First, we tried to refinance using Countrywide Mortgage back in December. We paid for an appraisal on Dec. 31st. Then Countrywide decided they needed a subordination agreement from Chase Home Finance (whom we have a first mortgage and HE line of credit with). We were told that it would be a 2-week turnaround for the agreement and we had to pay $250's for it up front. When agreement was not rec'd in that time, both Countrywide and I called Chase's subordination dept. And was told they couldn't find the original request and so another one was faxed again to them, this now being the middle of February. This time we were told by Chase that it was now a 6 to 8 week wait for that agreement to let Countrywide Mortgage assume first lien and keep the HE Line of Credit as second lien. We have since been told by the title company that this was not really needed. Countrywide had already extended our loan rate several times, and now was charging us more points due to the wait. I called Chase Home Finance office in Tyler Texas, and talked to Sr. Loan Officer Brenda Pottkotter. I explained our situation. She told me she could get us a better rate but that we would have to pay $750 up front, and that we would be refunded $350's of it at settlement. We withdrew our application with Countrywide on April 1st., and went with Chase, believing that since we already had our mortgage with them, and had just recently done a HE Line of Credit, that they would be able to complete our refinancing in a reasonable length of time. Since we were going out of state in middle of May and be gone for 2 months, I was told by Ms. Pottkotter that we would probably be able to settle by middle of May, before we left.By middle of May we were told by Ms. Pottkotter that we wouldn't be going to settlement until probably middle of June, as Chase was back logged with refinances and short on underwriters (as in being stressed out and quitting, and also the lack on Chase's part to hire enough people to do the job). We returned on July 19th., and after trying to get in touch with Ms. Pottkotter several times, she finally called me back to explain that now Chase Underwriters wanted to freeze our HE before they would proceed further and that it would be only a few more days before we could have settlement. This was the last straw for us. We have paid out of our pockets $1,480 already, 7 months have passed and we still have not been able to go to settlement. We told Ms. Pottkotter on July 29th. We no longer wanted to go through them, as it has been a costly and lengthy unreasonable time to complete this transaction. Our complaint is that we would not have had to put out so much money, nor missed out on some really great interest rates if it weren't due to Chase Home Finance taking over 7 months of handling this refinance, and still after 7 months was not ready to go to settlement. I feel that we should be reimbursed for the fees that we paid. We cannot go to another institution or Mortgage Company without further expenses (another appraisal & etc. Fees). Seven months is totally unacceptable for any company or customer to wait.
We are out $1480 and have nothing to show for that money. And we still are not able to take advantage of the much lower interest rates due to Chase's apparently lack of personnel to complete what needs to be done within a reasonable time period. And with them still short of help, we would face the same problem if we tried to go with another Mortgage Company.
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