Chase — loan modification
I have applied to Obama's loan modification plan for my owner-occupied and my primary residence in May due to a financial hardship caused by the recession. I submitted documentation as requested in May and again in July verifying my income and my residence and the hardship. Chase never sent me any documentation showing that more detail documentation is needed or requiring more information for documentation. As of yet Chase has been unwilling to give me a loan modification and is choosing not to proceed with the modification while my payments are up to date because it is more equitable financial beneficial for Chase to foreclose on my house.
The Obama plan encourages a loan modification while your mortgage payments are up to date. Chase is choosing my path for me and is putting me on the path of forbearance and then foreclosure. Chase is claiming this is all part of the process. It is more beneficial for the bank to foreclose on property that has equity in the house then assist them. Chase is not offering any assistance and is choosing to drag their feet. Foreclosure gives them more value for my house.
The following are examples of Chase’s customers who have followed their advice and have their homes in foreclosure.
Chase is willing to foreclose on my house tomorrow but has not done a loan modification on my loan when I applied in May. Also, Chris, the manager recently in July said I would not be able to be approved unless I could prove I have 9 months of unemployment. By Chase prolonging me from obtaining a loan modification I no longer have 9 months of unemployment and this rule was never told to me in the beginning. Chase did not play by fair rules and is doing everything possible to prevent me from obtaining a modification. I am questioning this practice of delaying processing my loan modification and then have me go into foreclosure. This is an unfair advantage that the lender is creating this business practice policy 9- month rule. This does not act as a fair lender.
I contacted Fannie Mae to see if I could speed up the loan modification. Fannie Mae told me I had to work through the bank servicing my loan which is Chase. I then asked about the different rules and programs for loan modifications. Fannie Mae told me that the bank knows the rules and the public do not need to know the rules. I asked about the 9- month rule on loan modifications and he referred me to the bank servicing my loan.
I believe that Chase is not planning on giving me a loan modification. And rather foreclose.
Chase took $25 billion in Tarp funds which I gave through my taxes to stabilize the financial institution. Chase then took $178 billion for a stimulus package which I paid for through my taxes. This assistance prevents Chase from going belly up. And now I need assistance during a recession until I find a job. They want to foreclose on my house so they could raise money to pay the Tarp funds back and give bonuses to thousands of employees. I am outraged. I would like to state that it is a real failure of fiscal stewardship for us to pretend that these dollars are being used to help people stay in their homes and the dollars are being used for anything other than what their purpose was. I am severely paying for the banks choice to allow sub-prime rates and never was involved in sub-prime rates.
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