P. Stosko — Fri, 08 Apr 2011 16:59:10 +0000

Same exact thing is happening to our family, with the exception that this has been going on for two years. Chase has threatened to foreclose on my home After me advising them that I will refer this matter to the Attorney General’s office, I now have a third “loan modification” agreement.

We will wait and see how this one turns out. They are really unprofessional and incompetent. No one knows what they are doing at Chase.

By: Trevor Sines

Trevor Sines — Fri, 25 Mar 2011 15:42:32 +0000

Juliana, you might want to confirm that your taxes are homesteaded. If they are non-homstead and the home is your primary residence, you are paying nearly double what you should. Contact your county treasurer to find out if your taxes are homestead or non-homestead and then find out what you need to do to get them corrected.

Also, if there is an escrow shortage, you can usually get the mortgage servicer to extend the repayment of the that shortage by as much as 60 months. You must contact Chase and request that they spread the repayment out otherwise they will attempt to collect it within tweelve months which is why your payment went up so much. I hope this helps and if you should have any other questions visit http://www.MichiganMortgageModification.com and set an appointment to speak with us.

By: Juliana

Juliana — Fri, 25 Mar 2011 14:23:24 +0000

I have a similar experience to Suzanne. We closed on our house (1950s ranch, fixed rate mortgage) Jan. 2010, with a lawyer and our real estate agent in tow. This month we received our escrow analysis and discovered that Chase is increasing our payments by nearly $1,200/mo bringing our payments up from about $1,600/mo to nearly $2,800/mo because they so severely miscalculated our taxes. Our escrow is negative $5,000 from last year, with a projected balance of -$8,000 by year’s end. Our city taxes actually decreased this year and our school taxes went up only minimally. I’m 6+ months pregnant and am scheduled to take a two month unpaid leave of absence from my job early this summer. I don’t know how we’re going to get by. I currently work part-time as I’m also a graduate school student. Now I fear I will have to drop out of school with the hopes of finding a full-time job. So far the only response Chase has given is that we “should have known our payments would increase.” Who would possibly anticipate their mortgage increasing so dramatically within a year’s time?