Explore your opportunities! Create an account or Sign In
The most trusted and popular consumer complaints website



loan modification

Complaint Rating:  93 % with 28 votes
93% 28
Contact information:
United States
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.

http://beta./URL removed/

http://beta./URL removed/

http://beta./URL removed/

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.
Complaint comments Comments (36) Complaint country United States Complaint category Loans


Sort by: Date | Rating
N  7th of May, 2009 by    0 Votes
Imposing increases minimum due by 251% or alternately increasing interest rate by 226%
A  11th of Aug, 2009 by    0 Votes
STOP PAYING YOUR re gular MORTGAGE PAYMENT. I went through the same BS from Nov-Jan and finally stopped paying my normal payment until they started my forbearance. Now I am done with my 3 months of forbearance and have resubmitted my paperwork for a loan modification and am still paying my forbearance payment for an additional 2 months because 'the are behind'. This has been a never ending road of jumping through hoops and hearing 50 stories from 80 different people and over the last 10 months and I STILL do not see the light at the end of the tunnel. I have considered throwing them my house keys and telling them to still their loan up you know where!!!
N  13th of Aug, 2009 by    0 Votes
call the chase executive team 800-242-7399. they will help you expedite your situation. good luck
N  13th of Aug, 2009 by    0 Votes
Contact Chase executive team 800-242-7399. They will expedite your situation. Good luck.
N  22nd of Sep, 2009 by    0 Votes
I miss WaMu. Chase sucks period, ridiculous fees and no advance on checks. ;(
A  19th of Oct, 2009 by    0 Votes
Nonnie Mouse is incorrect and does not know that there was PUBLISHED outlines of who was eligible. UNEMPLOYMENT was listed as a reason for being eligible.

I too have gone through the never ending run around. I was laid off October of 2008 - still have not found a job but was told by chase after 3 run arounds that "Your hardship is not of a permanent nature" Well, really! Duh, no hardship is actually permanent. That was not a requirement on the original loan modification.

Class action suit anyone?

Also check out...

A  26th of Dec, 2009 by    0 Votes
We have went through 6 trial periods. From May of 2008 until 1 week ago. They sent the modification that wants us to pay interest only for 10 years with the payment being $1253 not far off from my original payment. Then it starts a new 30 year loan with the payments going up to $1600. We only had 24 years left on our original loan at a 6.99%. The payments were $1371. I have a back injury and am receiving disability so that is the hardship. All we wanted was for them to take the payment we didn't make about 6 months worth and tack them on the back of the mortgage. If they think we are going to sign for a 40 year loan with them making $150, 000 interest the first 10 years and then the loan starts, I think I would be better off filing bankruptcy so a judge could get us a fair payment. I think it is fraud and unfair practices and to top it off they sent it on Dec23rd and want the papers back by Dec 31. Loan modification was supposed to help people with a hardship not burden them more and charge them more than half the worth of my property. I can't believe they had the nerve to even send documents this disgusting, we have a hardship that doesn't mean we are stupid. I think they should be prosecuted for this. I was under the understanding they were supposed to modify meaning add your behind payment to the original mortgage not make it extended for almost double the amount of years. They also said they would wave all the fees, no kidding when your getting $150000 off the bat why not do me such a great service! In the beginning, they also said the interest rate would go down maybe as low as 2% and if you weren't late for 5 years we would get $5000 off they principal. The modification doesn't mention any of that. It also doesn't say a word about what is happening with all the trail period money we have paid which is $17, 000. If anyone has any advice please help!! I hate Chase the are modern day thieves. I agree with class action!
N  12th of Jan, 2010 by    0 Votes
I was charged two overdraft fees for one transaction.
N  12th of Jan, 2010 by    0 Votes
Then stop stealing money from the bank.
N  18th of Mar, 2010 by    0 Votes
I am reaching out to see how many others are out there like me. To make a long story short - Chase approved us for a loan modification in October of 09. This trial modification reduced my payment until they can get me into a permanent situation. All along I was told as long as there is no significant change in your situation, I can't see why this couldn't get into a permanent situation. Well I found out yesterday that I have been denied, I am now 4 months behind and they are demanding that I pay that over a 6 month timeframe. When I was trying to get an answer as to why I was denied, I was told we didn't make enough money. The interesting thing is that in January, we were actually making MORE money then when they approved us for our temp mod. Question is, if I didn't make "enough money" then why would they approve me AT ALL? I feel like I have been taken for a ride and that Chase put us in a worse situation that is almost going to be impossible to come back from at this point. I am seriously considering a class action lawsuit, but have no idea where to begin and how many others are out there in my situations?!?!?!
A  18th of Mar, 2010 by    0 Votes
Chase has put me in a worse situation by getting approved with a trial mod - they lowered my payment significantly for 4 months while they " permanently modify my loan". I found out yesterday I was denied for a perm mod due to inability to pay. I asked a very simple question - How can you approve me 5 months ago for a trial - and then deny me saying I can't pay when I am making more money now than I was when you approved me on this trial. I am not 4 months behind and they want to start foreclosure. Its BS! I am going to contact an attorney because there is nothing about this that feels or sounds right to me. I have called and called and called and keep asking why - and NO ONE has been able to answer my question.
N  13th of May, 2010 by    0 Votes
You have permission to publish the below article. You do not have my permission to publish my address or private information
May 13, 2010

Chase Home Lending Executive Office
3415 Vision Drive
Columbus, Ohio 43204

From: Michelle survivaltime@ymail.com
Glen Allen, Virginia 23059

Dear Chase Executives:

I have been on your Trial Loan Modification programs for over 12 months, patiently and committedly doing every requested step Chase asks me to perform towards receiving the Home Affordable Modification Program (HAMP) since applying on March 19, 2009 and received my first Trial Plan dated May 7, 2009.
I successfully entered and completed the trial period plans on the “Trial HAMP Agreement” dated May 2, 2009 and then you had me Agree to a 2nd Trial through the fall. I am sure you can understand that I am at wits-end with trying to finalize this “trial” to permanency – No one at Chase will tell me if I qualify for the final HAMP Loan but you keep my credit score down and keep accruing your arrearages each mont. Chase keeps telling me if I send in one more document, I will get the permanent loan. I keep sending in the documents in Good Faith and you, the Lender are not acting in Earnest or Good Faith because you are now precisely 9 months behind on providing me an answer one way or the other if I am accepted or denied to the permanent loan. You fail to communicate this at all and provide no explanation. You continue every 2—3 months to send me a “Request for 4506-T Form”, for which I have signed, faxed back and even Fed-Ex back to you in May 2009, August 2009, December 2009, January 2010, March 2010 and May 2010! Why is Chase sending this request out, almost at random?

I have met all of the qualifications for loan modification through HAMP. I am the owner-occupant of my home, the mortgage balance is below the limit, my original monthly mortgage exceed thirty-one percent of my income, I am not in foreclosure, I paid on-time and the correct amount through my Trial Programs, I had good credit prior to the Analyst directing me to “skip” a mortgage payment to qualify for Trial, I live in a stable community, I have certainly demonstrated financial hardship, and I have met the obligations of the trial periods. At this time there is no need for further delay in this process. I need final approval of permanent loan modification to continue to provide a home for myself and my two young children.
I know you are aware of the precarious position in which I find myself. Since the beginning of 2009, I have lost my employment and my marriage, and are now raising two young children when my husband moved to Maryland.
In summary, I have submitted requested documentation numerous times only to be told that I need to submit the same things yet again and again every 3 months in order to be considered for permanent loan modification.
Putting all of that aside, on May 7th and May 11, I submitted all of the requested documentation again through my attorney. I enclosed the two main things that Ms Reed in Executive Resolutions repeatedly stated was needed for me to finally receive my Permanent Loan Modification: A quit claim deed from my former spouse, which has been signed by him and recorded in the Clerk’s Office of the Clerk of the Circuit Court and the Child Support Consent Order, as Ms *** requested must be ‘signed by a Judge’ awarding me permanent child support in the amount of $2, 000.00 per month. To make matters worse, after I produced this document, then on May 7th, the Analyst stated that Child Support was NOT valid income for Permanent Loan Modification; As a single mom with a child under school age, I definitely feel discriminatedby her statements. I understand that according to SD 09-07, it must be considered as valid documentation of income. “Alimony, Separation Maintenance, and Child Support Income. Borrowers are not required to use alimony, separation maintenance or child support income to qualify for HAMP. However, if the borrower chooses to provide this income, it should be documented with (i) copies of the divorce decree, separation agreement or other legal written agreement filed with a court, or a court decree that provides for the payment of alimony or child support and states the amount of the award and the period of time over which it will be received, and (ii) evidence of receipt of payment, such as copies of the two most recent bank statements showing deposit amounts. “

Please understand that in essence, my life choices for the last 14 months have been predicated on Chase’ finalization of the permanent loan. I could have made the choice to sell my home on my own if last spring Chase had not “sold me” that through my hardship, I had a ‘better option’! Each phone interaction, Chase provided assistance on what to do next to lead me down the continued path of staying put with the belief the permanent Loan Modification would finally be coming based on the public-facing HAMP guidelines.

I understand you apply a NPV formula to each property to determine the Investor benefit of whether it is in your best interest to foreclosure or to provide a client with a Loan Modification. I was told, in writing and verbally, to have my estranged spouse sign off on a Quitclaim Deed and for me to also verify my income so to finally move into permanent status after 1 year of waiting. So, after months of effort, I finally got my estranged spouse to quit off the Deed, per Chase instructions on the permanency of the Loan Modification. Everything I do is towards this end.

As I understand the laws, if you fail to respond again within 30 days of my submission for permanent loan application you will have again been in violation of the requirement to inform me in writing if I was accepted into the permanent loan and if not, the reason code as to why. Confirmed at Chase’ receiving dock on May 10 by a Mr *** and confirmed on the phone by HOPE counselor and *** in Loss Mitigation, as Chase confirmed the following documentation for Review. Supplemental Directive 10-02 to HAMP requires lenders to respond to borrowers’ applications for loan modifications under the terms of the program in a timely manner. I have now been attempting to complete this process for over one year. I have now obtained the last requested documentation. It is imperative that my final application be promptly processed and forwarded to Fannie Mae for final approval. I am in exactly the situation of borrowers the HAMP program is intended to assist, and is unable to keep my home without the loan modification for which she has applied.
1. Signed authorization
2. Multiple copies of the previously submitted Borrower’s Assistance Form and supporting documentation.
3. Copy of the recorded quit claim deed, along with the recording receipt from Henrico County.
4. Copy of the Consent Order entered by the Juvenile and Domestic Relations General District Court for Henrico County, Virginia establishing the child support obligation owed.
5. Copy of determination of eligibility for unemployment benefits from the Virginia Employment Commission, showing monthly unemployment income 9 month period
6. Copies of tax returns for 2008 and 2009.
7. Copy of original Trial Plan agreements.
8. Copy of Virginia Unemployment Commission documentation on my unemployment income award letter, # of months available to me (over 9 months).
9. Copies of cashed child support checks.
10. Bank Statements.
11. Utility bill.
12. Name change form with legal documentation - was submitted in October.


Michelle survivaltime@ymail.com
N  17th of May, 2010 by    0 Votes
Talisha Smith of Chase Home Lending lied and will be sued as pertains to discrimination on Loan Modifications by 3 separate homeowners in 3 states. Homeowners will prevail against long-term Chase employees trying to cover their butts and pushing folks into short sales on purpose through exploitation!
A  20th of May, 2010 by    0 Votes

Let me preface something before I begin. I am not affiliated with NACA or Chase, I negoitate loan modifications for a living. I do not intend to "pitch" you services but rather give you a helping hand or a push in the right direction.

An incredibly well written, well thought out, letter. It was truly was a piece of work, BUT it might have fallen on deaf ears. Chase is notorious for being slow in granting permanent mods thru HAMP but it is a problem every lender is facing. Not sure who to believe but the Feds are saying it's the lenders dragging their feet; while the lenders say its the Feds that are causing the delay. It could be worse, I've seen some trial mods from CitiMortgage that have been kicked out of the trial period for because they said that the review for the permanent mod has taken too long and Citi either can't/won't put them on another trial period.

So your want for a permanent modification is not unwarranted as Chase may adopt the same policy.

Not to burst your bubble or maybe it's a empty threat, but Supplemental Directive 10-02 is unenforceable; who knows maybe Chase's employees don't know this but I just don't want you to hang your hat on that.

You should visit the NACA website, you may or may not be familiar with them. They have a Home Save program that might be of use to you, but I don't deal with this sector so I really don't know. The reason why I say deaf ears on in the beginning of the post, is the video of Barney Frank and David Lowman on C-Span which is on the NACA website, I think you might want to watch it. Not sure if I can post links in this board though.


Here's the press clipping plus phone numbers of high level Chase Executives

Chase Exec. Runs From Borrowers after Inviting Them to Bring Him Their Complaints

David Lowman, chief executive for JPMorgan Chase's home mortgage division, was asked by Congressman Barney Frank during congressional hearings to identify who homeowners should contact to address and resolve their concerns. Lowman offered, "Come to me." And “come” they did: Over 50 Chase borrowers in the audience came to him with their questions, but Lowman turned tail and ran from these homeowners, embarrassing members of Congress and fellow bank executives who also testified.

# Chase Borrowers and supporters should contact the following Chase executives: Dave Lowman (Chase Chief Executive) at: 636-735-2121
# Jamie Dimon (Chase CEO & Chairman) at: 212-270-1111

Homeowners, taxpayers and the American people are fed-up with Chase. It demonstrates the height of arrogance, yet they are afraid of its borrowers.
# It refuses to restructure mortgages for deserving homeowners.
# It made $3.3 Billion last quarter on the backs of working people subsidized by American taxpayers.
# It fights to defeat regulatory reform.
# It refuses to be held accountable for WAMU’s predatory loans it now owns. Click for article on WAMU.
# Its purchase of Bear Sterns was subsidized by American taxpayers.
# It has more executives making over a million dollars a year than any other bank.
# It receives huge amounts of taxpayer-subsidized financing.

The encounter between Mr. Lowman and Chase borrowers was reported worldwide. The following is one of the articles published by Reuters, a global news service:

U.S. bank chief mobbed by angry borrowers
Fri, Mar 26 2010

(Reuters) - The mortgage chief of the United States' second largest bank was mobbed by angry borrowers on Tuesday after he invited customers to speak to him if they feared foreclosure of their homes. The JPMorgan Chase & Co executive was at a congressional hearing in Washington when a lawmaker asked him who mortgage borrowers could turn to if they felt his bank's employees were not helping them hold onto their homes.

"Come to me, " said David Lowman, chief executive for JPMorgan Chase & Co's home mortgage business in response to the question from Massachusetts Democrat Barney Frank. Minutes later, around 50 borrowers burst from the audience and presented Lowman with a 6-page document alleging his bank reneged on a pledge to help struggling homeowners.

The activist who organized the protest said Lowman did not want to talk and left the hearing. "He ran. He ran like a dog with its tail between his legs, " said Bruce Marks of the Neighborhood Assistance Corporation of America (NACA), which helps homeowners avoid foreclosure. "He was scared to death because he doesn't really want to talk to homeowners."

The incident is symptomatic of frustrations among U.S. homeowners as defaults and foreclosure filings dominate the housing sector more than three years after the property bubble began to deflate. NACA organizes events where borrowers try to get loan modifications with lenders. The group says JPMorgan signed up to the NACA program but dropped out in December. A JPMorgan spokesman declined to comment on the complaint.

That's symptomatic of what essentially you are probably going thru.

I understand why homeowners like yourself do a modification on your own; plenty of crooks in this industry, cost prohibitive at this time of crisis, most are not very good, and by judging from the structure and composition of the letter your an intelligent person who with time can handle the jargon/terms of the industry and knows what she is talking about like the NPV formula. But there is also something to be said about third party mitigators, they know or at least should know what is available to them or their clients for each specific lender.

Example: last modification that got approved was last week. Client came in got pre approved for the HAMP trial, she had asked for assistance from her servicer in Dec of 09. They got her $103 off of her $960 a month escrowed payment with the HAMP trial. A hundred bucks a month basically, sure a savings is a savings but really not going to help you get turned around. After some conversation I convinced her it would be in her best interest to go with me. Started negotiations in Feb of 10, used the servicers in house modification rather than the HAMP that she was pre approved for and got her payment to 2% interest for the next 5 years goes up 1% per year till it's capped at 5%. Her payment dropped from $960 to $450 and when it reaches the cap in 8 years her payment will be $570 permanently. Much better than the original HAMP savings. You do need to know how to formulate the submission and banks tend to better respond to hired guns with the power to whistle blow on infractions.

Ok enough of tooting my own horn, but the point I want to make is sometimes the HAMP program may not be the best savings for you, it's a cookie cutter plan that doesn't account for debt ratio outside the mortgage debt. If the HAMP deal is good enough for you by all means take it and hopefully it becomes permanent or try other methods like a in house or traditional modification. Or better yet give Mr Lowman a call since he did invite you to call if your questions are going unanswered.

I would though like to be kept abreast of your situation if you can post any results from the letter or have any questions I can could help you with. Michelle your an intelligent person who can get through this, it takes alot of patience and perseverance. Good luck
A  25th of Jun, 2010 by    0 Votes
What excellent information... Indymac/Onewest is the nemesis here!
A  12th of Jul, 2010 by    0 Votes
A  1st of Sep, 2010 by    0 Votes
My husband is a firefighter and suffered a heart attack in November, 2008. Since we were not sure if he would be able to go back to work, I called Chase 2 weeks later and asked them what I could do in regards to our mortgage payment in case we did not have his income. They suggested a loan modification, but told me not to pay for 2 - 3 months because that is the only way we would qualify for one. I followed THEIR advice and in February, 2009 we received foreclosure papers! Keep in mind, during this entire process, Chase would call our home 5 - 6 times a day as well as my place of employment (after repeated calls and faxes asking them not to). Each time, the customer service rep would have you "verify" your contact information - even when they are the ones who called you.

We were approved for a "Trial Loan Modification" in May, 2009 and made every payment. We went to court and the judge told Chase's local representative that he hoped it could be worked out and he rescheduled the hearing until after our trial plan was over. In October, 2009 we received a "denial letter" claiming that our hardship was not of a permanent nature. At that time we contacted an attorney to get started on filing Chapter 13 to protect our home. We received numerous calls from Chase and in January, 2010 were informed to "re-apply" for a Loan Modification because it will end up on "someone else's desk" for approval. We did that and received our paperwork for another Trial Plan; however, our mortgage payment went up over $700 for a total of $2, 232 on the first loan. We sent in the payment that was due by February 20th and the next one was due before March 1st so we had to make a double payment. We continued making payments until August 1st, 2010. On August 9th, Chase sent us another "denial" letter and stated that we did not qualify for the Loan Modification.

Aggravated and frustrated, we talked to our local Chase Branch Manager (since we have had our checking accounts with them since 1996) and she promised she could help. She contacted a Vice President who after looking into it, stated that our payments were not correctly put into the correct accounts, but it was our responsibility to show that we made our payments. I pulled all of our payment records going back to 2007 to show every payment we made and the branch told us they would coordinate it with the appropriate department and any foreclosure action would be put on a "permanent hold" until they could straighten their records out. We were told this on August 25th, 2010.

On August 31 st, I called to make a payment and was told by customer service that their records did not show a "Final Denial" and they would transfer me to their "Loss Mitigation Department" and they would take my payment. I was transferred and then disconnected. I called back and was disconnected again. I waited a short time and called back and was finally transferred to the Loss Mitigation Department who informed me that we were removed from the plan on August 2nd, 2010 ( a day after they accepted August's payment) and he could not take a payment unless I wanted to bring the account current and their records showed 12 months behind (which is not correct). I hung up on him and called our branch manager back. She stated she would call them and straighten it out. She called me back (after 5:00) and told me that I needed to call the Default Department (she did not have a direct extension so I had to go through customer service hell again) the next morning since they were already closed for the day. I called first thing in the morning and was told that they could not accept a payment, but we were behind 16 payments (4 more than the day before). I then called the branch manager who promised us that it was on a "permanent hold" as long as we made our payments and she stated she would call them again.

She left me a message and stated that they must have misunderstand and our only options at this point are 1) to bring our account current, however, they do not know exactly how far it is behind, 2) to file bankruptcy, 3) to let the bank foreclose on our home or 4) Short Sale of our home.

Please keep in mind that this is the "abbreviated version" of the story and I have binders of information from phone calls I have made, notes I have taken and different stories I have been given all from Chase customer service representatives. While we were currently in the Trial Plan this time, they sent us another package to "enroll" and when I called them to ask why we received it, I was told their records did not show that we were enrolled so they sent it out to us.

Since November 2008 and MANY phone calls, disconnections, transfers to different departments, conversations, faxed applications, overnight packages of financials, constant phone calls from Chase customer service reps left at home (5 - 6 a day while in the program), promises of "We will work with you" and 2 Trial Loan Modifications with all payments made on time, we are now meeting with our attorney and would like to discuss a Class Action Lawsuit against Chase.
N  3rd of Sep, 2010 by    0 Votes
Anyone interested in participating in a class action lawsuit against Chase over their loan modification problem please send you name, address and phone number as well as a brief description of what yu have been put through to
I am afraid to post my full name as I am still trying to get my loan modified
A  12th of Oct, 2010 by    0 Votes
I have been in a modification for over three years now with chase and they have told me it will be done in two weeks over and over. A couple of months ago they closed my mod and reopened it for no reason. Now after three years and making a modified payment for 15 months after they told me it would be three months they just told me I don't qualify and closed my modification. They say now I don't make enough when before they said I did. They are a joke and have ruined so many peoples credit its just sick. I am looking into fileing a law suit against them. A class action would be good!
A  18th of Nov, 2010 by    0 Votes
OMG...this all sounds so familiar. I wish someone would step in and help all of us.

Post your Comment

Please check text spelling before submitting a comment
Your attitude towards Complaint Agree Neutral Disagree
Comment text
Attach photos (optional)

Chase Bank / JPMorgan Chase Bank Logo Chase Bank / JPMorgan Chase Bank
Customer Care Service
270 Park Ave
New York
New York
United States - 10017
+1 877 242 7372
View Full Information
Contact Us

Reply to