JPMorgan Chase

3415 Vision Drive, Columbus, OH, 43219, US
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Reviews and Complaints

home mortgage refinance

I've been trying to refinance a mortgage, a no-doc, 7/1 interest-only ARM at 5.375 percent, from Chase, which readjusts in August 2012. I'm trying lock in a 30-year fixed-rate conforming loan that ensures I'm able to keep the property until it's paid. I'd rather do this now instead of wait until 2012 when rates may be higher. Current monthly payments are at $2, 248.

Due to falling home values, however, a large part of the 20-percent equity I initially put down has been erased. Whereas the home was originally appraised at $580, 000 in 2005, the Chase blanket-appraised value is now $495, 000. In 2005, I put down $116, 000, financed the remaining $464, 000 and that balance now stands at $461, 789, leaving just $35, 211 in equity remaining. However, I believe that a full appraisal will determine that my Redondo Beach, Calif., property in fact is worth substantially more. But a Chase mortgage counselor, Josh, informed me on 22 January 2010 that I'm not 'streamline eligible.'

Though I'm experiencing no crisis, I consulted with an independent mortgage-crisis counselor to explore what I might do to improve my ability to qualify. They informed me that my chances are nil - unless I want an FHA loan with PMI, which I don't, or unless I experience a crisis (missed payments, default, possible foreclosure, etc.), which compels the bank to take some action. I don't care for that option either. I'm not looking for a rescue.

Why is a responsible and sophisticated financial consumer, such as me, forced to choose between those two equally undesirable options? Unlike many these days, my finances are in decent shape. I asked Chase to consider my:

- Good credit: my FICO score is in the 790-800 range;
- Timely repayment history: I haven't missed or been late on a payment to any creditor in many years.
- Property improvements: we made substantial upgrades to the residence. Additionally, our HOA invested nearly half a million dollars in improvements to the complex;
- Equity: we're not underwater. In fact, property values in my neighborhood are stabilizing;
- Higher income: my income today is roughly $20, 000 more than it was in 2005;
- Greater personal savings: despite the financial crisis of 2007–2009, my retirement accounts all have higher balances than in 2005;
- Lower credit balances; again, despite the crisis, I've paid down my balances. All my credit balances trend downward historically;
- Financial savvy: as a successful, independent, institutional asset-management marketing consultant, I treat my assets and liabilities as an institution might. I've been a long-term consultant with a leading financial firm since 2001 and this gives me access to large amounts of sophisticated and forward-looking financial insight, which I put to use in my personal life;
- Income property: I also have a tenant who covers the mortgage on a second property in Hermosa Beach, Calif., which is due to be paid off in nine years. This provides tax benefits, but unfortunately impacts me negatively on my mortgage application.

I'm certain I represent extremely favorable credit risk to any bank that works with me to refinance this loan. Further, it would enable Chase to remove a risky, 7/1 interest-only ARM from its books and replace the loan with a safer 30-year fixed-rate loan to an AAA-type borrower with the capacity and intention of repaying the obligation - which might look good to regulators. If Chase offered me a rate at or near 5 percent, without PMI, it would increase my current monthly payment amount by only a few hundred dollars, which is very manageable.

Chase Home Finance has denied my refinance application and basically is penalizing me for being a proactive borrower who's working to prevent a potential future problem with my home. They're forcing me to roll the dice in 2012 and hope that I can refinance or sell by then. Apparently, no one at the bank has the foresight or the authority to look more closely at my unique circumstances, do some community banking, make a sensible move, and offer me a refinance. As a result, I have to continue sitting on this 'time bomb' of a mortgage.

As a consumer, evidently all I can do is complain loudly and often.

not helpful to customer's needs

I became involved with homeowners assistance in california, this was a scam stating that you give them $2500 and they will have chase give me a lower interest rate. They advised me not to pay my mortgage and they would work all of the details with chase. None of this is true, they were closed and I received notification from the attorney general of this status. I contacted chase in 6/09 about my mortgage, chase did not offer any assistance or help, I paid back from my 401k over $40, 000 to catch up. I would contact chase numerous times to see the status of my account. Chase never contacted me and when I would contact chase it would take me over 3 hours and I would be transferred to over 12 diiferent numbers. No one would take resposibility or ownership. The reps were ignorant and not caring about customer needs. I was an assistant v. P. At wachovia for 42 yrs. , if I ever handle a customer in the manner chase did, I would of been on probation. Various numbers I would be transferred to: [protected], [protected], [protected], [protected], [protected], [protected], [protected], [protected], this is a disgrace. Today, 1/13/10, I conatacted chase to ask when will they be generating my 2-1-10 coupon payment bill for my 2-1 payment, all of the above numbers could not give me a direct answer. This is unforgiveable, not only could I not get an answer, I was transferred back and forth to all of the above numbers. This happened anytime I placed a call to see if I my payments were received. What happen to the bail funds from the president, this bank did nothing to assist me.

  • Ih
    ihatechasebank Feb 03, 2010

    I have had the same exact problem with chase. I was supposedly given a modification in October. I have never received a mortgage statement since then. When I call I am told that I am seriously delinquent and am transferred back and forth to all the numbers mentioned in the previous post regarding chase. At one point the girl told me I was lying when I told her I had made a payment every month since the modification. I don't know who to even contact to help me with this problem.

    0 Votes

Resolved fraud and scam

We have spent the last few months dealing with the same issue: Chase shows us as being behind on a payment, despite the fact that they have read through the payments with me over the phone and they are all there! We have faxed proof of payment, I have had at least three separate 'customer care' representatives tell me that they can't find a problem, but I continue to get statements claiming we are behind. I have left 6 messages with a supervisor (no one ever answers that line) and have not gotten a single call back! To top it off, I've had to go through a 45 minute rehash EVERY SINGLE TIME I've called in!

At this point, we have decided to involve our lawyer. I cannot believe the nerve of this company and its 'supervisors.'

  • Je
    jeri woodward Oct 30, 2008
    This comment was posted by
    a verified customer
    Verified customer

    We have had a problem of the same nature only ours is with our escrow. For two years they keep billing us for our old tax athority and our new one which results in overpaying of taxs and then raising our mortgage payment. This year it has been on a monthly bases that my husband has called also on the phone at least an hour with several different paeople and in the end assuring us that it is all straightened out. We also want an attorney but haven't found one to take the case. Any suggestions?

    0 Votes
  • Ad
    Adfairness Oct 08, 2009

    No wonder. Chase bank is a very bad citizen taking all possible advantages from the government and tax payers. In turn, this bank, which has become so powerful after taking over Washington Mutual for peanuts, means to put America in a big mess an many Americans on their knees.

    I personally have been experiencing a nightmare with this bank. My sisters, brothers and friends are dealing, for their respective home loans, with either Bank of America, Wells Fargo, Wachovia, City Bank or TD. None has any reason to complaint as much as I legitimately do about Chse Bank.

    In America, the most democratic country ever, Chase Reps. of all levels of authority always refuse to confirm any agreement in writing.

    WHAT DO YOU THINK ABOUT A COLLECTIVE LAWSUIT AGAINST CHASE BANK?

    0 Votes
  • Dy
    Dyane Lewis Dec 14, 2009

    Chase Bank is the WORSE! My story is too long to tell. Here is the short version.
    We bought our dream home in 2004. Now the balance is large that the value. Due to the increase interest rate, taxes and insurance at Chase, this is our majoy debt. Never had bad credit until sickness struck and my husband lost his job in 2006. We have been tring to re-finance and have been told that we are not delinquent enough with our house payment! However, over debt ratio is too high. You can clearly see its the mortgage payment that is making is high! These banks are only interest in making money not helping consumer. At this point, we may walk away!! Chase will not work wtih us although we qualify for help! I think the only way is to file a class action suite against them.

    0 Votes
  • Sc
    scrumpin Jan 11, 2010

    i have been trying to get people together for a couple of months now. i am in the middle of a loan modification and it has been a horrible experience. Chase sucks!!! please contact me so we can pursue these matters in court. I know we can get an attorney to back this if we get enough people together.

    0 Votes
  • Ca
    carolannahblue Jan 28, 2010

    I am interested in a collective lawsuit if anyone can contact me.
    Carol A Horton
    928-386-1971

    0 Votes
  • Ca
    carolannahblue Jan 28, 2010

    Please let me know about a collective lawsuit against Chase. My number is 928-386-1971 and my address is PO Box 275, Joseph City, AZ 86032

    0 Votes
  • Rb
    rbahnsen Dec 13, 2011
    This comment was posted by
    a verified customer
    Verified customer

    I agree Chase is the worst mortgage company to deal with!!! They told us we qualified for loan modification in July of 2009 and then found out in November of 2010 we didnt qualify and therefore owed back paymnets of 6, 000 and put us behind on our house payments and then reported us to the credit bureau and have ruined our credit!!! Dealing with them is a nightmare and they will not even consider helping anyone out and when you explain things they act they have no clue what is going on. I want to re-finance with someone else because they only care about their money and not trying to work with us and I am just sick of dealing with this hassle that they started with us problem is I cant because they show us behind for 2 months and then on top of it charge us late payment fees! We never had a problem with making our mortgage and then now they want to raise it 1200 a month for escrow and our taxes and insurance are not even 3000 for a year.. HMMMM thanks CHASE FOR NOTHING!!! YOU ARE A HORRIBLE LENDER AND TERRIBLE CUSTOMER SERVICE

    0 Votes

fraud and scam

About 5 years ago, my mortgage was sold to Chase, I did not choose them. I have paid every single mortgage payment at least 2 weeks prior to its due date, and on most of my payments, I have added extra money to be applied to the principal. I have to believe I am an excellent customer (my credit rating is 826). I have no escrow accounts with them and up until now, I have had no problems. I paid my July 1, 2008 payment in early June. They received and cashed my check on 6/13/2008, but did not post the payment to my Chase account. Although I sent them a copy of the check (both sides) and my bank statement several times, all showing the check was cashed by them on 6/13, it took them 36 days (and MANY phone calls from me) to finally apply the money to my account. During which time, my account was tagged as delinquent and accessed a late fee. After the money was finally applied to my account on 7/17, I had to call them to remove the late fee, which they agreed to do for me as "a one-time courtesy to me"!! That's amazing, since the lateness was entirely their fault!! My account history stills says my July payment was paid late - Chase refuses to change that to 6/13, which was when they actually cashed my check. Chase strung me along for 36 days, keeping me tied up in a process that should have been correctly immediately by any customer rep, once they received my proof of payment. Now my credit has been hurt and I'm left to straighten that out. If this is how it is to work with them on a simple problem, I can't imagine what it would take to correct something far more complicated. It's no wonder they have a "F" rating with the Credit Bureau. Needless to say, I'm leaving Chase as soon as possible and would advise anyone with a Chase Home Finance mortgage to do the same.

  • Ch
    charles zardes Jun 22, 2008
    This comment was posted by
    a verified customer
    Verified customer

    I have two home loans with Chase Bank. I did not want an escrow account and would rather pay my insurance and real estate taxes separately but they told me I had to have one. Since having this escrow account my insurance lapses regularly on both properties. Chase had insurance put on one of my homes because they did not renew the policy. Why do I have to pay for Chase not doing their job.

    0 Votes
  • Tr
    Trina Carter Jul 15, 2008
    This comment was posted by
    a verified customer
    Verified customer

    I had four strokes and a heart attack, so of course they had to take our my homeowners. I still could and did get Flood, wind and hail. They sent my flood in on April 4th and mine got there on the 7th. Needless to say they now say I can't pay the flood since they have to put my homeowners into escrow. All they do is lie. My insurance was not due till April 24, 2008. They are horrible, Can't we all get together and do something.

    0 Votes
  • Valerie Jul 31, 2008

    Since my wife and I purchased our house in August of 2004, we have never made a late payment. I think we had one payment in five years in our previous house that was incorrect (by a few cents). I pay our bills online by using Bank of America BillPay and it generally works very well. I don't use any of the auto-pay options because I want to control when the bills are paid and heaven forbid there are ever errors or we can't get to a computer for some reason, our accounts will not be tapped for bills. And I always pay all of our bills on time in this manner.

    In mid-February of this year, I realized that we hadn't received a statement from Chase Home Finance for January, to be paid on Feb 1. I looked through the records and realized that I was about two days past the 'late payment date' so I called Chase immediately upon realizing the error and let them know that I would be paying it online and that it would register within a day or so.

    I waited until the next day to make sure the payment posted to Chase, which it did. I then called Chase again to explain that A) they had not sent a statement in January (but we did receive statements from all other creditors - utilities, credit cards, insurance, etc.) and B) I requested to have the late fee removed. The CSR (probably in India judging by the accent) told me that 'because it was not a Chase error, [he] could not remove the fee'. I explained that I felt it was a Chase error because they had not sent a statement, and finally he agreed to 'a one-time fee waiver' and he explained to me that 'late fees could not be waived again during the life of the loan'. I accepted his gracious offer and we finished our conversation.

    Now - I know what you are thinking - the payment was my responsibility and I agree. I should have been paying more attention to this and if so I would not have made a late payment. This is true. However, I thought it was very odd that we did not receive a statement and my guess is that we were not the only ones. Why the January statement? Perhaps so people who have just survived the holidays don't realize that they owe a mortgage payment? Only speculation but I have noticed that credit card statements also seem to arrive later during the Holidays than they do during the rest of the year.

    OK, so that seemed to be resolved just fine. But it was not over yet. I received my next statement and noticed that the late fee was still on there. Of course I received the statement on a Friday so I had to wait until Monday to call the customer service center to try and resolve the problem (again). This time, I spoke to a woman who explained that 'the late fee can't be removed until a payment is posted to the account'. After I explained that I had made a payment and that it had posted several weeks before, she could not explain it and agreed to 'forward this to her supervisor' and that it would be gone come the next statement. I made that next payment and forgot about it.

    You can probably guess what happened. I received my NEXT statement (this is now 2.5 months after the original issue) and yes, the late fee was still there. And yes, I received that statement on Friday as well so I had to wait until Monday to call their customer service line. When I did, I was polite as I could be but asked to have an explanation as to why the fee was still there. I detailed the previous calls I had made (I kept notes of days, times, and names). This time, the CSR explained that 'the fee was removed on the 18th' (a few days before I called) but she could not explain why it had taken so long.

    Mostly, I'm upset because of the multiple calls I had to make to get this resolved. I see my own part in this that yes, I made a payment that was a few days past the 'late due date'. However, because that late fee was not removed immediately, it incurred interest (albeit a small amount). Not what I would call stellar customer service, particularly because we are very careful with our finances and pay our bills on time all (or at least nearly!) all the time.

    0 Votes
  • Ed
    e. domondon Aug 27, 2008
    This comment was posted by
    a verified customer
    Verified customer

    Now that I have read your complaint, I sincerely hope that this is not a usual practice of Chase Home Finance in order to charge the late payment fees to their customers.

    I just called Chase Home finance a few minutes ago because to date (August 27, 2008) we have not received our mortgage bill/ statement for the September 1st payment. It's good that I regularly check what payments are due on certain dates and schedule electronic payments. The Customer Service Representative informed that the statement was sent and to check with my post office about the problem with my mailing.

    0 Votes
  • Pa
    Patrick Sep 24, 2008
    This comment was posted by
    a verified customer
    Verified customer

    My mortgage was also recently purchased by Chase from MortgageAmerica. I had previously cancelled a credit line account with Chase due to them making a mistake that killed my credit score. Fortunately, there were able to make a correction but it should have never occurred in the first place. The only problem I have had with Chase Home Finance so far is that my old Chase user id is attached to this new mortgage. And for whatever reason I cannot log into their web system. Figures. I'm hoping no other problems will crop up.

    1 Votes
  • So
    Sonya May 12, 2009

    We too are getting the run around with Chase, We have been paying our mortgage since January on time, we were placed in lossmidigation when they bought morgtgage from Citi. May of last year my husband was hospitalize Heart & kidney failure, got behind with Citi but was able to modify mortgage. Chase didnot honer agreement. Now they want to charg off. Infact were charge off April 28.
    Our house is modest, need a lot of repairs, but we like it, it's handicaped assessable for me.

    0 Votes
  • Ra
    ~Ram Nov 03, 2009

    I do not think Chase or any other firm would have control on when exactly you'd receive a statement by USPS.

    As a bill pay user you must be an internet user, I wonder why you waited for the paper statement to arrive to you (and complain about receiving it on Friday) rather than go online and check whether the statement had late fees.

    You could have also setup online alerts and contacted them via email which would normally get a much better response within a day (even on Friday you could send the email online, rather than waiting until next Monday).

    It would have saved you writing such a long article, with so little substance really - for a mistake on your part. It sounds as though that all that's needed is a correction on the way you manage your time more than anything else.

    0 Votes
  • Li
    lilly1123 Mar 22, 2010

    Chase is terrible. I worked for Bank One before they united with Chase and I can not tell you how many loyal and long standing Bank One customers left the "new Chase" because they completely ruined the goodness of Bank One. Chase only cares about money and DOES make many mistakes in applying payments. I saw this happen so many times on my end as a teller and internally by talking to managers and loan processors. Chase treats their employees the same way as well. They have not a care for the wellbeing and happiness of their employees and every person I originally worked with at Bank One left to work at OTHER banks after the merger. I can only assume the same is happening now with the WaMu switch. It is horrible. Never trust Chase, really, never.

    1 Votes
  • Ve
    Verob Jun 21, 2010
    This comment was posted by
    a verified customer
    Verified customer

    I have had the same issue. Every year it is the same old dance. The money to pay off the bill is in the escrow account. The policy amount is $1, 200 but Chase Home Finance LLC claims that they have no proof of proper insurance and they also claim that my insurance company (the same one I have had for over 4 years) never sent them a bill... As a result, they order an overpriced unnecessary policy from their own company on my behalf. They are clearly committing fraud in all impunity... I know there are many of us affected by this every time the yearly payment is due... What is the government doing about this???

    0 Votes
  • Ch
    Chase Sucks! Feb 28, 2011

    I recently submitted a monthly mortgage payment to Chase Home Finance. I included an extra amount to reduce the loan's principal. Chase "electronically" processed my check for only the base amount (they ignored the extra principal payment). When I called Chase, they basically said, too bad...there is nothing we can do about it now because we already processed your check.

    My point... If Chase can process your check for ANY amount they want, what good does writing the amount on your check do? So, when a customer attempts to pay an extra amount towards reducing the principle, Chase simple ignores it and thereby makes more money on the unpaid high-interest mortage. This seems like FRAUD to me since they continue to charge interest on the unpaid principle balance.

    0 Votes