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Jpmorgan Chase / refinancing dept

3485 RICHMOND AVE, Staten Island, NY, US Review updated:

I Started a refinance on April 10, 2009 was told I pre qualified, and was then told I needed to pay 750.00 fee up front for application but I would get most back at closing. I locked in a great rate and was promised I would closed definitely within 3 months. It is now August 15th and NO closing in site, in fact all I get now is well they really don't like the way your loan looks let's go for a lower cash out ...ok and also after the processor looked it over there were mistakes on their part like putting in more debt then I owed out so it looked bad on the loan, after all was fixed I was told it looked good, everything was fine and then again finally after trying to reach the processor I am told again the UNDERWRITER JUST WON'T SIGN OFF ON THE LOAN AND SHE DOESN'T UNDERSTAND WHY She will give it to her supervisor, (this already was done 2 x before). On Tues August 11, th I was told to call Wed August 12, th at 12:00 I called at 12:30 and called and called WED Thurs Frid to no avail...and here I am at the mercy of the BANK waiting and being pulled like a YO YO on a string yes the loan is good, No the loan is NO good, Yes the loan looks good it is approved by the Automated system w/ the #s but the Underwrite won't sign? and last she said let me see if it get's approved by the automated system can the Under writer reject the loan. (added note) I needed to consolidate a couple of credit cards, and do some home repair. I thought the banks were supposed to be helping the People? What happened to this Country ? To helping the Middle class hard working people trying to stay afloat?

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Comments

  • Re
      Sep 03, 2009

    Someone needs to do something about the way Chase is handling this refinancing. Their representatives get you pre-approved & approved and after a couple of months they give you the run around. A class action should be in place. I went through a nightmare with Chase. All documents were in place, had the first closing day - documents can't be found, 2nd closing day underwriters found something wrong won't sign back to underwriters. This went on for a couple of months. Now they will not answer my emails or phones...$780 later- non-refundable. I thought that with the Obama package, corporations were not supposed to charge fees upfront. I will take this to the Att'ney General if possible. I think Chase representative are trained to run a scam. This is not right. I am trying to safe my home. Right now my working hours have been cut to 4 days a week. My home owners insurance increased as a result of the so call refinance. MY next step will be "Modification" and I have to be late at least 3mos before I am approved. If this does not work, I am walking away from the house. Chase is misleading the public with their so call refinance. Someone needs to take action.

    +1 Votes
  •   Sep 03, 2009

    I am in this Refinance for 5 months and only this past week have I gotten a little courtesy because I filed a complaint with the OCC...next I have a letter ready to go to CHASE Corporate offices IN NY my congressmen and to the MEDIA!!
    This is obsurd what they are doing to the hard working people they were supposed to be helping.

    +1 Votes
  •   Sep 03, 2009

    Also check out Consumer Affairs.com and read all the complaints on Chase refi's there one after another !

    +1 Votes
  • Ja
      Sep 16, 2009

    I too am having problems with Chase refinancing! I've read on the www.whitehouse.gov site that for refinance there is "no cost under the Homeowner Affordability & Stability Plan" yet Chase has charged me $395 just to apply! Also, I was told during the telephone application that my closing would be "aproximately $2100." Then, when I got the estimate of costs in the mail there was thousands (aprox $8000) in various fees added to the total loan amount. Today I called the Chase Representative and asked some questions but she interruped before I was finished saying that she had some calls she had to return and would call me back. She never did! CHASE BANK SEEMS TO BE DOING SOME DISHONEST BANKING!

    +1 Votes
  • Le
      Sep 18, 2009

    I originally applied for a refinance with Chase in April 2009. I have an excellent credit score and the down payment on the property was 20%. However, I live in one of the hardest hit states and the property lost value. The appraisal was ordered by Chase and it was much lower than expected. Chase told me they would not be able to refinance me or I would have to bring over $28000 to closing. This is for the Making Home Affordable refinance. I had a Certified Appraiser look at the appraisal and I was told the Appraisal needs to be submitted to the Board of Appraisals because of the obvious violations and errors. I was also told that had the appraisal been done correctly I would have received my refinance. 5 months later and after a letter to Corporate ...Chase sends another appraiser to my home. However, they are still giving me the run-around. Today they tried to pressure me to accept new loan terms that included 3 points to buy down my rate. The representative told me to take it or leave it. I am looking for people who have questionable experiences with Chase's refinancing department. I want to start a class-action lawsuit. I need as many people as possible to call attention to Chase's underhanded practices.

    +1 Votes
  • Dg
      Sep 23, 2009

    Leslie, or anyone else, if you proceed with the class action, I would like to get info. We've been dealing with Chase since late March (when we called to refi because we were CURRENT, but struggling...my husband is in the military and was transfered from San Diego, CA to Jacksonville, FL (where because of BAH difference the income was cut back by $700 A MONTH!!! which would affect most ppls budgets!) We were told we were going to be put on a 3 month trial period...we have IN WRITING paperwork from them that the trial would cover April, May, June...Since then, they have extended the trial, to July and then August (at one point on of their reps ADMITTING on the phone that it had been a typo error or something that April was put on there, etc. Of course, they quickly sent back paperwork with the NEW dates for us to sign and agree to...) In the meantime, their COLLECTIONS department is harrassing us about our LATE PAYMENT, because we are sending less than the ORIGINAL Loan says we have to be paying, even though we are completely in compliance with the trial period for the home affordability plan thing they put us on for this refi thing. We called and were told that basically their department don't communicate and so regular cust serv and collections have no knowledge that we are on the Home Affordability Plan, that has a department of its own and that once we sign the new loan papers it will THEN be forwarded to the rest of the departments...but not to worry because when that happens everything will be erased from the credit report, etc. Then we called in Aug when we still had not received the loan papers, they claimed they had been having computer problems and should get them in Sep. Turns out that about 2 days ago we finally got something in the mail, stating that we are on the verge of being dropped from the plan because we have failed to send some documentation (which all listed are the ORIGINAL papers one must sent to even APPLY!)...We do have a SIGNED document about the trial period ending in August, so we're not sure how that would happen if we were missing any documents (which ofcourse we sent...it was required to start the trial period!). First of all, we called them to try to get HELP...at the time we were CURRENT, struggling to make it happen, but CURRENT and had NEVER been late on our mortgage...we are now considered to be LATE and DELINQUENT on our mortgage, which now has of course affected my husband's credit! (mortgage is in his name alone), we couldn't refi easily then other than throught the Home Affordability Plan because of course our house is WAY underwater! I read somewhere else last night about some banks basically doing this and "making" customers fall behind and become delinquent because they get larger bonus from the government because now they are "helping" a delinquent loan vs a current loan. I don't really know where to go from here, but I am stressed, upset (to say the least), etc. I've been dealing with medical issues and we thought his would help and not stress me out more and put more burdens on us. Now we are worried about whether or not we're gonna lose the house and what we are gonna do with the kids, etc. My husband has long hours in the NAVY (THANK GOD, he is not deployed at the time, that would have been a nightmare)...but the little bit of time we have together we spend trying to figure out this big mess... Anyone moving forward with this or doing anything please let me know, or if you have suggestions as to where we go from here... I DO NOT want to start this over again, which I have a feeling we would be doing by sending all that documentation over again...since it is the same stuff you need to send when you first "start" this process. The same stuff we sent in early April this year, and since then some of it has had to be sent again or even faxed! (I think they could also be losing out stuff!)

    +1 Votes
  • Ja
      Nov 16, 2009

    Hello! I cant agree more with these posts! I am SO FRUSTRATED!! I have gotten NOWHERE with Chase after hundreds of pages of faxes and 6 months of phone tag!! The military family above sounds exactly like me! Have you guys gotten anywhere with them yet? Please anyone respond!

    +1 Votes
  • We
      Nov 23, 2009

    Add me to the list for class action. Started a refinance in May. Told all was going well, the rate was locked in, the house had been appraised (back in May), paperwork was good. Then they took 5 months to process the loan...so I had to resubmit all the paperwork...and get the house reappraised. Well, someone who obviously knows NOTHING about my area OR mid-century modern homes appraised my house for $135k LESS than the appraiser did 5 months earlier! And in spite of the fact he compared my home to others that were run down and 500 sq ft smaller than mine, Chase immediately denied the loan, no questions asked. What??? I'm shocked, just completely shocked. And the real kicker is that that very same day that I got the denial...I got a mortgage statement from Chase (which is the same bank that I have my current mortgage with). UNBELIEVABLE. Any advice greatly appreciated. I'm in the process of writing a letter right now which I plan to send out to Chase and the government. I thought the bailout was meant to open up credit. I'm thinking it's going to Hampton's homes.

    0 Votes
  • Ox
      Dec 17, 2009

    Add me to your class action lawsuit against CHASE! I spent the months of May 2009 to October 2009 submitting my request for loan mod or refi with Chase...well after months of phone calls, and resending my bills and check stubs THREE TIMES I finally received a denial letter from them. I was floored!

    My husband lost his job, I was the only source of income for 6 months until he found work. BUT he is making minimum wage in CA vs. the $20 per hour he made previously so our income has decreased, and we are about $100k underwater. We have used up savings, increased our credit card debt, and borrowed from family to make ends meet! Well I called chase to find out why we were denied and they said we had to many assets! So because we both owned our vehicles and about $2000 in the bank all of this put us over! They say we 'could' sell our vehicles and exhaust our savings so we dont need help!

    So I asked about the refi option...we are at 6% and reducing it to the current market rate would definately reduce our payment. Well the bozo I spoke with said ..your loan does not qualify because you didnt obtain your loan through a BIG BANK' and went through a broker so we cant see what was used when you obtained the loan. Ok. So basically he said we were SOL. Well its only been 2 years since I bought my home, so I offered to do the foot work and get all the records from the broker myself...he said NO and pretty much ended my conversation with him. That was it all those months to be told no. Oh and he said 'well your current right now' OMG thats the point we are trying very hard to keep it that way BUT if it'll move things along I can change that!

    So I called making home affordable and told them everything. They told me what I was told is not correct information we should qualify for a loan refi at least.

    So Im in again, this time with their assistance. And here we go, round 2, sent another batch of the same documents I sent them in october-nothing has changed besides my debt...and they lose everything or never get it...And why do they always say well your current! isnt that a good thing? Why wouldnt the bank want to keep us that way??

    Its a scam and they are simply blowing smoke. I feel the banks DO NOT want to refi anyone's loans and will intentionally give us the run around because the longer they hold out the more money they will get from you at the current terms!

    Im thinking I may walk away...since its only been about two years, I wont loose a whole lot more AND in the long run I dont think my home will ever be where it was when we purchased it. My husband and I ARE responsible and did not expect for him to lose his job ...I would not buy a home I couldnt afford. We lost half of our income at no fault to anyone but the economy! So we are now the second wave of persons who may have to lose our homes! The first wave were irresponsible, or were taken advantage of by these greedy banks, and we are the reprecutions of it!!

    0 Votes
  • Al
      Dec 27, 2009

    I currently live in Arizona and I have gone through hell with Chase Mortgage. I am going to send all my info to the State General Attorney. Someone needs to look at Chase's substandard business practices. Please include me in any class action suit anyone files.
    This needs to stop, they are hurting many people.

    0 Votes
  • An
      Dec 30, 2009

    I was also the victim of the Chase refinancing fraud. They paid an idiot to down-grade my house after assuring me that they could get a HUD loan if I paid $750 down. I was trying to refinance to pay off Chase cards and they offered 1/2 point and lower closing than my bank. I was dealing with Jimmy Orama and Mechelle Leskin. They lost all my paperwork and I had to resubmit it then they insisted on a name change on my deed. They hired an unqualified appraiser whe took pictures of torn flooring in my utility room and said it was in the bathroom and insisted that my house had asbestos siding(it doesn't). She further stated that she was not qualified to appraise a historic property and wanted me to pay additional money for her girlfriend to appraise it. After not meeting three closing dates they told me my loan was rejected. They have not refunded my money and have told me that I will only get half of it back when they get around to sending an official rejection letter. Because they promised a HUD loan (and even the bad appraisal was less than the proposed refinance) I feel that they have used the federal government to defraud me. They have impacted my credit rating and now have raised interest rates on the Chase cards I have. I would like to be included in a Class Action suit and have saved all their e-mails and letters including the initial add. Who do I complain to? Ange Kahn

    0 Votes
  • To
      Jun 16, 2010

    Chase is a total scam ..they refuse our rights under Obama law...they insult our intelligence asking to resubmit the same papers initially submitted, ...their system is made to fail / deny your application...you cannot communicate with the person in charge ...they tell you they don't know who is working on your application!!!?????...what recourse do we have against them?...how can we enforce the law against them????...please advice.

    0 Votes
  • Hate to be the bearer of bad news but they have known about this mortgage fraud thing since 1998 and below is a link to the report. Now if something was going to be done, don't you think they would have done it by now? There is no plan on the govs part to do anything of benefit to the American Citizen. The only way we will get what we assume the gov is suppose to do for us is to do it our selves. They are government, they govern us, they take the role of being in charge when we are the one that were given that right, but we have given it up to be governed. Now the change must start with us, get out and take the action yourself, fight the bank yourself. No one cares more for your situation than you, so it is up to you to do your do diligence and fight back. More people need to kick the lawyers to the curb an show the court we are here and we are not going away. The law is the only thing we have to stand on so we better get to learning it if we want to take back what has been stolen from us. Start by learning how to take control of the judge and the court. jurisdictionary.com will help you learn how to take care of your own legal issues or make sure your lawyer is not screwing you. Learn how to file bar grievances when they don't fight for you, learn more about judicial misconduct when judges don't adhere to the rules. This is the only way to let them know we know and the gig is up. Now once you have decided to fight and take action I will be glad to help you with more information to help you fight just send me a message here and I will get back with you.

    http://www.ftc.gov/os/1998/03/grass5.htm

    0 Votes
  • To
      Sep 08, 2010

    I have the same problems with Chase

    0 Votes

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