Chase bank solicited my wife and I at the beginning of October offering to defer our monthly payments for two months becuase of Hurricane Ike. At first I declined this but after much arm twisting I finally said ok as I thought the extra money would Help me with my deductible on our damage. I asked if they were going to defer the payment to the end of the note and the person named Rose said that is what they thought would happen. They were going so much of this and it happened so quick, she says that they will have all of this ready when I call back on December the 13th to work out the plan. So here is what has happened.
I called back and they wanted 3 payments as per them I was past due. If I could not make the 3 payments my options were Forebearance or loan modification that I would have to qualify for (which I did). she said they would start that process and told me to call back every week for updates, which we did. I ask her about making a payment and she says don't make a payment until February 1st. I told her that would add 4 months to the note and I did not want to do this. I sent in my December Payment and it was returned. I sent in my January Payment and it was returned. I finally got through to the Analyst who was handling my modification and he says that he was not the person handling this. Jason says, is that what you want? Duh!! He says he will send it to the anlylst named Yanet. Well I call the next week to discuss this with Yanet and she is on Vacation from Dec. 26 through Jan. 14. This is sitting on her desk. I call after leaving Countless messages to supervisors, Yanet and the Disaster Relief Team and noone knows what is going on and they won't return any phone calls. Out of nowhere, I receive a phone call from Yanette on Jan. 21 while I'm at the hospital while my daughter was giving birth. She tells me that they don't want me to make a payment until April 1st. Now we are adding 6 months to the modification, did not lower the interest and now the added $15000 of forced Escrow to the back end. Total add is now at $29000.00 I paid my own escrow but they said they had the right to do this since they were doing a modification. My monthly note went from $2486 to $4300. this does not include our second lean of $1300. I ask her how many people can afford a bump like this? I told her that I wanted to pay the February and March payments. She said they will be sent back.
Now I've sold my home and cannot get them to call me back with a payoff. What a scam. Our family dealt with Hurricane Ike better than Hurricane Chase. They compounded my debt, raised my note to an unaffordable amount and won't take my payment and they did send my Feb 1 payment back. this way they can collect more interest and put me deeper.
What turned out to be Disaster Relief turned into a Disaster Nightmare. And on top of all this, they took the goverment bailout money and raised my credit card Interest rates to 24%. Wow!!!