JPMorgan Chase Bank
$750 application fee charged for refinance that never closed after low appraisal

On January 30 I filled out an on-line application for refinance on my home. I sent the documentation to Luke Jimenez at JPMorgan Chase Bank. While I was waiting to hear from Luke, I did some homework. I researched all the houses in my area that were compatible to my home through recent home sales listing. I even took pictures of these homes and obtained the specs on the homes. When the appraisal person came out I gave him this information. I later found out that this appraisal person did not use any of information I work so hard to obtain in his report. Not only that, the houses that were chosen were homes with a lot less appraisal value. This of course made my home worth $120,000 dollars less than what it was supposed to be.

Now the purpose of this refinance was to continue making improvements on my home., which the bank knows by the pictures that were taken at the time of the appraisal. What amazes me is that the bank knowing that you are doing all of these improvements to increase the value of your home, you would think that it would be in their best interest to close on this loan, knowing the value is to go up. This bank just does not care!

Therefore JP Morgan Chase charge me $750 dollars on a loan that never closed. They are also refusing to refund the $750 dollars to my Chase Credit Card. In conclusion, I have not heard from Luke despite numerous phone calls or from JPMorgan Chase Bank themselves, since the appraisal was done in February 2009.

Company: JPMorgan Chase Bank
Country: USA
State: Ohio
City: Columbus
Address: 1111 Polaris Pkwy

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