CHASE Harp Refi program..what a JOKE!!!!

[alantbird]

Chase called me over a month ago and offered me a harp refi on a house I bought in 05 with 20% down (LOST) and it was my primary till I was forced to relocate to another state in 09...I've been renting out it since and have been subsidizing my mtg pmt. by 450.00. It was going fine as I saw it and the entire time was feeling the two points I was loosing would cover the subsidy and all will be good in the end.

We agreed the since the water bill was in my name it would be considered a second home and at the 25th hour they hit the brakes over language in my homeowners policy that mentioned rental loss coverage.

Now they wanted an "INVESTMENT" loan that I wrangled over that for a few days and then was looking at .625 more interest that raised the pmt by like 4.00..ok no biggie right?

I asked In WRITING (email) to preview all the final docs bfr we ordered the mobile notary and was sent the good faith estimate for a 4th time.

The lady showed up with a stack of papers way thicker than my PREVIEW papers and at the bottom was this 1-4 family rider that gives chase exclusive rights to ALL my possessions in the house and the rent pmts.

I refused to sign that INVASIVE document and chase refused to fund on the 30th as promised.

So now we sit at a stalemate!

I would be ok with this IMAGINED investment loan sort of but not really if I was NOT forced to submit to their unfair demands regarding this document.

In my mind I should have right to own a secondary home and do what ever I please with it as long as I've always made the pmts. on time and in GOOD FAITH! (am I CRAZY?)

I want my original loan with the 2 point less in interest. Is that too much to ask?

If I knew what my rights are in this matter, it would help me get through this and move forward.

Knowledge is power!

The house is in the Phoenix valley.

and and all replies will be greatly appreciated.

AlanT
New Mexico

[Constance]

We were hounded by a local Chase rep in our area back in March to take advantage of the HARP program. We did not move forward with it because we purchased a motor home back in November and have another motor home that we are selling. I didn't want to apply just to be turned down due to high debt to income ratio, but he convinced me that with the HARP program, this is not a factor. So, we moved forward with it......spotless credit, income to pay for everything, got several approval letters....but time went on and on and on, then getting at wits end, I e-mailed and said "what's the hold up". Our rep that hounded us to apply said that we had been declined to to high debt to income ratio!!!!! What a bunch of CRAP! I hate Chase. They have effed us up on our last home loan and won't negotiate with the consumer! We have a small credit card with them that we've had for over 10 years for emergencies, and my husband accidentally used it not to long ago, and come to find out the rate is 25%!!!!!! I asked them to review the rate, they said it was due to be reviewed the following Tuesday (what a coincidence!). The Thursday after it was to be reviewed I contacted them and asked what had been determined. They simply stated that we were not eligible for a rate decrease! These people at Chase are scammers! I never would have financed anything through them, but our WAMU loan was sold to them. ****s for us! Chase is a rip off and out for themselves.....someone needs to bring a strong arm down on them! Contacting my Atty!