Chase Home Finance
Principal Reduction Approval Stalled as Rates Expired and Restart Required

Chase seems to cannot get their act together. I have been approved by the Nevada's Hardest Hit fund for a principal reduction of $50k (in conjunction with HARP 2.0 refi), paid by the state of Nevada. Now my chase home loan officer doesn't seems to know what to do with the approval letter and spent the last 30 days running around internally to find out what to do next. My rates then expired. Now I am told that I have to start my application and rate lock all over with a new department within Chase who handles these things and that I will also have to wait 60 days in order to lock rates again. By that time, there is a very likely chance that the approval letter I received from the state of Nevada will expires, and my only way out of this mess is to default.

Why is it that Chase can't get the act together when they are not even having to put up any money. Don't they also get compensated for closing a HARP 2.0 refi by the government?

Company: Chase Home Finance
Country: USA

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