[ohhhdear]

Originally Posted by so-cal-gal

Do you think that just MAYBE there is a LOCAL tv station with an investigative reporter who will have a HOOT airing this one?

Some other items that were really quirky with loan modifications have managed to get onto local stations with large markets and this one is something that CHASE can REALLY be PROUD to have AIRED!

For the prize in the "outlandish fees for mundane services" category, I have to nominate CHASE!

This is crazy!
Florida law appears to forbid charging fees UNLESS there is a material benefit to the borrower:

494.00296 Loan modification.--
¹(1) PROHIBITED ACTS.--When offering or providing loan modification services, a mortgage broker, mortgage brokerage business, mortgage lender, or correspondent mortgage lender licensed, or required to be licensed, under ss. 494.001-494.0077 may not:


(a) Engage in or initiate loan modification services without first executing a written agreement for loan modification services with the borrower;



(b) Execute a loan modification without the consent of the borrower after the borrower is made aware of each modified term; or



(c) Solicit, charge, receive, or attempt to collect or secure payment, directly or indirectly, for loan modification services before completing or performing all services included in the agreement for loan modification services. A fee may be charged only if the loan modification results in a material benefit to the borrower. The commission may adopt rules to provide guidance on what constitutes a material benefit to the borrower.





Statutes & Constitution :View Statutes :->2009->Ch0494->Section 00296 : Online Sunshine