Chase Bank (loan, fixed rate, interest, escrow)

[gitana]

The beginning of my nightmare with Chase Bank, formally dba Chase Manhatten Mortage, began years before all the current boo-hooing about bad loans and corrupt lending institutions made the news headlines. I am writing this to perhaps save anyone else from going thru what I have gone thru for the last 9 YEARS!. It all started out when my homeowners insurance policy canceled,(due to non-payment on my ex-husbands part), Chase put lender placed insurance on my policy. I understood that, but i quickly took care of re-instating my insurance policy and notified Chase that i had done so. But Chase never stopped taking insurance payments out of the monthly mortgage payments i made each and every month, this thus led to a negative in my escrow account, and eventually it led to Chase bank stating i was late on my full mortgage payments every month, which in turn led to a forced foreclosure on my property. Don't think in reading this i never did anything to try to stop this, I have boxes and boxes of files documenting my attempts at trying to rectify this problem, including attorney letters from a well respected attorney who took my case pro-bono thru legal aid. But as life goes on, this attorney was eventually promoted and moved out of my small town local. Between my ex-husband and myself, we paid almost $7,000 to re-instate our mortage account, paying all fees and such that Chase claimed were necessary to re-instate my account to good standing. Thinking to just move forward and accept the fact that big banks will always prevail over little people like myself, i decided to get past this and stay in my much loved home.I continued to make my mortgage payments and document when payments were made from the date of loan re-instatement. My plan was to re-finance ASAP and get out from under the chains of this loan. BTW, did i mention my fixed rate with Chase Bank is 10.75%, and has been so since 2001. In the year 2005, after making timely payments on my mortgage for more than a year after the fore-closure fiasco, i had another lender pull my credit to start my re-finance proceedings. At that time i discovered that Chase was still reporting me as paying late on my payments every month. That led to me being unable to re-finance with any other company. In the beginning of 2008, Chase Bank sent me a letter stating that they were incorrect in reporting me as late for 3 years. So, maybe better late than never, but to this day i continue to pay the 10.75% interest rate to Chase. I am unable to re-finance and get out from under this monstrous loan now due to the fact of the current lending crisis. I have tried to communicate with Chase in that i deserve a restructuring of my loan and a better and less predatory interest rate that they currently have me locked into, considering all that i have been thru with this company, but now they state that to modify my loan i need to prove that i have an income and am able to afford to make my payments! Because i have been un-employed for several months,( i am happy to say i am now fully employed and love my new job), Chase refused to consider a loan modification! They basically just dumped me into the pile of all the newbies out there crying over their ARM's. Chase refuses to accept any sort of responsibility over the foreclosure they forced on me, the false reporting to ALL credit bureaus for three years, putting my credit score into the low 500's, and i need not mention the stress that this has put my life into.
SOooooooooooooo, If you are considering a loan with Chase Bank, don't say you were not warned!
and if anyone has any advice to me as to how to get some sort of recompense from Chase, i am all ears! thank you for getting to the end of this letter!

[brokerdave]

why haven't you made complaints all over your state legislature and contacted the state attorney? not to mention the federal government. you need an attorney probably too. they have probably broke many laws. you should contact an attorney and make them pay you restitution for your credit report among other things.

[VictorBurek]

brokerdave is correct, contact an attorney. Also, if you have a letter from Chase stating they were reporting you late incorrectly, then forward that letter to the credit agencies and get you credit fixed. this should substantially improve your credit score which could help you qualify for a refinance.

[Mugsy]

Gitana,

I sent you a PM regarding a free forum where others in your situation can and do get interest rates reduced and it is free or you can choose the attorney route, but that is not required at all...

[brokerdave]

Originally Posted by Mugsy

Gitana,

I sent you a PM regarding a free forum where others in your situation can and do get interest rates reduced and it is free or you can choose the attorney route, but that is not required at all...

can you share this with the rest of us?

[gitana]

Thank you all for your advice, Mugsy, i checked out LoanSafe.org. Thank you, i will proceed from there.
About getting an attorney, i really do not have the funds for that, but i will try to contact the state attorney's office, but my fear is that my problems will just be lumped together with all the new complaints i am sure they have now. A few years ago I had filed a complaint with the comptroller of the currency, (or something like that) a federal board that is supposed to handle such situations, and it basically turned into a he said-she said sort of thing, with of course Chase being the big cheese in it all, and me, the little mouse without a bite. I guess i am just tired of all the hassle, i just would like a lower interest rate with lower payments. Even with the terrible economy and low value of realestate, i do have over $100,000 in equity in my property, it just would be nice not to have to work so darn hard just to make my mortgage payments!
And again, i would like others to know how Chase Bank is corrupt in it's dealings with its customers.

[nate0299]

I too recieved a disturbing letter today stating that my escrow balance was severly in the negative. And I was wondering how in the world this could be when I have lived in the house for over a year and a half, making my payments faithfully and on time. These guys are up to no good and they need to be stopped and I'm just one of the little guys and have NO authority and I feel like I'm being pushed into something that is very unamerican. If they proceed to push I may have to be forced to lose my house. Does anybody have any suggetions??

[bleavens]

I too have had a miserable time with Chase Mortgage. Like may others, I am upside down on my mortgage and I contacted Chase in Oct 08 to see about a rate modification (currently at 9.99% fixed). I faxing 38 pages of financial doc's to Chase and jumped through many hoops only to have them tell me I didn't have a hardship and didn't qualify. I asked to speak to a supervisor and they said supervisors didn't speak to customers! That is a good policy. I warn anyone who is thinking about using Chase as their mortgage lender, do not do it. They were extremely rude, showing no consideration of what their customers are going through. My true feeling is they have no intention of helping their customers, their only goal is to line their own pockets.

[mcorrales]

I have my mortgage with Chase, initially it was Countrywide and then was sold to Chase. I have not had any problems, but then I have always been on time with my payments. I feel for you, my daughter and SIL are upside down on their home in Los Angeles.