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Chase Lost Draft Department / chase will not release funds to repair home

1 Duluth, GA, United States Review updated:

My chase lost draft department nightmare

My roof was damaged by a hail storm in the middle of april 2011. It is now the end of june and the chase lost draft department has yet to release insurance funds to get my roof repaired. Since I have my mortgage with chase, the insurance check was made out to my husband and me and chase. Chase insists that the homeowners endorse the check and send it to them. They hold the money and make you and your repair contractor fill out, have notarized, and fax form after form. They make excuses as to why the forms do not meet their criteria, such as, there is not enough information or there is too much information. They will tell you that you cannot speak to a manager. I literally had one chase employee tell me, with regard to speaking to a manager, "they is all in meetings right now. A manager will call you in 24 to 48 hours. " apparently, the meetings for managers in the chase lost draft department last for days. I have requested a call from a manager twice and have never gotten one. I have placed over 20 phone calls to chase and still have no idea when I will be able to get my roof repaired.

You can fax the required forms but they cannot tell you if they received them for three business days. It takes that long for them to process a fax. So if there is something wrong with the forms, it sets you back over a week. That's if you call inquire about the forms, three days after you fax them. If you don't call, it takes three business days to process the faxed forms, then they will send you a letter in the mail telling you to fax them again, setting the whole process back two weeks.

When I told several roofing contractors, I was considering for the repair work, that I had a mortgage with chase, they each said chase is the most difficult mortgage company to deal with with regard to releasing insurance funds for home repairs, bar none.

All this waiting while my roof is leaking every time it rains. I live in coastal southern georgia where it is hot, humid and mold is a huge problem. Chase lost draft department is a homeowners worst nightmare, at a time when you are already stressed about your home being damaged.

I have never been even one day late on a mortgage payment to chase. I pay my homeowners insurance and they take insurance money so that I cannot have my home repaired?! I am moving so I will be in the market for a new mortgage within the next six months. I would never consider chase or jp morgan for my next mortgage, under any circumstance. I currently have three accounts with chase and I am closing everyone of them. Chase or jp morgan credit card? Never!

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  • Di
      16th of Sep, 2011
    0 Votes

    This is a LITTLE of what is happenig to us:
    Aug 31st a draw had been requested, check would go out within two business days.
    Sept. 8th was told a check had been mailed with both names on it. It was caught in time, pulled back and a check would be reissued in our name only and go out Fed Ex today. (Because I have paid the contractor in full)
    Sept. 9th was told a check had been mailed regular mail that day.
    Sept 9th was told by one supervisor that the check could not be stopped because it had already been mailed.
    Sept 9th was told by another supervisor that the check was still in the approval stage and had not been mailed.
    Sept. 12th was told that the check had been approved and would be sent out by Fed Ex on the 12th.
    Sept 13th no check.
    Sept. 14th was told the check had been sent out on Sept. 13th by regular mail.
    Sept . 14th was told they would stop payment on the check issued and mailed and on Sept. 15th a check would be reissued and sent out by Fed Ex.
    Sept. 15th received a check, should be the one that had a stop payment placed.
    Sept. 16th the file shows the stop payment went through, but new check not issued or sent out by Fed Ex.

  • 4m
      10th of Nov, 2011
    0 Votes

    I feel for you both as we are in the same boat.
    Chase is been pulling my chain since July 26, 2011 and today Nov 9, 2011 still don't have my insurance check released to me.
    Today it started to snow.
    At this rate I will have to file a new insurance claim to cover the damage that has occurred because they won't release the funds and won't be able to have my roof replaced til April 2012.
    Word to those that are reading this. If you have a mortgage with Chase. Get it refinanced somewhere else NOW!!!

  • Er
      7th of Feb, 2017
    0 Votes

    We are experiencing EXACTLY what others are describing here.

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