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Chase Mortgage, Nevada Complaints & Reviews - Predatory lending/insurance fraud

Chase Mortgage Contacts & Informations

Chase Mortgage

Posted:    a900rr

Predatory lending/insurance fraud

Complaint Rating:  100 % with 3 votes
Contact information:
Chase Bank/Assurant, Inc.
Nevada
United States
I lease and sell homes. I have a mortgage with Washington Mutual, which Chase Bank now owns, on a home in Nevada.

When called about a late payment in August of 2009, I told Chase that home was vacant and for sale, that there was a contract to sell the property by lease/option, and that the loan should be current the next month.

They (Chase) contacted Farmers (my insurance co.) and told them the house was vacant on August 21, 2009. Farmers policy is to cancel insurance after 30 days of vacancy.

I sold the home by lease/option on Sept 1, 2009, and occupancy took place on that date. I have retained legal title to that property until the new owners exercise their option to purchase. Weststar is my servicer on that loan, and they began paying Chase on Sept. 3, 2009 from the proceeds of the lease.

That same week, I notified Chase of the sale on Sept 1, 2009. Chase never informed Farmers of the sale and occupancy, therefore Farmers canceled the policy on that home. My annual premium with Farmers was $2, 043/yr.

Chase then had Assurant, Inc. place a policy on that property. Assurant's premium is $7, 683/yr.

My monthly payment increased nearly $1, 100/mo. from $2, 350.34/mo. to $3, 439.37/mo. due to the 'increased impounds' needed to cover the $5, 640/yr. increase in insurance, retroactive back to September of 2009.

I was not informed of the increased payments, or of Assurant's covering this home until today, June 18, 2010, by Jay Balagtas (Chase CS), who told me there was no business arrangement between Chase and Assurant.

FYI, the property taxes went down $718/yr.to $5, 071.88/yr., and the interest rate dropped from 5.29% to 5.06% during the same period.

Loraine at Assuant (800-332-8883) told me Chase and Assurant are contracted affiliated partners, and that she is sending me a copy of the insurance policy and of the agreement between Chase and Assurant. Later that day, I confronted George Serrudo from the Chase customer service (CS) dept. (800-310-3770) about what Loraine told me.

I never received an insurance policy, was never told of the contracted business arrangement between Chase and Assurant, and was never given formal notice of that new policy with Assurant.

I was never given a form releasing my right to individual insurance representation.

Here are excerpts from Assurant's website:
News Room
January 28, 2009
Assurant Specialty Property Uses Chase...
Assurant Specialty Property is a leading provider of specialty insurance and collateral protection programs, including creditor-placed homeowners insurance...
They develop, underwrite, market and administer specialty property and personal lines of insurance through collaborative relationships with leading home mortgage companies...
Assurant Specialty Property serves clients and their customers in all 50 states and the District of Columbia...
Partner with clients who are leaders in their industries and who have built leadership positions in a number of specialty insurance market segments worldwide...www.assurantspecialtyproperty.com

I contacted the Nevada Insurance Division. They state Assurant is not licensed in Nevada to sell insurance at all, let alone covering property located in Nevada, and that they required to give me a copy of the policy at the time any coverage takes affect.

I have over $150k in equity in this home. This is how lenders 'legally' steal peoples property through foreclosure.

Not sure how this is going to be resolved, but I am going to demand a release of the loan and a deed of reconveyance for mortgage fraud, insurance fraud, breach of contract, wire fraud, and mail fraud.
Comments United States Home Insurance / Warranty
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Comments

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 20th of Aug, 2010 by   Who are you really dealing with +2 Votes
I hope you rip them a new one. Did you know that not only is the force placed policy much more expensive, it does not provide personal property protection. They are taking extra money from you to protect themselves in case of a loss. You and your belongings are not important. How thoughtful of Assurant to provide this type of coverage for much more money from you. Best of luck
 20th of Aug, 2010 by   a900rr +1 Votes
Do you have any other areas I can get some action against Chase?
 21st of Mar, 2011 by   Ds14217 +1 Votes
We are currently getting actions taken in NY against chase with similar issues, plus After careful audit it has come out that Chase has altered our Principle and interest payment which is fixed without reason, Let alone per what I have learned also illegal. What I have found in case law is that if enough of us pull together with a action The Bank will settle to keep this from going Class Action. As in its much cheaper for them to turn over deeds and papers then face an audit and other factors that may come out of a legal fight.
 21st of Mar, 2011 by   Ds14217 +1 Votes
I anyone is interested please contact me, also I plan on taking this thing viral, so that it get more wheels to it. Nothing with a person name exposed but docs blacked out from names and accounts that show people what to look for to identify the things this bank is doing.
 25th of Jul, 2011 by   driskol 0 Votes
http://www.innercitypress.org/jpmchase.html Chase is the bastard son of the Anti-Christ

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