November 5, 2009


I think it would be wise for anyone who has sought modification and BEEN DENIED BY CHASE BANK to read this-

I am at my wits end. We have you been trying to obtain a mortgage modification through Chase bank. We first asked to refinance, but they said based on our returns, we would have no choice but to do a modification. That was back in mid March when interest rates were about 4.125. Like many people in this country, we have been hit hard by the recession. Our retail art sales are down about fifty percent and we were wiped out at an outdoor venue in June of 08 at a show in Evanston Illinois by a tornado, among other things. This is an unbelievable story but completely true ….

Chase Bank recently said they were denying our request, although they will not provide anything in writing as to why. We applied for the modification 7 month ago. We have sent hundreds of documents (which started in TX, went to OH, and are currently in NY), made over 80 phone calls, been transferred to dozens of people, and fulfilled every stipulation that both the Help for Homeowners Program and the bank requires. At first we were told that our file would be processed after those in imminent danger of defaulting were helped; fair enough. We have been waiting now over a half a year.
The rules of the Help for Home Owners Program and those written on Chase banks website are:
1.You have to live in the home.
2. You had to have received the mortgage prior to January 21, 2009
3. Your current mortgage has to be between at least 31 and 40 percent of your income
4. Your mortgage (debt, first and second mortgage) must be at least 70 percent of the value of the property. and
5. Show financial hardship.
We qualify on all fronts.

WE QUALIFY FOR THE MODIFATION BUT BECAUSE WE HAVE NEVER DEFAULTED AND HAVE HIGH CREDIT SCORES, they have no financial incentive to do so. They would rather gamble on us not defaulting than give us this modification . This is blatant corporate bad faith at a time when they are suppose to be helping us.
The link on their website that gives home values is actually a program by Bling/Microsoft. Chase are subscriber end users, which means they can go through their subscriber control panel and change home values. When we started this process this past March, our home showed a value of 395, 000 on their website . Strangely, the number was recently changed to 790, 000. HMMMM, who could have done that? The lot which they refer to on their map is not even ours. Our home is located nearly a quarter mile down the road. IF THE NUMBERS WERE CHANGED TO TRY AND AVOID HELPING ME, IT’S Fraud and conspiracy.
They said that they "estimated" our home value at around 100 percent MORE than it was appraised for in 2007 ( we have the written appraisal, ironically from a Chase certified appraiser from 2007). This was at the height of the market. Yet they have never appraised the property for its current value. I have comparables of properties sold in the last six months. None are showing a value over 380, 000.

The ‘supervisor’ at Chases modification Department ; Mr. Steve Perino/Pelino 1-877-830-1842 ext. 70170 (they consistently refuse to give me last names or extension numbers, unless by accident) can give me no legitimate reason for the denial, nor has he agreed to fulfill the modification even with a new, chase certified appraisal. He has so far refused to request a current appraisal, even though I’ve offered to pay for one. They will not provide anything in writing ( This is a national Bank we’re talking about here), nor will they let me speak to a higher up. I called the International office in NY. I was put through to Mr. Brian Lehmann at the Home Mortgage Executive office for Chase Bank in New York (1-888-310-7995). He refused to “create a research escalation” that would “only result in denial”, that “nothing could be done” and “I should resubmit a new application”. When I asked him if he would provide written notice of denial and the reason why, he refused. I said, “But you’re my bank, why would you not give me something in writing .” He would not continue any conversation with me. He told me “ This IS the top, except for CEO Jamie Dimon, this is the final decision.”
On Tuesday October 27, I attempted to speak with you. Your secretary, Ms. Kathy Will, transferred me to Ms. Gloria Marshall-Figeroa in Chicago. Ms. Marshall could only apologize profusely, saying “Oh my gosh, I am sooo sorry”, over and over. She asked me not to send out a packet of letters I have addressed to 20/20, NBC Nightline, etc. She would get back to me the next day. I still haven’t heard a word.
Due to her lack of attention I have sent out those packets and am awaiting an interview with various people.
To date they have NEVER provided anything in writing as to my progress or status.
I have already filed formal complaints with the FTC personal finance consumer department, the OCC (office of the controller of currency) the BBB and the Federal Treasury (who referred me back to the OCC). I am currently filing a report with you. This process has taken up no less than 200 hours of my time not counting sleepless nights and tension headaches. There is no way to put a price on the emotion suffering I’ve had to endure. To add salt to the wound, I receive mail from them at least once a month telling us we are “valued” customers and we qualify for a “streamline modification”. I have done everything asked of me and they refuse help me or even tell me why. I am afraid to think there may be hundreds of others in the state possibly thousands in the country getting the 'stall' as well. In testimony given to the House Financial Services Committe e this past February by Mr Dimon, Chase was taking “proactive approaches to helping homeowners” and were “communicating” with them. I hardly think so.
I believe I have documentation which clearly spells out bad faith, deception conspiracy and fraud throughout the last seven months. This has very serious implications, both state and nation wide.
PS This morning I got a call from someone named Brian who said they would be ordering an appraisal. Hmm, just one day before they are required to respond to the BBB. Feels like too little, too late. We are in the process of filing a class action suit
If you've been scammed by Chase please contact us esp if you live in NM!!!
[email protected]
Sincerely,


Rebekka V.

Chase included in the payoff amount that they gave to the attorney handling my refinance a $1000 payoff fee though in my loan documents, only actual recording fees paid to 3rd parties are allowed to be charged. The attorney did not inform me of this prior to close and it was only upon reconciling my balances in quicken that I realized what had happened. Does anyone know if this is legal and how to fight it? Thanks-

I called Chase Mortgage to see about refinancing and the loan officer told me in order to lock in a rate I had to pay a $750 non refundable application fee. I said I have been a Chase customer with my current loan and always on time for its entirety and never heard of such a thing as a non refundable application fee. He said I would get that credired at closing. I asked what my total refinance cost would be and he told me. It seemed to work with what I would save a month so I said okay. The actual paper work of the application showed up and the loan officer had failed to tell me about all the other costs. Now it would be double what he told me on the phone. So, I called and e-mailed saying I was not going to put in the application and not going to sign anything. Please refund my $750. Despite emails to him and his supervisors above they have not responded nor credited me my $750. Looks like Chase is at it again. Has anyone else been getting duped?