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retailorig
Cherry Bomb


Joined: 05 Jan 2008
Posts: 132

Chase added escrow account to my loan
PostPosted: Fri Dec 10, 2010 2:05 am Reply with quoteBack to top

I had applied several times for a loan mod from Chase. I have an option ARM and not enough equity to refinance. The first 2 times I was denied because they said I made too much money. I don't make enough to qualify for the loan today but evidently make too much for the mod. I requested a mod again after receiveing a letter from Chase telling me about a mod workshop in my area. I went in person and submitted all the paper work requested. The application had only requested one month of bank statements and the rep told me they needed 2. I faxed in the extra statement the next day. Two months later I get a letter telling me I have not sent in all the requested information. They ask for all new paperwork which I provide, months go by and they send me a letter tellng me I have not submitted all the paper work and they will cancel my request if nt received in the next 15 days (the due date was 4 days from when I received the letter and came while I was out of town). I sent in the info when I was back in town. Several days later I got a denial for not sendng in the requested information on time. I was able to get ahold of the person handling the processing of my request and she said just send in new paystubs and banks statements and request that the application be re opened. I did this and of course they told me I had not submitted all the required paperwork.
Next I find out they have added an escrow account to my loan even though I pay the taxes and insurance on time and have never been late on my mortgage. How can they do this if they have never offered me a modification (trial or permanent)?
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mtgbiz
Cherry Bomb


Joined: 02 Nov 2007
Posts: 116

This is an Easy One
PostPosted: Mon Jan 31, 2011 11:14 pm Reply with quoteBack to top

Back in the wonderful time when no one was paying the prop tax they embarked on giving mandatory escrow accounts on all props. due to the cities being poor. Now this is a common occurance whether you pay on time or not. You need to call twice a week and verify all your faxes when you send them. Case in point: Chase only has 2 fax numbers to send in your info. The case handler still will not give you there efax in most cases and when/ if you get a trial you go to Arizona or Florida to wrap it up and depending on the investor who holds your note it can be a fun ride or a bumpy one. If your going to listen to we offer modifications free of charge(your not hearing it right! It really says we decline free of charge) If your not late you have a 1 in 1000 chance of getting a mod. But Mods still happen and Chase is the 1 and 2 bank making big money in front of /or behind Duestche Bank!!!! So you know. !!!! This is for your FYI

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