Usacomplaints.com » Business & Finance » Complaint / Review: Chase Manhattan Mortgage - Corp ripoff by overcharging interest & not applying payments correctly. #63037

Complaint / Review
Chase Manhattan Mortgage
Corp ripoff by overcharging interest & not applying payments correctly

Unfortunately, my wife and I were unable to put 20% down on the purchase of our house, so our mortgage company charged us Mortgage Insurance Premium (MIP). Over time, Chase Manhattan purchased our loan. I managed to pay additional principal on the loan and managed to pay the mortgage down to less than 80% of the original loan. I contacted Chase, but they insisted that we refinance instead of just dropping the MIP charge.

Refinance Problem #1-Our problems began when we went to a mortgage broker to refinance our loan. We signed our loan papers on January 28th. Chase Manhattan received our payoff from the closing agent on February 4th, but charged us interest to February 28th.

Meanwhile, the new company we refinanced with immediately sold the loan to... You guessed it... Chase Manhattan. So not only did we pay Chase Manhattan interest on our old loan from February 4th through February 28th, but we also paid Chase Manhattan interest on the new loan from January 28th through February 28th. The overlapping interest charges for the period from February 4th through February 28th are outrageous.

When I contacted the Chase Manhattan "Customer Care" Department (yeah right), I certainly discovered that "The right relationship is [NOT] everything." They would not cooperate in any way to refund the overcharged interest.

Refinance Problem #2-After making several payments on my new mortgage - and seething everytime I cut a check to these bloodsuckers, I decided to refinance with a company that would not sell my loan to Chase Manhattan. My refinance date was for some day in June, so I knew I should send Chase my June payment. I made the June principal and interest payment, but did not include any escrow money. It seemed logical that since the escrow money was mine anyway, I should not send Chase the money just to have them return it to me. I made a notation on the remitance form that I was refinancing and that I was paying "principal and interest only."

On June 4th, I received a statement from Chase Manhattan stating that they had received the money and that they did not know what to do with it. This seemed odd as I had written "principal and interest only" on the check and on the remitance, so I ignored their request. Mid-June, I received a penalty notice from Chase Manhattan for not making my payment. This really made me furious as they had been sitting on the principal and interest that they had received June 4th. I talked to the same wall, oops, I mean the "customer care" department and was equally unsatisfied with their lack of service.

Chase manhattan had the principal payment, but did not apply it to the loan and thus I once again paid too much interest and a penalty.

I am soo glad that I never will have to do business with Chase Manhattan. I encourage anyone that supposedly is experiencing that "right relationship" with Chase Manhattan to refinance as soon a possible with a company that won't sell the loan.


Offender: Chase Manhattan Mortgage

Country: USA   State: Ohio   City: Columbus
Address: 3415 Vision Drive
Phone: 8008489136

Category: Business & Finance

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