Chase Bank
Overcharged

Because of company layoffs I now work for a job that pays only 2/3 what I was making, there simply aren't any other jobs available. I've been surviving my Mortgage payments by depleting my life-long savings account.

I can't sell or refinance the home because it is now worth 25% less than what is owed.

Well, the savings are gone and I no longer can make the mortgage. I called Chase to discuss a loan modification BEFORE I begin missing payments. My hope was to reduce the loan interest rate to the prevailing interest rate. That would be enough to make up the difference in my salary so I would not miss any mortgage payments and the bank would not end up with a house valued at a fraction of what they loaned me to buy it.

Chase said they couldn't do anything. They are not doing 'any' loan modifications for interest rate. I asked what they were doing and they said, 'we can do nothing for you.'

Sadly, I will begin missing payments and will very soon have to file bankruptcy.

The government is spending $700 billion dollars to bail out banks but banks aren't doing anything in return to help their customers. Well, it's bad business to turn away a customer who is able to pay all of the principle loaned to him if he can just get the interest rate reduced to today's interest rate. Yes, they would make less money on the interest but they would make money nonetheless, and they would not end up with yet another worthless, foreclosed home.

Chase, you don't deserve the government bailout. You don't know how to manage your business. So Government, please stop giving them money. Let their creditors reposes their properties as they will soon reposes mine.

Company: Chase Bank
Country: USA
Site: chase.com

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