My father who speaks very little English was used and abused by Chase home loans for YEARS. His current interest rate is 7% with a 40 year term. Out of his monthly mortgage payment of $2200, only a measly 100 to 200 actually went to the principal. He had tried to refinance previously, but his income was insufficient. Now that I'm out of college with a high income, I was able to assist them as a coborrower on the loan. We contacted Mrs. Carolyn Langie (the loan officer who had previously denied his loan) at the Chase branch in Gardena CA. We went through the loan initiation process and she told us that there would be a refundable $495 application fee once the loan had closed. We paid, signed papers and waited. Several weeks later, Chase sold our loan to Ocwen Loans without any notification after realizing we were able to refinance out of the high interest rate of 7% at 40 years. I called Mrs. Langie and left messages with no reply. We never even received a letter of denial. We felt like we were robbed. The economy is the way it is due to business practices like Chase trying to make a quick buck. My parents had moved all of their accounts to Bank of America due to this and I will spread the word on how chase robbed us. You can make money off one customer, but you end up losing more because of one customer with a voice.
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