The complaint has been investigated and
resolved to the customer's satisfaction
Resolved
JPMorgan Chasemortgage refinance

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 refunds.in 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!!

Responses

  • Tl
    TLMLJM Jun 10, 2016

    Every since Chase has refunded money that was anlawfully debited from our count it seems like we are MARKED. It is like they are trying to get back every penny and more. They continue to charge us overdraft fees even when we have money there to conver our accout. we do everything they tell us. We set up the overdraft protection the phone alert and some how they still manage to not let direct deposit show up in time. It is like they purposely hold it.

    0 Votes
  • Jd
    J. D. M. Feb 27, 2011
    This comment was posted by
    a verified customer
    Verified customer

    The appraisors are givn too much power. What are they real estate agents who have no engineering back rounds. The bank I'm going through is giving us a hard time cause the appraiser advised "we are missing shingles on the roof." So the loan officer says the underwrighter wants that fixed 1st cause they can't sell the loan to fannie mae if they had too. WHAT!!! The funny thing is my first loan is with the same bank... P.S. we were going to get the roof done even prior to appling for the re-fi, but not till middle of spring.

    0 Votes
  • Yi
    yikes is right Feb 05, 2011

    Get a copy of your credit report- the account number is on there.

    0 Votes
  • Ca
    cacasal Feb 05, 2011
    This comment was posted by
    a verified customer
    Verified customer

    I have requested my account number from the above institution on several occasions so that I can have the recipient bank of my Social Security and V.A Disability payments changed to another bank. Based on "security reasons" they refuse to give it to me and offer no way for me to obtain the needed information. It would help me if I knew what Regulatory Agency oversees that type of business.

    0 Votes
  • Ra
    Rale123 Dec 22, 2010

    I am in the NY state and applied for the refinance current mortgage due the local
    branch representative second call and encourage to refinance. We have credit score at the highest level. It has been more than four months and all i heard from them is asking for documents over and over - some documents we have submitted thee times. To note, my current lender is chase and we never weer late on any payment (3 years). This is ridiculous and nonsense, Ii finally asked application money back as they are unable to provide me any answer regarding application. Still did not hear from them. I can imagine for what a hell people going to get loan with this lender. O, yes they are not my choice originally as my loan was sold from initial lender to them. Never had anything similar with the bank in the past. Sorry, but this is the last door i would ever knock on for any help or to relay on their service.

    0 Votes
  • Pd
    PDGee7 Dec 07, 2010
    This comment was posted by
    a verified customer
    Verified customer

    I have experienced just about everything written in all of this. No Attorney is evidently brave enough to take on Chase in a "Class Action" - though it is certainly obvious there is ample grounds for one. Chases pockets are "too deep and mean" according to one Attorney. I finally contacted California Representitive Jerry McNerny and, at his request, forwarded my entire file to him. He then referred it to the Customer Assistance Group, Administrator of National Banks where it was assigned case number [protected]. They have obviously taken action and initiated a dialog with Chase. STRONGLY urge anyone having these problems to contact The Assistance Group at: Customer Assistance Group, Administrator of National Banks. 1301 McKinney Street, Suite 3450. Houston, Texas 77010. You can also contact them on line at: http://www.helpwithmybank.gov/ .
    As near as I can tell they are about the only hope any of us have of getting some help to stop this stuff. Good luck to you all.

    0 Votes
  • Cl
    ClassActionNow Jul 01, 2010
    This comment was posted by
    a verified customer
    Verified customer

    This is the 2nd time my mother has had problems with Chase. Last year, my mother was given the runaround for 6 MONTHS before being turned down by Chase. This year, we wanted to pay down our $126, 000 mortgage to $100, 000 and also get a lower interest rate on the new, lower loan amount. Chase is giving us the runaround without much explanation and it seems as if this is going to turn out the same way as the last time.

    I can see that this is not an isolated case. Has there been any progress in considering legal action against Chase?

    0 Votes
  • Un
    UnfortunateInTN Jun 28, 2010

    I have had a very difficult time with JP Morgan Chase Mortgage. And what I have to say will sound like ramblings of a mad woman... but Chase has driven me insane.

    Several years ago I refinanced at a fixed interest rate and my flexible rate kept going up and up... Chase had my loan then also... and my fixed rate was/is not a great rate at all, but under the circumstances, I had no choice. My payments recently went up by around $40 and I was told it was because my insurance rates would increase in 2 months. OKAY... why am I paying more for that now??? My escrow account, I'm told is where it comes from. SO... do they get money up front... NOT IN MY BOOK... I went to another insurance company and had my home owners insurance rates lowered substantially, therefore I won't have to pay the exorbitant increase that Chase tacked on to my mortgage payment. But I was told that I had to pay the increase because it would not be effective until the first of August.
    Chase has sold my loan to "SISTER companies" about 5 times in the past 4 years and that's another concern.
    My father is helping me out with this and has talked to his broker and an attorney..We have called Chase at least 50 times in the past month only to get recordings, and so forth. Finally able to talk to a real person... I heard a lot of UNFORTUNATELY this and UNFORTUNATELY that. One of my concerns was that Chase sold my loan "AGAIN" to IBM Lender Business Process Service, effect July 1st. They are not a loan company or a bank, therefore I IBM will not be able to lower my interest rate. No one can help me here and I'm just about ready to WALK AWAY from my house and leave it sitting there and let them deal with it. I've paid off my house in interest to Chase. MY FAULT completely for signing the papers... MY FAULT completely for even going with CHASE in the first place.
    I will either refinance again at a lower interest rate or leave Chase or IBM now "holding the bag" so to speak. I'm going to get my dad to help me get out of this by contacting some people he knows.. and I'm embarrassed because I am a grown woman and I have screwed up royally by dealing with Chase. NEVER NEVER NEVER AGAIN!!! RUN... people RUN away... do not do business with these RIP OFF ARTISTS!!!
    I'm so stressed out over this and it's not worth having a heart attack over.

    UNFORTUNATEinTN

    0 Votes
  • An
    another taken by chase May 28, 2010
    This comment was posted by
    a verified customer
    Verified customer

    My wife and I are in the same boat as everyone else, JP Morgan Chase approached us about re-fi on 15-april-2010 after paying processing fee's they hired an appraiser from out of our area that completely tanked the appraisal.Our local appraiser estimates our property atabout 130, 000.00 their appraiser says 81, 000.00 she sent her copy of the appraisal to the FHA website, now Chase informs us that we have to live with this botched up appraisal for the next 6-months so there is nothing they can do nor anything we can do the last commucniation we received was 19-may-2010 we were forced to file a complaint with the state of Tn. Department Of Commerce And Insurance Real Estate Appraiser Commission. If anyone knows how to contact JPMorgan Chase financial backers maybe after enough complaints they can stop funding the scam artists, We are curious to know if JPMorgan Chase has a special class for employee's on how to scam their clients.

    0 Votes
  • Mg
    MGH166 May 09, 2010

    IN NOV 2005 I TOOK OUT A LOAN ON MY HOME TO DO SOME REMODELING. I WAS TOLD BY CHASE I NEEDED FLOOD INSURANCE TO COVER THE AMOUNT OF THE LOAN( 25000) SO I DID THAT. NOW AFTER OVER FOUR YEARS NEVER BEING LATE WITH A PAYMENT THEY ARE TELLING ME I NEED TO INCREASE MY FLOOD INSURANCE TO (70000) THATS FOUR TIMES WHAT I OWE THEM. AND IF I DONT INCREASE MY COVERAGE THEY WILL ADD IT TO MY MOTHLY PAYMENT. THIS WOULD DOUBLE MY PAYMENT AND PUT IT OUT OF REACH. WHEN I TOOK OUT THE LOAN THEY TRIED TO GET ME TO TAKE OUT A LOAN FOR THE AMOUNT THEY NOW WANT ME TO BE COVERED FOR . THATS DOWN TO THE PENNY THEY DONT CARE IF YOU CAN AFFORD IT OR NOT. I ASKED WHY I NEEDED THIS I WAS TOLD FEMA WAS DOING THIS . I THEM ASKED TO SPEAK WITH TO A SUPERVISOR AND HE TOLD ME IT WAS CHASE POLICY AND IT WAS TO PROTECT ME.HOW IS MAKING MY PAYMENT OUT OF REACH PROTECTING ME THEY WANT TO STEAL MY HOME. SOUNDS LIKE CHASE IS GETTING A KICK BACK FROM THE INSURANCE LOBBY MAKING PEOPLE CARRY COVERAGE THEY DONT NEED OR CANT AFFORD. THIS COVERAGE WOULD COST ME $50000 OVER THE LIFE OF THE LOAN THIS IS NOT WHAT I AGREED TO WHEN I TOOK OUT THE LOAN IF YOU HAVE A LOAN WITH CHASE GO TO ANOTHER BANK NOW AND GET AWAY FROM CHASE CALL THE ATTORNY GENERAL CHASE TOOK TARP MONEY

    0 Votes
  • Sh
    Sheila Spahr Mar 04, 2010

    I think it is great that an actual employee of Chase is reading this Complaint Forum.
    He may be trying to defend the Devil (J P Morgan Chase) by explaining about the charges of a loan. However if the refinance or more commonly being referred to as a re-modification is denied then it costs Chase $1250. I don’t believe that for one minute. THE BOTTOM LINE IS THAT CHASE REPORTED EARNING 11 BILLION plus last year and that is partly due to JP Morgan Chase stealing from the middle class. YES, stealing. They know that if they hold out on the process long enough the odds of re-modifying will not be approved by the so called underwriters because the homeowners situations are becoming grimmer as each day passes. Thus placing the origination fee into Chase’s pockets and not refunded to the homeowner or applied to the balance of their mortgage.
    Right now Chase is holding onto $5777.11 of my money. I sent in $5504. on 02/24/10 to catch us up on our loan instead for waiting another year for Chase to approve any type of loan for us. Chase receives this money on the 26th and signs for the certified letter. Chase puts this money along with another $227. I didn’t even know I had into a holding account and never applied it to our Mortgage. We needed $5003.00, to catch us up to the end of Feb. 2010, according to a Mrs. Teresa Patterson in the Homeowners Assist Dept. on 02/23/10. I was then told that we needed over $5800. Just four days later and needed another $70. to completely catch us up. It sounds like Chase added an extra $750. to our balance after my phone call stating that we are tired of waiting on them to get it together and continue to destroy our credit and we want to just get back to the old payment which we can afford and eventually refinance with another bank. We are being taken advantage of by Chase Bank. I like to describe Chase bank as being equivalent to a tar pit that us homeowners fall into and can’t get out of but Chase keeps dangling a tiny limb just out of our reach and when we finally sink the vultures sweep in take our homes and trust me Chase has intentions of becoming the largest real estate holders in the world.
    You said that Chase didn’t receive help from the government. THAT IS ANOTHER BLOOD(MONEY) THIRSTY LIE. I was told that for every MAKING HOME AFFORDABLE PLAN under the newest government funded plan will give Chase $1000. Per year for the first 5 years toward the homeowners mortgage and it will also give the homeowner a $1000. Toward the balance then after 5 years everything will have to be rewritten. You lie when you say that Chase is not receiving help from the government. So you can either remain as one of the many minions working for the devil or if I were you I would find another job because there are a lot of mad people out their and eventually the ship is going to sink.
    People complain to the Commissioner of Banks in your state and also go to the Office of the Comptroller of Currency [protected]. We have a class action!

    1 Votes
  • Tn
    TNGirl1 Feb 10, 2010

    To the 'chase employee'... give me a break!! We refi'd with them several years ago via a recomendation of my husband's union. It took over 4 months, they valued our home MUCH lower than market (we had a 'trainee' while the 'experienced' guy sat in the car smoking), our 'low closing costs' were almost $10, 000 and our story is much like the above postings. I thought we would do better with a larger company that promised to lower our payments (they went from $1150 a month to over $1600) and provide us with better CS due to their size. We requested a lower payment in early 2009 due to the economy. No problem they said... we could be a 'participant' in the presidents program and significantly lower our payments. Just what we needed as we were down to one income. That was about a year ago. We have submitted the SAME forms over and over and over again. The excuses we're given are the same as the above... 'date sensitive', 'didn't receive it' (sent certified mail & they signed for it), 'didn't get that fax' (have conformation) and on and on. I have sent some of these forms 6 TIMES!! We have fulfilled the "3 month, payment on time" portion of our agreement for 12 months now and still nothing. Now I'm told we will not be able to deduct from our federal taxes the interest paid (all pending approval of refi) or the property taxes we paid from escrow (not credited to us) on this years taxes.
    The employee says Chase didn't get 'bail out money'... that makes me laugh. Maybe they should lower the 'overhead' by decreasing the bonuses they pay out!! Bottom line is they will keep jerking us around until they can find a way to take the home that we've lived in with our children for over 10 years. Add up the payments we've made & it should have been half paid off if not for all the fees.
    Look at your loan papers. Your $150, 000 loan will cost over $300, 000. That's over 100% paid in interest & fees. Great deal if you can get it and they can because most people but the rich have to finance their home.
    It's really sad what we've done to our country & the people in it (mostly the middle class) all in the name of corporate greed.

    0 Votes
  • Ch
    chase employee Feb 09, 2010

    Lets talk facts, banks borrower money if you have a 6% the bank borrowed it for 4%, if you are refinancing to a 4%, they got the money for 2%.

    If your rate goes past your lock date the bank has to pay a percentage of your loan to the government agencies to keep the rate, not you…..no profit to drag things out it lowers the money they make.

    Fyi for every loan that the company does not complete it cost $1250 for the company...use some common sense. IF YOU TRULY FEEL TAKEN ADVANTAGE OF PULL OUT YOUR PAPERWORK, CALL AND FIND OUT WHO YOUR LOAN OFFICERS MANAGER AND WHO THEIR BOSS IS. If you truly deserve all of the money back you will get it, if you don’t, there is a good reason no matter how much you disagree.

    $400 goes to an appraiser.

    you get $350 back.

    $350 goes to a title company (regardless if you close)

    then there is the overhead of the staff, phones, buildings lights etc

    The goverment is constantly changing guidelines. Tell them to stay out of the banks business...no bailouts for the banks that ran themselves into the ground making bad loans to people that wouldn’t pay (chase did not use a dime of bailout money, they bailed out the 2nd (wamu) and 4th (bear sterns) largest bank failures). And stayed profitable every quarter every month during this crisis because we refuse to do bad loans for people who will not pay, don’t get mad. Buy stock. Bet all of you complained about gas prices while I invested in exon.

    -1 Votes
  • Di
    disgruntled_in_VA Nov 10, 2009

    Sounds we are all having similar problems with JP Morgan Chase. We've been engaged in what I thought would be a simple mortgage refinance since MAY. Six months later, we are still waiting for them to finish this travesty. We've been passed from employee to employee, some of which "left the company" while handling our paperwork. Underwriting is the current scapegoat, but I think 4 months of underwriting is not all that believable. They claim that our long expired rate lock will still apply as well as our agreed on payment amount. Not sure what we will do if they come back with less favorable terms, at this point rates have gone up so much we're screwed if we try to go elsewhere. Plus they've driven our credit rating down significantly with repeated requests for our credit reports. I'd hate to see how they treat people who don't have good credit, good income and plenty of equity.

    0 Votes
  • Gr
    greenmtn Oct 23, 2009

    Thanks all for posting but this is so discouraging. I got talked into putting the $750 application fee down for a refi w/ Chase this month. All the quotes I got were based on Chase valuing my 1 BR condo at $286, 000 which seemed way too high to me. Had the appraisal last week, yesterday the loan officer said it came in at $160, 000 which seems much lower than I expected. There's the rub I guess. How I wish I had found this website first!!! He said he would call me back, have not heard anything yet and no response to an email today. I smell the scam coming and I don't tolerate BS well. I guess I will just take whatever they will refund, close all my accounts with them, and eventaully refi w/ someone else as soon as I can. BTW their customer service sucks all the way around, it was better when it was WAMU for sure.

    0 Votes
  • Ju
    Junior Mint Oct 13, 2009
    This comment was posted by
    a verified customer
    Verified customer

    While I'm sure all here agree, sadly they are protected. Why? I haven't a clue, but it needs to stop. I can certainly understand the wealthy businessman touting capitolism, but this is a blatant scam to screw mostly middle class America. Some high ranking politician needs to grow a set and stand up for the people. It's about time.

    0 Votes
  • Ps
    pssdinflorida Oct 13, 2009
    This comment was posted by
    a verified customer
    Verified customer

    I have had a horrible time with chase...same scenario as those above...trying to refinance $89, 000.00 on a home appraised at $120, 000.00. credit score of 725 with a debt to income ratio of 11%. never had a late payment anywhere... not even to them as my mortgage holder of 8.5 yrs... they have sunk me financially because of their delays... have been approved since july 31, 2009, and it is now october 13, 2009... with still no word of when i will close... i hope the b*****ds all go to federal prison for what they have done to us... famous last words..."we'll have you closed in 4-6 weeks..."

    0 Votes
  • Li
    [email protected] Oct 01, 2009

    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...

    0 Votes
  • Kl
    KLG Sep 30, 2009

    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.

    1 Votes
  • Th
    The Wares Again and Again Sep 30, 2009

    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 plate...so 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!

    1 Votes
  • Tm
    T M Sep 29, 2009

    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.

    1 Votes
  • Sl
    slp999 Sep 22, 2009

    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?

    1 Votes
  • Th
    thebirdinthesky Sep 17, 2009

    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!

    1 Votes
  • De
    Debbie A. Baker Sep 15, 2009

    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

    1 Votes
  • Lo
    Lou of Oakdale, CA Sep 08, 2009

    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.

    1 Votes
  • Cd
    cdrpa Aug 27, 2009

    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.

    0 Votes
  • Ah
    AHG Aug 19, 2009

    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.

    1 Votes
  • Rc
    RCMD Aug 13, 2009

    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.

    0 Votes
  • Te
    tevil Aug 10, 2009

    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
    [email protected]
    subject line chase so my filter can pick it up.

    thank you

    0 Votes
  • Mo
    monkeyfat Jul 23, 2009

    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.

    1 Votes
  • Rh
    Rhino_49er Jul 21, 2009

    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?

    2 Votes
  • Sb
    SBinGeorgia Jun 30, 2009

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

    0 Votes
  • Th
    The Wares Jun 14, 2009

    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

    0 Votes
  • Ha
    hako Jun 08, 2009

    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"
    Help.

    1 Votes
  • Li
    [email protected] May 31, 2009

    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!!!

    2 Votes
  • Sa
    Santa Barbara, CA Apr 16, 2009

    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

    2 Votes
  • Ju
    Junior Mint Apr 15, 2009
    This comment was posted by
    a verified customer
    Verified customer

    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

    1 Votes

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