Today, instead of merrily buying presents for my family and friends, I spent the afternoon trying to undo some of the financial damage Chase has done me in the past month and a half. As described on this site in "The Bank That Stole Christmas, " it has failed to honor a mortgage commitment letter to my apartment buyer on November 14th yet it has also failed to simply turn my buyer down, allowing him to apply to another institution. So for six weeks I have lived in limbo. Each day starts out hopefully and ends in tears. I can only imagine the hell my poor buyer is going through. On Monday we were finally supposed to close. The bank stood us up.
I took money from an IRA to make a downpayment on a new home. If you're younger than 59 1/2, the IRS lets you do that without penalty provided you return the money within 60 calendar days. Well, 60 calendar days ago I had no idea a bank could keep people hanging for three full months, with no explanation of the delay and no estimate of when the torture would end. I thought I'd be in my new apartment by now.instead, I had to borrow thousands of dollars to refund my retirement account. Thank you, Chase Home Finance! What a classy outfit!
On the way home, I passed a Chase branch on Broadway and 39th Street, and I had the idea that speaking to a mortgage specialist in person might yield some clarity. A security guard led me to an empty desk, where I waited for someone named Blair. Blair listened to my story and concluded that while he had no idea why the bank would drag this process out, he's sure there's "a good reason." He also said: "The bank can do whatever it wants.
If your buyer doesn't like it, let him go to another bank." Blair was arrogant to the point of abusiveness an impression reinforced by the fact that the security guard never left his side during our conversation. I am a 5-foot-3-inch woman with arms like matchsticks, and I was teary-eyed as I described the way Chase stood me up at the closing on Monday. Why, I sniffled to Blair, would the bank tell our lawyers we were "cleared to close" and the simply not show up? He checked his cellphone impatiently. Another class act, this Blair.
I wonder how much of the $300 billion bank bailout is earmarked for Chase. I wonder what good old CEO Jamie Dimon will do with his windfall. He sure isn't helping people buy and sell homes.
Tomorrow is Christmas Eve. I can't entertain, because my apartment is full of moving boxes. The ornaments and lights are all packed away, not to mention the roasting pan. Worst of all, the bank has scheduled another closing for 1 pm. And I have a feeling the Chase will be a no-show again. I'll cut my lawyer another $250 check, just like I did on Monday, to compensate him for his wasted time. My buyer's lawyer will race off to catch his plane home for the holiday. And I'll come home in tears, as I have for the last three months. Merry Christmas, Chase!
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