I called Chase as soon as I recieved my loss check from my insurance company (home water damage caused by a leaking pipe). The told me there is a different set of proceedures for me because I am in their modification program. I have to send my paperwork in with a notarized statement promising to use the money for the repairs, along with a W9 from a contractor. Then they will release half the money. For me to get the other half I must then call and schedule an inspection apt after the work is completed to get the other half released. The inspection/release time will be between 7-10 days. If I was current, I send in my check with an estimate from my contractor and they release the funds within 5 days. No inspection, not notarized statement, no W9. I am humiliated that they are basically telling me they dont trust you if you are currently in modification. I paid them perfect for 10 years and fell on some bad times last year as many of us have. I am now in a repayment with them and am current under their new terms. To be treated this way is discriminatory. They even have this information printed on their site mylossdraft.com password ch001. These practices cannot be lawful. I would have no problem with an inspection to make sure the work is done, but I also know several friends who are current with their mortagage company, but pocketed their insurance checks for hail damaged roofs and never got the repairs. Just because you pay your mort current does not mean your more trustworthy than someone who got behind because of the economy. THE POLICY SHOULD BE THE SAME FOR EVERYONE, inspect everyone and we will not have the fraud that is running so crazy. I would like to report this to the correct agency if anyone could tell me how to do so
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