I have been either a science teacher or school administrator for the past 10 years.in June I received notice that my position was being abolished due to budget cuts. We have our mortgage with Chase. Simultaneously Chase added 500.00 to our current mortgage payment (paid regularly for 1.5 years) stating they "noticed" a deficit in escrow? No explanation. No prior notice. So our payment increased from 3,464 to 3,964 the same month I lost my position. Thankfully my husband still has his position, however, on Long Island, dropping to one income with three kids in college left us unable to make the regular payment, let alone the increased payment. We started the loan modification process in July and were notified our three trial payments would be close to what the reduced payment would be once approved for final modification 2,800. The 3 mos turned into 7 mos. During this time I am still unemployed and receive the maximum 405.00 weekly in unemployment. We faxed and resubmitted the same documents time and again. Every month we received late statements with no record, other than my bank statements, showing the reduced payments made monthly. Finally we receive the fedex with the final paperwork. I will not waste time including the hours and hours on hold, talking to representatives that had conflicting stories on the same day, and the emotional and physical impact this has had on our lives. I see we have all experienced the same incompetence and lack of decency provided by Chase. I open the FEDEX with trembling hands, tears of joy streaming down my face... Yes the 2800.00 monthly will continue to be a struggle but we can remain in our home right???
Chase added over 21,000 to our principal increasing it from 354,000 to over 370,000, our monthly payment ongoing will be over 3,400 a month. 67.00 a month less than when we started this whole process. Mind you, it arrived stating I have 12 days to sign and return. I left 27 messages for the loan negotiator. Not one returned. I spoke to 9 chase employess in the loss mitigation office before one connected me to the negotiators supervisor voice mail. I left 6 messages with him without response. Finally another Chase representative emailed the loan negotiator internally and her supervisor. The negotiator finally called me. When I questioned her figures... We were given a drop in interest rate from 6.75% to 4.75% and yet the monthly payments will only be $67.00 less? She stated that we have a balance of 39,000 dollars due and that was the best they could do for us. When I got up off the floor... I asked her how we had a 39,000 past due amount when we have been making the required payments and had not been late at the onset of this process, she could not answer. 3 days and a nervous break down later, I contacted the executive office for Chase today at 3:00 PM EST.By 3:45 the negotiator called me and said that even though she knew nothing would change. She would have her supervisor (the one who did not return over 16 voice mail messages from me prior) look over the account!!! I have 2days left to sign and return this modification before the whole thing expires. What Chase is doing to loyal, hard working and honest customers is criminal!!
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