I have applied to Obama's loan modification plan for my owner-occupied and my primary residence in May due to a financial hardship caused by the recession. I submitted documentation as requested in May and again in July verifying my income and my residence and the hardship. Chase never sent me any documentation showing that more detail documentation is needed or requiring more information for documentation. As of yet Chase has been unwilling to give me a loan modification and is choosing not to proceed with the modification while my payments are up to date because it is more equitable financial beneficial for Chase to foreclose on my house.

The Obama plan encourages a loan modification while your mortgage payments are up to date. Chase is choosing my path for me and is putting me on the path of forbearance and then foreclosure. Chase is claiming this is all part of the process. It is more beneficial for the bank to foreclose on property that has equity in the house then assist them. Chase is not offering any assistance and is choosing to drag their feet. Foreclosure gives them more value for my house.

The following are examples of Chase’s customers who have followed their advice and have their homes in foreclosure.

http://beta.ripoffreport.com/Loan-Modification/Chase-Home-Finance/chase-home-finance-6-months-of-485a9.htm

http://beta.ripoffreport.com/Loans/CHASE-HOME-FINANCE/jp-morgan-chase-home-finance-c-hf3de.htm

http://beta.ripoffreport.com/Mortgage-Companies/Chase-Home-Finance/chase-home-finance-jp-morgan-eky5a.htm

Chase is willing to foreclose on my house tomorrow but has not done a loan modification on my loan when I applied in May. Also, Chris, the manager recently in July said I would not be able to be approved unless I could prove I have 9 months of unemployment. By Chase prolonging me from obtaining a loan modification I no longer have 9 months of unemployment and this rule was never told to me in the beginning. Chase did not play by fair rules and is doing everything possible to prevent me from obtaining a modification. I am questioning this practice of delaying processing my loan modification and then have me go into foreclosure. This is an unfair advantage that the lender is creating this business practice policy 9- month rule. This does not act as a fair lender.

I contacted Fannie Mae to see if I could speed up the loan modification. Fannie Mae told me I had to work through the bank servicing my loan which is Chase. I then asked about the different rules and programs for loan modifications. Fannie Mae told me that the bank knows the rules and the public do not need to know the rules. I asked about the 9- month rule on loan modifications and he referred me to the bank servicing my loan.

I believe that Chase is not planning on giving me a loan modification. And rather foreclose.

Chase took $25 billion in Tarp funds which I gave through my taxes to stabilize the financial institution. Chase then took $178 billion for a stimulus package which I paid for through my taxes. This assistance prevents Chase from going belly up. And now I need assistance during a recession until I find a job. They want to foreclose on my house so they could raise money to pay the Tarp funds back and give bonuses to thousands of employees. I am outraged. I would like to state that it is a real failure of fiscal stewardship for us to pretend that these dollars are being used to help people stay in their homes and the dollars are being used for anything other than what their purpose was. I am severely paying for the banks choice to allow sub-prime rates and never was involved in sub-prime rates.

It took me about 1 minute online to come across countless others whose credit cards Chase had decided, without cause, to close. I received the very same generic letter from Chase on July 29, 2009. It stated the same 3 bogus alleged reasons for their action: Total available credit on bankcards is too low; Too few open accounts with time on file greater than 24 months; Current or history of severe past due or Public Record item. None of these apply to me. I have never been late in payment to them, always paid almost double the minimum payments, and my account was closed in good standing. Isn't that an oxymoron? Yes I think so. I too was instructed by Chase non-customer service to obtain my Experian report which I did. There is nothing on it. In fact it is the very same report as the one upon which the credit card was issued in the first place. How can they legally issue then cancel a card based on the very same report? I too was a WAMU card holder that Chase took over which seems like it may be a contributing factor to many of us receiving this letter, another questionable legal action that warrants further investigation. If you look on the back of the letter you received, at the very bottom of the page you will see the following notation. “WamuClosure1”. This seems rather overwhelming evidence to me that they are targeting Wamu cards. When I asked the customer non-service rep with whom I could speak in management regarding this decision, I was told that the credit dept management did not take customer calls. Really? Well isn't that just a perfect solution to assuming any culpability for your questionable action and oh so very typical. I also inquired as to whether they were certain the action they had taken was legal based upon the recent credit card legislation in Congress. I received a rambling incoherent response to this and was then promptly dismissed. I think it bears mentioning that CHASE RECEIVED $20 BILLION IN GOVERNMENT BAILOUT MONEY. That is our money! We the taxpayers bailed them out and this is how they treat their customers. This is simply not right. Something needs to be done. Their actions should have consequences. We did not bail them out only to have our accounts in good standing cancelled. In the midst of a recession, people wonder why the banks are recording record profits while the economy remains stagnate. Well, the despicable business practice of Chase provides clarity to that answer. Corporate profits above all else and the little guy be damned. Until such time as these mega corporations are prevented from cancelling customers in good standing to better their bottom line the economy will suffer. This was not how the bailout was supposed to work. They know it but unfortunately they also know they can get away with it. If anyone knows of any potential recourse we have against this by all means count me in. Enough is enough.

raising payments and interest what is wrong with chase They have been the cause of all my financial worries. i use to make all payments on time for over 8 years then they raise everything and my credit score is going to go down down down. Its myself and my 12 years old son we recieve no state or federal assistance or child support I have chose to work for a living and pay my own way in life and now this. i was making all my payments just fine now im going deliquent! My son is a nervous wreck at age 12 seeing how this financial worry is getting to his mother. I know i charged them up and I was paying them but now doubling my payments so I default so they can raise my interst to 32.99 % !! Impossible Any advice or help anyone can suggest. I have now started to default on my us bank cards and bank of america due to this crazyness !!!

My old room mate and I shared a cell phone, and she had a Chase credit card. She moved out and became homeless, and I have no way of contacting her. Chase repeatedly calls me, sometimes 7 times a day starting very early, asking for her. I have repeatedly told them she doesn't live here anymore, so they start yelling at me! This is rediculous. I remember when she started having financial trouble and told them they would get the money as soon as she had it, and they would call back 5 minutes later asking for money again. Everytime they called, it cost us money that she could be paying them. She told them that once and they got furious.
They also need customer service that don't speak butchered English. If they want cooperation..well its hard to cooperate when you can't understand what somebody is saying.
I wish they would quit calling me. She doesn't live here anymore. She doesn't have a phone that they can get ahold of her at. If she's homeless, I doubt she can pay off her bill.

I HAVE TWO CARDS ISSUED BY WAMU /NOW CHASE I WANT EVERYONE TO KNOW THAT MY CARDS ARE BEING PAID ONTIME
WHEN THEY TOOK OVER THEY RAISED MY INTEREST TO 24.24%
I HAVE PAID ONTIME .THEY JUST CLOSED MY CARDS OFF .
They blamed it on the TRW/ EXPERIAN FOR THE CLOSING SAID THEY HAD NOTHING TO DO WITH IT .
I HAVE PAID ALL OF MY CARDS EACH MONTH NEVER MISSED
MY HUSBAND HAS ONE CARD THE LIMITS IS NOW LOW .aLSO ONE CARD I HAD WAS 10% THESE CARDS WERE NOT BEING USED AS THEY WERE TRANSFERS TO PAY OFF OTHER CARDS
THEY CLAIM THEY WENT BY OTHER BALANCES I HAVE AND HOW I USE THEM POOHEY .THEY ARE NOT MAKING ANY MONEY THEY SUCK WHEN I CALLED THEM THEY SAID THEY COULDN'T LOWER THE RATE % BECAUSE NO ONE ELSE WAS GETTING A LOWER RATE . ALSO THE PERSON ON THE PHONE WAS LAUGHING AT ME . SHE SUCKS TOO.