JP Morgan/Chase

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Category: Business & Finances

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United States

JP Morgan/Chase Reviews

peachesnc February 3, 2011
Home Preservation Program
I originally contacted Chase concerning their Home Preservation Loans, starting January 2009. Even though they confirmed receipt of necessary documentaton on several occassion, being in April of 2009, I have had to apply and reapply several times. I would receive a letter from one department stating they received all necessary documents and on the same day or a couple days later, a letter from other Departments stating that my application has been denied due to not providing documents. This has gone on for 2 years now. I completed a trial period successfully but again received contradicting letters stating my application was denied for missing documents. Last August they did make an offer on a modification. The problem is that even though they lower the interest rate, the additional charges they want to add to my existing loan does not really help and is not really helping my current situation. They gave me about 10 days to accept. When I did not accept this offer, they upped my original mortgage payment by about $100. As a result I have filed a complaint with Consumer Protection and the Banking Commissioner. I am told by the Banking Commissioner that they have the right to do this, but they are looking into it a little further. Chase never replied to Consumer Protection. On my last application, the person I spoke with at Chase stated that they now have their own program that allows for debts that the government program did not allow. Now they have offered a new trial period at a higher payment than the original trial by about $200. If they add additional charges as they did in the first Trial, my mortgage again will be no better that I was 2 years ago. I believe that this is a scam and they are taking advantage of their customers and taking advantage of what was intended to help the people.
In the meantime, this left me in a position where I was unable to negotiate my credit card debt during 2 year time period and as a result, the interest and finance charges on my credit cards increases my debt to them by about and additional 30 to 40K in late fees, higher interest fee and late charges.

I cannot afford an attorney and fear that I will loose my home if I do not accept this new offer.
On several occasions, Chase would state that they had more applications then they could handle. So as a result, people like me stack up additional charges due to there inability to process these applications in a reasonable amount of time. I am now facing foreclosure if I do not accept this offer. I do not see why we should be responsible for their staffing problem and the banks are rewarded by allowing them to add these charges. It seems that it defeats the whole intent to help homeowners. I have documents supporting my claims and would be happy to provide you them.
Patrick January 26, 2009
Service Charge Fee
Chase Card Services has started charging me a monthly service charge for paying my credit card bill on-time! I have a balance on my credit card that is set a fixed interest rate of 4.99%. This month, my minimum payment amount was raised from 2% to 5% of my remaining balance and I'm being charged a monthly $10 service charge fee. When I called, I was told that in order to have the service charge removed and minimum balance dropped back to 2%, I had to agree to have them modify my fixed interest rate to a higher unfixed rate! This seems illegal to me but I'm not familiar with credit card laws. Chase is basically trying to strong arm me into accepting a higher interest rate. Any advice or suggestions on what other options I have available?

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