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Jpmorgan Chase / mortgage refinance

1 1111 Polaris ParkwayColumbus, OH, United States Review updated:

On dec., 17, 2008, I contacted lisa a. Burke at jpmorgan chase bank, n. A., 1111 polaris parkway, columbus, oh [protected] ext. 70532 about refinancing my existing mortgage with chase. I was told there should be no problem as my house was only 2 ½ years old and I only owed approximately $244, 000 on a house that was originally appraised at $370, 000. My credit score was checked and was 777. I was assigned loan application #???. Included in the application packet was an “application disclosure” that stated the application fee was non-refundable. My understanding was that would apply only if my credit was no good or I lied on my application or I decided not to go through with the refinance. At no time was I told that it was absolutely necessary for me to have at least 80% loan to value as there was no pmi available for fayette county, tn.
A drive by appraisal was done which was too low and an appointment was set for an appraiser to go through my house. While the appraiser was there I pointed out all the custom features of my home, most of which were disregarded. That appraisal also came in low. I spoke directly with the appraiser and pointed out that he was low on his square footage computation, had missed a fireplace and had not taken into consideration many of the other amenities of the home and although he compared me to homes that were close to and sometimes over $100.00 a square foot, he only valued mine at $72.00 a square foot. Additionally, he was penalizing me for my location based on his opinion that my rural location was detrimental to the value of my home. He promised to relook at my appraisal on 2 different occasions and report to the bank. According to chase, that never happened.
I was told that chase denied my refinance because the appraisal was $290, 000 which is less than needed for 80% loan to value. Furthermore, I was told that there was no pmi offered in fayette county, tn because it’s a declining market. Most homes in this market have been devalued 10-15% due to market conditions. Chase’s appraisal devalued my home 24.32% in a stable area where no homes are for sale, there are no foreclosures and all the homes built in the last 5 years have been custom built.
At this point I requested my application fee be refunded because of chase’s failure to perform. I have been in contact with joshua brandon by telephone and e-mail several times about this situation. The latest was 27 march 2009 when I emailed a 3rd request for a refund based on the inability of chase to provide me with a product. He indicated by telephone that there would be no refund and refused to give me the name and contact information of his superior to escalate this to another level. I have checked with several bankers in the local area and have been told that pmi is available with less than 80% ltv. Apparently, chase only wants to do business with 3 lenders and is unwilling to look elsewhere. My understanding is that when I paid the application fee they are supposed to be working on my behalf. Their job is to find the right lender or mortgage insurance for me.
After being notified if chase’s denial, I went shopping and finally contacted first state bank, 100 east reelfoot ave, ste 2a, union city, tn 38261 and have been working toward a refinance agreement with them. During my conversation with the bank, I explained what had happened with chase and I was assured that there was mortgage insurance available in the event the next appraiser came up with an equally low value. They sent another appraiser who valued my home at $325, 000..
It seems to me that chase stands to pocket an enormous amount of money in application fees based on their policy of no today’s market, almost every county in the country is declining. Does that mean no mortgage insurance is available to anyone with less than 80% ltv? I don’t think so.
I paid my application fee in the good faith that chase mortgage would find and supply me with a financial product that suited my needs. At worst, I figured they’d at least make me an offer that was unacceptable. That way they could justify keeping the fee. This is just like stealing!
Additionally, I have been a customer of chase mortgage since november, 2001. I’ve never been late on a payment and almost always send extra principle with my payment.
Just think of all the people trying to either get new mortgages or doing a refinance — if the bank only keeps $100.00 of their money. 10, 000 turn downs = $1, 000, 000.00. Great scam!!

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  • Ju
      15th of Apr, 2009
    +1 Votes

    I agree whole heartedly! We just called Brenda Fisher, from Chase after a month of waiting. It's now April 15 and we should have closed in March of 2009. found out just today, that we will not be getting our mortgage. They turned us down. Our home appraised at $126, 000. and we owe only $33, 000. First we were told that it was the well room being inside the foundation, which it is NOT. Now they are saying it's the leech fields too close to the well. Gee, they gave us a mortgage in 2001, but not now.
    They took us for $250.00. Talk about a scam!
    Hughesville, PA

  • Sa
      16th of Apr, 2009
    +2 Votes

    Same thing happened to me. Chase did not approve my mother's refinance and kept the application fees. The underwriting process took months. Stay away from Chase

  • Li
      31st of May, 2009
    +2 Votes

    All I can say is that this bank, trust, national bank, inc., corp., or whatever shields them from responsibility, needs to stop. My story with chase & a myriad of other "financial institusions" is getting too long to type (novice still) but I agree and Im going to do something after I get all the info and when you utilize the computer(novice again) It is worse then you have ever been told, the meltdown, when Im done it will be time... press, oprah, letters, protests and any other avenue avaliable. This whole adventure the banks took with our money is spelled out in documents, etc. Double speak is used alot but the truth will shock most people & the great government of the United States signed off on all of it!!!

  • Ha
      8th of Jun, 2009
    +1 Votes

    We have been trying to negotiate our existing mortgage with JP Morgan Chase since March. We have been absolutely unable to talk to our "agent" (and neither has our VA agent or the agent we were given from a nonprofit). She keeps her answering machine full, so we can't leave a message. She doesn't respond to letters and we are not allowed to know her e-mail address or the name of her superior. I truly believe it would be easier (more open) dealing with the CIA.
    Meanwhile they have set at least one foreclosure date and one contract that adds half again cost to the mortgage payment we already cannot afford.
    Does ANYONE know to whom I can complain? All we get from other Chase people is that we can only deal with our assigned agent. When I figured out a way to discover the agent's supervisor (and it took some doing!) I found out that this person also kept their answering machine full.
    I can't believe they're going to just kick us out of the house where we've lived for 22 years and that we will never have been allowed to talk once to our "agent"

  • Th
      14th of Jun, 2009
    0 Votes

    We have had to wait so long for a loan that we have had to sign three contracts, the last of which expires in two weeks. It's called, "being jacked-around"

    The Wares

  • Sb
      30th of Jun, 2009
    0 Votes

    If you're having a bad experience with a Chase refinance, please let us know about it by sending an email to We're "being jacked-around" by Chase - have been since December 2008 - and we believe there are grounds for legal action.

  • Rh
      21st of Jul, 2009
    +2 Votes

    Holy crap what a nightmare. I have been dealing with Chase since April and have been told by the sales guy at Chase "100% done deal closing this month" for 2 straight months now. I've gotten 2 letters from Chase, one originally saying it was denied back in early May and I called the sale guys who said it was a glitch with the Fannie DU Refi setup. Then I received a letter a week ago asking for add'l info. to complete the file, again my sales guy (who works for Chase directly...didn't use a broker) told me another "glitch" and it was taken care of on his end so no worries. He assured me 7 business days ago that my app is out of underwriting, approved and in the subordination group (Chase holds my first and second so I'm stuck with them otherwise they won't subordinate the second) and will close before month-end. I pinged him today to get an update (I've been in touch with him weekly since day 1). He left me a vm a little while ago saying he saw a note in the system that they either spoke with or left a vm with me today and that I need to fax something in. Of course his vm picks up right away, his cell vm is full, etc. so I left a message with him at his Chase extension. For giggles I also called the lady's name on the letter I received last week ( a loan processor). Her name is not valid in the automated vm directory so I tried going to the next available which sends me to a blackhold voicemail "all processors are tied up". This is absolute insanity. I thought it odd they set up a 90-day lock originally (for the fees they charge to do this mess they should have locked it for 180 days) but in another 2 weeks that ship is going to sail and in the meantime my house payment is up $500 due to a screwup when Chase originally setup my escrow 2 years ago and now I'm having adjusted escrow + a catchup. This is NUTS!!! Is there anyone on the government side that gives a crap about us or are they too busy trying to find ways to shell out more taxpayer money to artificically shore up bank balance sheets?

  • Mo
      23rd of Jul, 2009
    +1 Votes

    Still waiting on my refinancing even though we started in late March, early April. Others who have refinanced or applied for first mortgages with other banks are getting it done within 60 days (and those friends COMPLAINED to ME that the process was too long). I'm angry and frustrated. I should have refinanced with another bank. I have two friends who refi-ed with other banks (started the process a full month and a half after I did) and closed a month ago!

    Beyond ridiculous.

  • Te
      10th of Aug, 2009
    0 Votes

    this is horrendous. I have been waiting 2 months, just sitting in underwriting and every time i try to contact one of my reps they are mysteriously both out of the office for a week.

    its like my loan processor knocked up my consultant and they are both out on maternity together.

    seriously i believe they are just holding out my loan until my readjustment on my ARM is up.

    no one knows anything and i still have to go through a subordination process. they are hosing people out of application fees, and Jamie Dimon needs to be strung up on a pole that pompous ###. seriously i thought the government would take MORE responsibility after bailing these banks out.

    EVERYONE who hits bankruptcy over this should be forgiven and have their credit wiped and after this ALL 3 credit bureaus should be
    1) condensed
    2) re evaluated
    3) DEFINITIVE rules on how credit is evaluated should be disclosed to the public!!!

    please those who agree contact
    subject line chase so my filter can pick it up.

    thank you

  • Rc
      13th of Aug, 2009
    0 Votes

    I applied for my refinancing on January 28, 2009. I was approved and received the commitment on march 1. Since then they ask me to update my bank statemnts, pay stubs, and other documents every month but won't give me a closing date. I have given them all documents quickly and have kept a log of all correspondance. Now they ordered a second appraisel which I had them do next day. I have no idea what to do? Is it worth me going to a lawyer? I don't trust them and wouldn't use them again.

  • Ah
      19th of Aug, 2009
    +1 Votes

    RCMD, I am in the same situation as you. I was approved for refinancing on February 10, 2009 and closing was to occur in March. It never happened. My account has recently been transferred to another loan office-the sixth person since this all began. Since the closing process has taken so long I had to resubmit my documentation for a second time in June. I am very frustrated. I will likely contact a friend who is a lawyer for advice and possibly will complain to the Federal Reserve (based on my online research complaints should be submitted to them).

    I wish you the best.

  • Cd
      27th of Aug, 2009
    0 Votes

    Stay away from Wells Fargo as well. The EXACT same situation has happend to me and I am in the process of trying to get back my $425 application fee. They used an appriasal from 2006 to give me a 'good faith estimate' not taking into account that housing prices have fluctuated dramatically in the past 3 years. I am sending certified letters to the Loan Officers Regional Manager and just basically being a pest. I may not get my money back, but it will sure make me feel better.

  • Lo
      8th of Sep, 2009
    +1 Votes

    The recurring scenario involving CHASE collecting $750, then placing consumers in refinancing "purgatory" with unexplained and needless self-invented delays is amazing. Considering the blatantly obvious bad faith loan processing, it would seem that even a first-year law student could successfully stumble through a victorious class-action suit against CHASE Bank.

    A deluge of letters should be sent to congressional representatives, regulatory boards, newspaper opinion pages, better business bureaus, media outlets and anyone else who will listen of JP Morgan CHASE' Bank's easily documented business practices.

  • De
      15th of Sep, 2009
    +1 Votes

    This is unreal same thing is happening to us now!! We paid the so called good faith fee $750.00. started this process in May and still don't have a date. Our appraisal came in low same as mentioned in one of the postings. I mean it was not even close to actual value. Anyway we have recieved now two counter offers. Sounds ok so far huh.. well for some reason without our consent since the requested loan amount wasn't to this 80% standard they sent it what they called fast track 1st time back in July, because this would allow them to give us the full amount requested, with no buy downs. Still no progress called 3 weeks ago to learn they needed the actual loan amount owed from Washington Mutual (( mind you Chase is Washington Mutual )) was told by new loan processor that she would have it within 24 hours. When I called yesterday I learned they still had not gotten the information from the bank as to what was owwed. At which point I lost it! Then same dy after leaving voice messages with the orginal person AND the aggravation of the best way to reach me is by email. So trust me I wrote a letter. Poof that afternoon I get a call they now need new updates on PAYROLL STUBS AND BANK STATMENTS FROM OUR 401k CAUSE WHAT THEY HAVE IS TOO OLD BECAUSE.. they took too long so were suppose to jump threw the same hoops again because they can't get it together. Same day I recieved another counter this time for a different amount letter dated 9-2-09 sent 9-11-09 but guess what offer expired on 8-22-09 we looked at that and were stunned. So from the call I got she needed new info to fast track it again ... What next so we can play the hurry up and wait game for another 5 or 6 months! I wrote another email because you know you can't reach these folks by phone told them we acted in good faith they didn't I wanted my $750.00 back and in the future if I wanted to refinance my loan it would not be with JP Morgan Chase. I get a response yes I was correct they needed updated information to close the loan. So I wrote another letter asking what part of my letter didn't they understand and all I wanted to know was IF they were refunding me threw a credit or a check!! I got another letter saying they would give me half back! It was there policy to refund only half and how unfair it would be if they refunded me my full amount! Can you imagine and from what I read here they are at this point still offering to refund me half. I spelled out in my letter in no uncertain terms that it was THEY who did not live up to this Good Faith policy not us! So if they say they won't refund it's a lie from my experience they will but only half it's thier policy yeah right. It's a scam can't even imagine the money they have made off of God knows how many people. How many got nothing? Well I still have got nothing but a letter saying they will refund half so well see. This should be criminal! You stay cause well heck it's already been months and they are satying they will keep you at the quoted interested rate mine is 4.75% not sure what anyone else was told. I just got tired of the run around told them I don't want the loan all I want is my money back too much time and energy spent on it already looks like it was a good call. Cause another 5 months of this and I would of lost my mind!! Such BS

  • Th
      17th of Sep, 2009
    +1 Votes

    Mostly the same exact experience of the the above...except I started my refi the first week of January, and it is now nearing the end of September and still not closed. I would love to see a major lawsuit against Chase! Someone in that field, please get one going! I currently have 135% equity in my house with credit scores near 800. I can't believe I am actually trying to pay someone to treat me like this. Someone mentioned Opra, that is a great idea!

  • Sl
      22nd of Sep, 2009
    +1 Votes

    I just started the refinancing process with Chase and received my appraisal. My home was valued at almost 10% less than what I paid for it ($133k vs $$143k). I know appraisals are based on home sales in your neighborhood, but the new condos next door for me are selling for $165k! So now I'm not sure if I should even proceed. Any advice?

  • Tm
      29th of Sep, 2009
    +1 Votes

    I have been dealing with Chase on a refinance since Dec 08. Figured it would not be a problem since they have my existing mortgage. Boy was I wrong, here it is nearing Oct and still no deal. I have resubmitted the pain in the a-- documents, and a new appraisal was done recently. The only reply is it is in underwriting and underwriting is backed up. I have contacted a smaller mortgage company, they told me I may never close with Chase because of what they've heard. They may just wan't my business but that may be a good thing. I am going to back out with Chase and go with someone else, and I will bug the p--s out of them about a refund.

  • Th
      30th of Sep, 2009
    +1 Votes

    Good luck. We dealt with Chase for four months and dumped their a-s. We got a small bank in town and processed the loan within two weeks. Figured it wasn't enough money for them to fool with us anymore. Of course we asked for a refund, but that has gotten us no where. No surprise. But, as they say, revenge is best served on a cold I will write to every congress person, commissioner, attorney general, BBB, newspaper, news channel and whether it gets me anywhere or not, I don't really care. They shouldn't expect to walk away carefree about their deliberate stall tactics. They must send their employees to "How To Stall Your Customers, Pass Go and Collect $750.00 - 101". I don't see how their employees sleep at night. They must be soldiers of mercilessness. When I get all the addresses, I'll post them here for all of you. Enjoy!

  • Kl
      30th of Sep, 2009
    +1 Votes

    Wow we thought we were the only ones!!! It took Chase 6 months of "jacking us around" before they turned us down. I have emails from Chase pretty much lying to me month after month. We are out our $750.00 application fee and I am going to fight this until I get it back. We are taking every single account right down to our safety deposit box from Chase and to another bank. Please do not refinance with Chase they will rip you off and keep you waiting for months.
    I am exhausted with their BS.

  • Li
      1st of Oct, 2009
    0 Votes

    Ive been busy on some personal issues but I have kept up on "BANKS", I have come to realize that Chase as well as the other BIG PLAYERS will continue to do as they please. The fact that our govt (for the people...LOL) is run and populated by PLAYERS is a fact that makes an equal playing field impossible. The challenge is much greater than when I began this journey of discovery and it was huge then. But Chase, JP Morgan, Chase Inc., JP Morgan Chase corp., Chase NA, JP Morgan Chase and whatever ending they need to cheat will not be ignored by the people anymore... I agree with every and any action to bring on corporate accountability...

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