Chase Home Finance — fabricating escrow shortages
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.
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