Chase
Loan Modification Request Led to Credit Damage and Unpaid Escrow Bills

My wife and I put in for a loan modification through Chase and it was the worst thing we ever done in our lives, so please take heed. Our home was not up-side down, we never been late on payments, and had excellent credit. We simply had no money left month to month. We were house poor, but were not delinquent on anything. From the time we asked for relief, Chase began treating us like they were a collection agency. They got all our information of hardship, and then proceeded to damage our credit so no one else would do business with us. They originally appraised our home at $400,000, how they list the value on their web site at $220,000. They put us in an escrow and said they paid our insurance and tax, but they didn't. Thank God we followed up and paid it ourselves. A lot of people got messed up with that one and wound up with insurance lapses. They also cut our line of credit, back-dating it hoping some checks would bounce by the time we got the letter in the mail. Beware! Chase will drag you around with no intention of helping you. Please do not put in for a modification. If you have no other recourse, unfortunately the best thing to do is sell it or walk from it. Dealing with Chase for help, you will definitely be worse off. If you are current with bills and have good credit, but you're simply house poor, it will be the worst thing you possible could do.

Company: Chase
Country: USA

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