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Chase Home Finance, Georgia Complaints & Reviews - Fabricating escrow shortages

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Chase Home Finance

Posted:    kade8de

Fabricating escrow shortages

Complaint Rating:  100 % with 4 votes
Contact information:
Chase Home Finance
Georgia
United States
Chase recently took over my 17 year old mortgage and wasted no demonstrating corporate greed. This month my payment suddenly increased by $103.00. They are trying to justify it by using the escrow account, inflated projected costs, and a funky math formula with an inflated minimum balance (1/6 the payouts) minus the lowest balance. They refer to this as an "escrow shortage" and claim I owe them $860.00 now, even though if or when it would occur is projected to be October, 2010. I did not pay that amount because my numbers and projections do not match theirs. They used this shortage to validate adding $70.84 to my payments as well as an additional $33.00 to increase the escrow deposits.

It's funky math because when I calculate the average monthly balance (using their inaccurate numbers), it is $397.65. This is plenty of cash out of my pocket for Chase to hold on to. Chase also used early debits for property taxes to exaggerate or inflate a lowest balance...shame, shame, shame! It's greedy and dishonest!

I called them on June 3, 2010 requesting to opt out of escrow and was told no. I called them on June 4, 2010 to discontinue the automatic debit payment and am a bit worried about this now that I read the dishonest practice of holding onto payments that other people have reported. I will probably send my payments "signature receipt" to protect me from any future legal liabilities.


The renewal for my home owners insurance policy is July 28, 2010. I shopped around and am thinking about switching to a much less expensive provider and wonder if I should pay it in full myself and sending Chase (probably certified) the proof and documents of such. My property taxes won't be due until September and November. For a short time only, time is on my side but it appears Chase is playing hard and dirty and I have to be careful.

I already filed a complaint with the Treasury Department and am still waiting for a call back from an attorney. I will do whatever I need to do to make Chase do right. If there is a class action lawsuit...count me in! I want to sign any petition against Chase.
Comments United States Mortgage Companies
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 3rd of Jul, 2010 by   Disgruntled Chase Mortgage holder 0 Votes
The same thing just happened to me. All of a sudden my impound account charges went up almost $300.00 a month. Fuzzy math. They said there was a shortfall. Isn't it their responsibility to keep an accurate record of all this? I think they are raising the monthly rates in an effort to force people out of their mortgages and their homes so they can sell the homes for a profit. (I actually have some equity in my house -this is why they have attacked me. ) I am going to try to pay the insurance and property taxes in another way so they don't handle this part of my mortgage. I know that this company will screw you in any wsay they can whenever they can. WATCH OUT!!! DONT TRUST THEIR ACCOUNTING OFFICE.
 3rd of Nov, 2010 by   Where's the recourse? 0 Votes
The same thing just happened to me. My Annual Escrow Disclosure statement from July indicated I would have an escrow shortage of $428. This is based on 'projected taxes'. I contacted them to ask for a new Disclosure statement based on the fact that I had just qualified for a property tax exemption in my state that would exempt 48% of the value of my home from county taxes. I confirmed with my county that my taxes would be cut in half for the coming year (not to mention the appraised value of my home had dropped by 30%). After three requests they finally gave me a new Escrow Disclosure with an even larger shortage and discrepancy spread. They clearly did not get their projected tax amounts from my county. There is also fine print on my statement that says "Under federal law, your lowest monthly balance should not go below $277.66, but even with their inflated property tax projection, it would not go under that amount. What happens if I continue to pay my PREVIOUS mortgage amount? What did the previous posters do in their situation? I also feel they are trying to 'jack' me for a lump sum or extra monthly amounts when they will clearly owe me money back by my next annual statement. (Unless they flat out do the math wrong.)
 30th of Apr, 2011 by   GlenninTN 0 Votes
Since I have had my mortgage with chase my payment has increased by $80.00 a month. They say I need flood insurance and they purchased it for me. My previous lender said Iam not in a flood zone. I cant purchase flood insurance on my own until i have an elevation survey witch cost 300.00 and Iam on a waiting list to have it done. Meanwhile my escrow shortage is growing by the month. This is the second time they have purchased me flood insurance and I still dont have my shortage paid from the last time. I have tried 2 times to refinance with no luck. I cant sell because I live beside my elderly mother and my dad passed away 4 years ago. I guess I will drown in my escrow shortage.
 20th of Oct, 2011 by   FL Chase Mortgage Holder 0 Votes
Hi to all, I see I am not the only one going through this.. What can we do?? I have been on the phone with every single customer service person that Chase has I have records of 6 months for each call I have made just to try to get a n Escrow analysis WHEN I FINALLY GET IT each one comes out with different numbers... MY problem WAS Insurance went up they said I had an Escrow shortage of $825.27, I paid the amount and still they raised my mortgage payment referring to cushion they need etc. I have sent all my payments ON TIME disregarding all this every month and for some reason they are holding the payments. I spoke to a Supervisor Mrs. Lennerd and she keeps telling me that everything is ok. That she fixed the problem and for the past 3 months my statement comes with funds applied(for the total of my mortgate) and then Unapplied cash (for the same amount) and then a penalty for not paying on time... I HAVE SENT A LETTER WITH CERTIFIED SIGNATURE AND STILL NOTHING... WHO CAN HELP US ON THIS... I HAVE A LOT OF EQUITY TO IN MY HOME AND I HAVE TOLD THEM IF THIS IS A TRICK TO GET MY HOUSE THAT I WILL FIGHT THEM TO THE END... I WANT TO PAY MY OWN TAXES AND MY OWN INSURANCE AND DON'T HAVE THEM INVOLVED IN THIS BUT THERE IS NO WAY I CAN TALK TO THE ESCROW DEPT. THE SUPERVISOR SAID THAT THE ESCROW DEPT DON'T ACCEPT CALLS ???????? HOW CAN THIS BE POSSIBLE.. THEY HAVE MY MONEY BUT I CAN'T TALK TO THEM??? IF ANYONE CAN HELP PLEASE WRITE AND LET ME KNOW WHAT TO DO...
 20th of Dec, 2011 by   firedup99 0 Votes
Me too, this is shocking that you all are having the same problem. Has anybody found any satisfaction with talking to Chase? They hung up on me the last time i tried!
 2nd of Apr, 2012 by   Ladyquinn 0 Votes
I have just taken on the services of an Lawyer, as the same thing is happening to me with regards to Escrow, late fees, , they have even report me to the credit agencies for making late payment!!!, payments have NEVER been made late, my bank statements prove that! anybody interested in enjoying me, please e-mail me.
This is how a class action could start!
Ladyquinn337@yahoo.com
 22nd of May, 2013 by   JeffLime 0 Votes
We are dealing with chase and their pitbull collection agency Baybview loan servicing. We have never missed a payment and all our payments that are made the next day are put into what they call an unapplied cash accound. We have spent over 2 years making calls and finally have retained an attorney and found out this happens all the time with chase. They call it unapplied cash account suspense account. They don't tell you or the customer service person you talk to doesn't tell you that once they put you into or force you into that category. They limit the amount of information that their own customer service agen can even see, they can't look up history or most information. They are pretty much pretending to do some work if you happen to get lucky and get a agent who sounds like they are interested in helping you. The attorney we are using said it will take years and pretty much chase doesn't care and you are just a drop in the bucket and they are going to wait you out and wait for you to go broke trying to fight them with legal fee's. They are one of the most dishonest banks and even more so than bank of america.

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