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Discussion Starter #1
Long story short, 19 months ago I filed for a loan modification after I lost my job. Chase has lied to me, missed countless deadlines, lost fax after fax with bank account and social security numbers, not returned phone calls and their credit dept. has harrassed the living shit out of me. I have written letters to the NYS Attorney General, Comptroller of Currency, local newspaper complaining of the unethical way which Chase has conducted their business. A few weeks ago they tell me I am approved and foolishly, I get excited about what should be good news after all of this BS.
Incredibly, they make an offer to me that is $83.00 more per month than when I started this fiasco. My pay has been reduced by almost $25k and somehow Chase offers me a higher mortgage to "help me out".
And the icing on the cake is that they gave me a "temporary" loan mod over a year ago until this was settled. The money I was saving during this period ($650/mo.) was reported as a shortfall by Chase and reported to the credit agencies as such. They single-handedly dropped my credit rating by over 150 points so it is almost impossible to explore any other options.
CHASE HOME MORTGAGE SUCKS!!!!!!!!
End of rant.......thanks for reading. Anyone else have this problem?
 

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How dare you how dare me!
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that blows, how did they think the higher monthly payments was going to help you?
 

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move the eff over
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Sorry to hear about your experience with these buffoons. I had some serious issues with them myself, which I just settled 6 weeks ago. Mine was a refi (to lower my rate and payment) that was initiated by THEM. It's called a retention loan in the industry I think. Basically they offered (without any solicitation from me) to lower my rate pre-emptively, in the hopes I wouldn't go elsewhere to find a better rate. I'd already been paying for over 5 years on their mortgage. My experience was eerily similar to yours. Lost faxes, misplaced forms, deadlines that came and went, multiple credit score pulls.. etc.

Cliffs : It's true. Chase blows.
 

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Losing Posts By The Day...
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I have them. I pay them every month automatically from my checking account. However, I think like most things like this go, if you just pay them and don't ask any questions then everything works out correctly. If you actually need to work with them on anything, tough shit for you.
 

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Hope he gets it!
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the "Loan Mod" to them must have just been an agreement that they wouldn't foreclose as long as they were getting some money out of you. Then they probably put that total $12,350 at $650 a month times 19, and offered you a new finance options. Was the rate at least lower than your original?

Sucks that you lost your job or had to take something different but the bank's aren't just going to forgive debt or interest. They're gonna get their money one way or another.
 

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That's racist. Jingoist. W/E.
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the "Loan Mod" to them must have just been an agreement that they wouldn't foreclose as long as they were getting some money out of you. Then they probably put that total $12,350 at $650 a month times 19, and offered you a new finance options. Was the rate at least lower than your original?

Sucks that you lost your job or had to take something different but the bank's aren't just going to forgive debt or interest. They're gonna get their money one way or another.
Banks lose money on foreclosures. It is in their best interest to work with the customer.
 

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the "Loan Mod" to them must have just been an agreement that they wouldn't foreclose as long as they were getting some money out of you. Then they probably put that total $12,350 at $650 a month times 19, and offered you a new finance options. Was the rate at least lower than your original?

Sucks that you lost your job or had to take something different but the bank's aren't just going to forgive debt or interest. They're gonna get their money one way or another.

^All of that. And to be honest with you, if you don’t foresee yourself getting out of financial hell soon, it may be best to tell them to "come get it". That really sucks, but you have to decide if it's worth you paying your last dollar to them in the near future, or cutting your losses now and moving on (with some money left in your bank account). IF you think that foreclosing on it is the only way out, you better arrange your next living (i.e. apartment rent) before you foreclose, because some people will not rent to you if foreclosure on your credit. Especially, if they have a waiting list and can chose tenants with better credit than yours at will. (I know this is probably illegal but it happens)

Good luck brother!

Also, if you tell them that you are willing to cut ties with them it SHOULD get their attention enough to work with you. They may even give you the option to short sale the house and move on.
 

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Discussion Starter #10 (Edited)
the "Loan Mod" to them must have just been an agreement that they wouldn't foreclose as long as they were getting some money out of you. Then they probably put that total $12,350 at $650 a month times 19, and offered you a new finance options. Was the rate at least lower than your original?

Sucks that you lost your job or had to take something different but the bank's aren't just going to forgive debt or interest. They're gonna get their money one way or another.
No they would not offer a lower rate.....that is what really pissed me off. If I was some douchnozzle off the street, I could have got a better rate. They bought my loan about 6 years ago and had always been on time until I lost my job so I was a good customer. I understand them wanting their money, I don't understand their lack of willingness to lower the interest rate to something competitive in the marketplace. Now I will just take my business elsewhere and tell anyone who will listen how much they suck!!!! Even if you don't listen, I will say it anyhow!!!!
 

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No they would not offer a lower rate.....that is what really pissed me off. If I was some douchnozzle off the street, I could have got a better rate. They bought my loan about 6 years ago and had always been on time until I lost my job so I was a good customer. I understand them wanting their money, I don't understand there willingness to lower the interest rate to something competitive in the marketplace.
Banks are stupid. I just refinanced, I called BoA who was the current holder of my mortgage, I went through a broker and they bought my mortgage. I was at a 5.6, wanted a 4.5 with no money out of my pocket. I called them, the best they could do was 4.5 with me paying CCs to the tune of 3-5k. I told them no thanks. I ended up going through the same broker, got 4.5 and no out of pocket at closing except for taxes that I got back from my previous escrow.

Fast forward. I receive who I need to make my payments to effective Jan 1.

Bank of America
 

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Discussion Starter #12
Banks lose money on foreclosures. It is in their best interest to work with the customer.
My best guess is Chase did not get that email. After 19 months of getting screwed around by these morons, they clearly have little to no intention of providing a fair loan mod. Last week I told them to come and take my smurfing house and I hung up on them.
 

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Long story short, ..........End of rant.......thanks for reading. Anyone else have this problem?

I've heard this identical story from about 7-8 people.


  1. Apply and start loan mod.
  2. Extensive missed correspondance.
  3. Mortgage servicer verbaly promises mod
  4. Mod denied (they all were)
  5. You now owe $$$
  6. they offer you a deal you can't refuse
  7. Consider going Galt
 

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Moving Forward
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The Real Estate business is stupid and banks just make it worse. I don't understand why they even bother to foreclose on homes(probably tax write offs). In the end they only make the Referee/Foreclosure attorney a ton of money while paying fee's left and right. I used to file referee's deeds for various foreclosure attorney's. All to often i would find the referee who auctioned off the property as the buyer. That is the referee and buyer were the same person, so the foreclosure attorney's would purchase your house and probably run it through a contractor to flip the house. No conflict of interest there. Now that there is a surplus of houses, the houses are just worth less and the attorney's are still making a killing on fee's. I think the banks are run by complete moron's, it seems they would rather have a depreciating house that they can write off versus a modified loan that they can't write off. The problem is they only look at the small picture and now we have neighborhoods of empty houses.
 

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Discussion Starter #15
I've heard this identical story from about 7-8 people.


  1. Apply and start loan mod.
  2. Extensive missed correspondance.
  3. Mortgage servicer verbaly promises mod
  4. Mod denied (they all were)
  5. You now owe $$$
  6. they offer you a deal you can't refuse
  7. Consider going Galt
Yeah...that is pretty much how it works. I was fortunate to have Teacher's Federal Credit Union bail me out. Looks like we will get 4.25% over 20 years and save about $500.00 / month. It is an adjustable deal but within a year or two I can get my credit squared away and get something on a fixed rate. When your credit has been beaten to death (compliments of Chase of course), you take what you can get.
 

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Chase anything sucks dead dogs !
 

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Discussion Starter #17
Chase anything sucks dead dogs !
You are being too kind to them. I wouldn't piss in their mouths if their teeth were on fire!!!!
I am looking to see if I can get involved in an existing class action suit. I spoke with a mortgage attorney today and he was pretty shocked how Chase has handled this.
 

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DW can't take a J... or a D
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Banks are stupid. I just refinanced, I called BoA who was the current holder of my mortgage, I went through a broker and they bought my mortgage. I was at a 5.6, wanted a 4.5 with no money out of my pocket. I called them, the best they could do was 4.5 with me paying CCs to the tune of 3-5k. I told them no thanks. I ended up going through the same broker, got 4.5 and no out of pocket at closing except for taxes that I got back from my previous escrow.

Fast forward. I receive who I need to make my payments to effective Jan 1.

Bank of America
Speaking of refis - did you find it easy to get loan with no CCs? I'm kicking around the idea of it (even though we'll only be here 5 more years). If I can avoid CCs it makes sense, if I have to pay a few grand though the ROI almost isn't worth it.
 
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