Unfavorable Chase Mortgage Loan Reviews

by admin on April 22, 2011

Over the course of previous times series of months, Chase has had the chance offered by U.S. President Barrack Obama’s Making Homes Affordable Program for them to remortgage a great number of home loans. Despite the fact that not all home owner will be approved for refinancing or loan modification at the time they asking for a mortgage loan with lower rate, however most people are still able to find many alternative choices are available for desperate borrowers.

Bad Experiences With Chase

If you are intended to apply for a loan from Chase, you may wish to read other people stories who have been experienced with Chase. I found that most people are rather having unpleasant experiences with Chase and therefore you may want to find out more about them before engage yourself withe their mortgage loan.
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First Case

The first complain is from a Texas borrower. She got a home equity loan with Chase not long ago. She has a lot of equity over and above the home equity loan. She always pay her home equity loan by the due date (and in most occasion is just right before the due date) over many years. Then, there is one month that she has made a late payment due to forgotten to mail. Because of this, suddenly she found her credit line was frozen. She then call to Chase for the issue and after a few transferring she was finally answered by a staff from the credit department. Even though she always make the payment before due date over many years, Chase said that she has make a lot of payments late repeatedly for recent months. When she argue with them, Chase required her to proof to them for the last 12 months of her on time payments.

No matter how, even she managed to prove at last, Chase has effectively depriving her credit line for a year. She actually possess close to perfect credit and they were more than protected with the substantial equity in her home with no other mortgage but that one. She got extremely disappointed and she immediately refinancing her home equity loan with other loan company and she said she will never go for Chase anymore. The time she looking for refinancing, she immediately has several banks line up to offer her their services. Therefore, what her advice is you need to watch out for Chase as they consider payments made close to the due date as payments that are treated as month late payments.

Second Case

The second one is from Florida who found Chase is rather horrible. He is trying to get a fixed rate mortgage with them. She has an excellent credit score with more than 700 in year 2011, possess high income and giving 20% as down payment. At first, he thought that he was going to has his loan being approved without any problem for his healthy credit score. But later he found out that he is wrong. Chase keep asking for more and more paperwork to be done by him. And every time he send them some documents, he would expect Chase people to spend 1 to 2 weeks to even look at it! And most of time end up they will asking for even more documents. What can more ridiculous is, after 2 months of many documents being sent, they may come back to you and request for new versions of the documents he has sent them, and the reason given is because those documents are too old!

Besides, he claimed that the loan officer that contacted him is very unprofessional. When he asking that loan officer for the reason why it takes so long time for the application, the answer that he received was that this is the rule of Chase. The officer even further informed him that if if he doesn’t like the way they do, he can just goes to other bank! The officer then hung up the phone. So, he said that he will not deal with Chase anymore and will never recommend Chase to anyone.

Third Case

The third one is from Georgia. She claimed that Chase charged her $395 for application fee for her to entitled for a mortgage loan in which they said this is the charges for procedure to be carry out by their underwriters and loan officers. She is not happy with the charges and had argued with Chase’s officer for the fee. She claimed that Chase been paid them for salary and they shouldn’t make any further charges for the application. The reply from them is that this fee incurred is with the purpose to prevent people who only intend to get a pre-approval letter, and shopping around. And later, they can change their words and claimed that the fee is actually used to pay for the appraisal work that was done. Who knows which one is true?
chase bank

What her advice is also the same as you better don’t go with Chase unless you want to lose the home that you want to buy. As she end up getting rejected by Chase for the mortgage loan after they approved a previous home that she opened escrow on. The reason given by Chase is that during the one month period when she opened escrow on her next home, the rules of Freddie Mac and Fannie Mae had changed.

My Thought On Chase

Due to above three serious complains, I think Chase need to look into it seriously on whether the case is true and what is the rectification that need to take. Else, they may going out of business very soon as mortgage loan is a very steep competitive business. There are new programs that Chase must make available that help eligible homeowners who cannot work out a Chase Mortgage Modification, for whatever reason. Short sales and deed-in-lieu of foreclosure arrangements are set up to relieve the homeowner of future obligations resulting from the mortgage. There are even funds to assist with moving expenses necessary for obtaining more affordable housing.

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