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Chase Home Finance Complaints & Reviews - Insurance

Review all Chase Home Finance complaints

Chase Home Finance

Posted: 2010-01-15 by

Poquito

Insurance

Complaint Rating:

Hi there..
So I"m on here again.. one of the many people who had insurance trouble with Chase.. I just posted..
So since June we have been trying to fix this trouble with escrow, insurance not to mention we get the same letter for this year requesting proof of insurance.. YES, so now my husband finds out that it
is Chase that and their reports to the Credit Info providers.. my husband opens his Discover bill and...
poof they have lowered his credit available due to
past due from Chase HOme finance.. it was Chase's mistake not to read the insurance papers properly..
and Now OUR credit rating is effected...
THis is way too bad.. THey really don't want us as customers or they would clean up their act..

Comments

United States

Loans

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Comments

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Date | Rating

4th of Jun, 2010 by

peter richards

0 Votes

They just did they same to me...

4th of Jun, 2010 by

peter richards

0 Votes

They have done the same thing to me!

11th of Sep, 2010 by

AggieLady

0 Votes

I am guessing the original issue here was that you got a form letter from Chase indicating you did not have enough insurance coverage. Failure to act on your part would result in their setting up an escrow account and your having to buy insurance from Chase.

This happened to me every six months for about two and a half years. Every time, my very long-suffering agent at State Farm contacted Chase and confirmed that I did, in fact, have enough insurance.

The form letter they send indicates that you should have insurance equal to one of three options. None of the options gives an exact dollar amount, but is based on your property value or on the mortgage balance. Chase does not list what they think your property value is, so it is hard to determine why they think you don't have enough.

It was something of a mystery to me that I began getting these notices just about the time I nearly had my loan paid off. Why Chase would be concerned that I have my home covered to 80% of its value, when the amount they were into it for was far less than that is beyond me. Even my insurance agent couldn't understand why they cared whether I had any more coverage than needed to pay them off. Just looking out for my best interests, I guess.

Fortunately, due to another escrow-fraud issue with Chase which took about six months total to clear, I was able to pay them off and get away from them altogether, or I have no doubt I'd have gotten at least two more lack-of-insurance letters from them by now.

Again, I think Chase is "trolling" for escrows, and I suspect they are doing it primarily on older loans that are almost paid off, perhaps with the hopes they are dealing with "senior" citizens who won't notice or who won't put up much of a fight. I wish someone would investigate this.