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I am dealing with the same thing with Chase Home Finance. This loan modification process has been going on for 11 months! At the beginning of the loan mod process - They never informed me that the loan modification payments would be considered less than an actual payment, thus making me have "rolling lates" - consistent late payments. Now my credit is even worse. Actually, I could have paid the actual mortgage payment when I started the process, but they kept telling me to "keep making the trial payments - keep sending them in." The loan mod process is still not complete! I had no idea about predatory refinancing/ or loan modifying until now.
Just 2 months ago, They denied my loan mod for "failure to provide documents" (which is BS I've sent them many, many, many documents 100 times over) and then they have the gumption to mail a letter denying my loan mod - to the property address. The only thing is that I don't live at the property address! It is a rental (I'm living with my boyfriend because I can't afford the payments) my tenant lives there. So the letter was returned to chase. I never saw that letter ever. A month later, the next thing I see is an Accelerated Foreclosure letter sent to my Mailing Address (where I actually live and they know I live there!) stating that I haven't made a payment in 15 months! This is untrue as I have been making the advised montly "trial payments" based on their guidance. Only the trial payments are less than optimal and not a full payment - leading to delinquency!
So, when if/when I finally get a new interest rate with this Phantom Loan Mod- it will be based on a higher rate based on poor credit showing "delinquent rolling lates." Thank you, Chase, for messing up my credit! You're the BEST!
I have to agree with the original complaint only because I am currently having an awful time with Chase after my bankruptcy. I filed three years ago chapter 7 and your right no collection activity was made by Chase, HOWEVER, three years later I call them to find out why the house hasn't been foreclosed on yet and they state they didn't know I filed bankruptcy--hmmm they are the only creditors who didn't, and if they didn't why were no collection attempts made this whole time--and they turned me over to a collection agency on my mortgage. (could it be they have done this to a number of people, because had they followed the process they should have my foreclosure would have fallen in the dates of the recent lawsuit they lost and they would have had to include me in their court ordered repayment of borrowers. They've been proven to use not-so-legal techniques and I can clearly see they haven't changed their ways. Chase Home Finance is NOT a stand up company, they have awful customer service (transferred 6 times in half an hour and cut off numerous times between, before I finally had to get angry and force someone to give me answers). The only thing Chase responds to is the threat of legal action because they know they use unfair and illegal practices.
Dear Chris,
Our story with Chase sounds EXACTLY like yours. We have been through the modification nightmare, which is just a stall tactic to keep you confused, frustrated and stuck! Our credit is now ruined, even though we did get them to correct 6 months of faulty reporting, but out of 5 years, that doesn't make any difference. Chase wants you to walk away or have your home foreclosed. Either way they win. I've never imagined that a mortgage company could perform dishonest practices and get completely away with destroying millions of lives all with government backing and support. There is a solution for us poor homeowners, I just haven't found it yet. I dont want to lose my home but i dont know how to anymore, and If we can even rent now, it seems a much better life than having to deal with the demons at Chase.