Frustrated with Chase

[reyes22]

I am a Chace customer too.
September of 07 is when I found out that I had signed a 2 yr fixed loan and it was about to adjust on November 1st. I wasn't able to refi because I did have a prepayment penalty. My house payment is now $950.00 more a month.
I started the Modification process on Dec 6th of 07. I was told that it will take about 30 to 60 days. I had not heard a thing, so on Feb 6th of 08 I had called and low and behold they had a computer mess up and loss fax's and emails. And of course mine was one of them. I faxed it back calling again to confirm that they did indeed receive it and was told that they did.
On Feb 19th, guess what they lost my paper work again. I was told to fax it straight to the modification dept, but they would not go back to my original date of Dec. They had to go with Feb 19th date and now I have to wait another 60 days. I have never been late on my house payment and I do call them every morning at 8:30 and also on Saturdays. Am I doing something wrong? I now pay $4500.00 a month and it is killing me. I would appreciate any feed back..
Thank you

Welcome and thank you for joining the forum...

The fact that they have been so long with you in the queue leads me to believe that you should request and accelerated process from them as they have constantly lost things and let this fall through the cracks... I would certainly make that case with them and tell them that this is not the most professional experience that you have had to date with their organization.

Chase is really good about the modification process from what we have seen to date and twere it me I would ask to speak with a supervisor in the department and make a really strong case for them to back this to the original request...in so much as you have been current with them and that you have stayed in a proactive and focused approach. This is not the normal course for a Chase modification, there was one other party on the forum that Chase lost documentation on, but beyond that this is the only other one that I have heard of.

My recommendation is to when you call them next, and it should be daily, you request to chat with a supervisor in the department and request either acceleration of the process or move you back to the December date when you started.

Please keep us posted...

[reyes22]

Thank you Poppy for the advice. I will call them first thing this morning and see what they tell me today. I will keep you posted.

[reyes22]

I just spoke with Chase and was told that the underwriter did approve my loan for modification. It now has to go to the managers desk for I guess to see what the new rate will be. He said that takes about another 10 business days. I told him that I will be calling everyday until I know what it is. Not to sound stupid, but does this seem like it is going in the right direction?

Connie

Yep right in the direction it should....the manger has to contact the investor in the pool that your loan is in and see where the rate will fall given the anticipated yields that the pool originally had projected.

Now call every day and see where it is, you will be getting the news shortly and maybe earlier than 10 days...depending on the speed of the manager and the investor reply. They do have a rate in mind, but have to OK it with the investor and as such are reluctant to share until they have full approval from the investor.

Happy, happy

[reyes22]

Thank you very much for the email. I am confused on one thing. You mentioned the investor. I thought that, that was Chase. They hold the note on both of my loans.

Thank you again Poppy. I truly appreciate it.

Connie

Chase did not sell the whole loan, they retained servicing, but they sold the income producing side of the equation, they hold the note for the investor in a vault...etc...

But there is an investor on every loan out there, believe me they do not shelve these loans, they have to sell them out in the Secondary Market (Investors) to free up the money to make more loans....

So yes there is an investor on this loan as there are on almost every loan out there, the ones that do not have investors are the ones that are seriously flawed, and even then someone may have bought them, called Scratch and Dent, and the investor has to be contacted to accept the lower or changed rate and terms over the life of the loan.

Where Chase is concerned they have good relationships with the investors and generally get what they ask for...not always, but for the most part. They are a quality originator of loans in the market and have a great deal of respect in the market.

[reyes22]

Thank you again for the information. I will call them again tomorrow and then the next day until I hear something. You have been so very helpful and I truly appreicate it. Heck I wish I was dealing with you.
Connie

I am not on the lender side of Chase, I have underwritten for them, but that was ages ago.....and I did it as a Contractor...no employment with the lovely folks...