Why won’t JP Morgan Chase modify my loan?

Red barn

Save my home from JP Morgan Chase

 

One woman’s relentless chase to obtain a loan modification from JP Morgan Chase.     

In the last fourteen months Chase has repeatedly denied my request for a loan modification. Reasons have ranged from “lack of hardship” to “too much equity”; “unable to verify residency” and “still have three months cash on-hand”. They all add up to the same thing: Chase wants to further exploit the predatory lending practices employed by Washington Mutual, utilizing opaque banking procedures in the name of profits, all at the expense of the American taxpayer.   

If I knew back in February 2009, or even August 2009, what I know today — that the investors behind my loan prefer to foreclose rather than work with me on a modification — I could have made an informed decision; instead I am scrambling to save my home with all the cards stacked against me.   

Read my letter to David B. Lowman, CEO Chase Home Lending, JP Morgan Chase, regarding his April 13, 2010 testimony before the House Committee on Financial Services. Follow my search for answers.    

Although it has been repaid, JP Morgan Chase received $25 billion in federal funding (TARP money) in a taxpayer funded bailout which helped facilitate the bank’s subsequent growth.      

JP Morgan Chase also received $41 billion from the FDIC through a taxpayer backed debt issuance program. This money has not been repaid. In 2008, JP Morgan Chase absorbed Washington Mutual; the risks and costs associated with this deal were taxpayer funded. 

Martha Wright vs. JP Morgan Chase loan modification denial

Martha Wright sits in her home, Thursday, May 13, 2010 in Avalon, New Jersey. (Stephen Chernin for The Wall Street Journal)

164 Responses

  1. So basically Chase is not interested in using taxpayer bailout money to keep an upright, do-right taxpayer in her home? Words like outrageous and egregious are not strong enough. Hoping the Wall Street Journal will take notice.

    • Hi, I’ve gone through the same thing with GMAC after 2 years of being denied we decided to file for Chapter 7, we had a hardship I’m disabled, we were never late on any of our bills, always paid on time. Why would I stay and keep the home while using up my 401K and my savings and still was denied 4 times. The banks rule the roost and our President is letting them all get away with it. I have a sister who is going through the same thing with Chase, I feel everyone who proves they need a modification should receive it being all the banks have been bailed out. Each and every one of you who are not getting anywhere with CHASE should sue them, get a class action law suit together and get them before they get you.. Shame, Shame on Washington and our great President who is still saying the economy is on it’s way back….

      • It’s not the banks that make the decision it’s the investors. The investors that own the loans are denying the modifications. Please stop blaming the big banks, they only service the loans.

      • I have been going thru the same thing with chase for the pass 3 yr i’ve sent a boat load of paperwork over and over again i’ve gone to naca 2 times to no avail first they say i’m declined because my paper work is not on time then then i lost job in march 2011 they said i wasnt generating enough money i went to chase long before i got in trouble they told me i had to be 3 months behind and from there it escalated they would not accept any payments from me while they were supposely modifying my loan when i sent money in they sent it back saying it was not enough now they are foreclosing on jan 3 if there is anyone out there who wants to start a class action law suit i want in

      • I was with Washington Mutual with a balloon and we were late even with a agreement that my late payment would be paid by a certain date. When I called on that date to pay the payment they put us in foreclosure we were forced to sign a so called modification by chance at this point we had no choice under duress which was more than the balloon would have never gotten that high so we got stuck with a mortgage we couldn’t afford. Since then over two years we have tried to get a modification for over two years. We just got a letter Chase is foreclosing. I am disabled and had many hardships to qualify for a modification. We had three trial modifications, one lasted 8 days, one lasted four months and one lasted 8 months then they offered a final modification but as to our surprise they said the notary page was wrong an we just started over an over an over and every modification they gave us they had excuses that something was missing even though we had copies of what was sent. They played with our lives now we have to find a way to save our home. Can anyone help, Please!

    • Chase does not need bailed out help, Home owners need help. As a vet serving my Country and getting the GI bill for doing so, I’m going through the same problem. Chase told me not to make any payment while going through modification loan, so I done what I was told. Called every week and after 3 months was told I would have to start all over. O.K. well thinking I’M a Vet maybe Chase will help, I was wrong Vet or not after paying payment on time for three months foreclosed notice arrived and I was really getting mad. Went down to bank and was told the person who told us not to pay was wrong saying this. They said lets start all over and three months later received modification approved and went down $75.00 a month and interest stacked high. Talk about being slapped in the face, Is this a joke. How does “CHASE SLEEP AT NIGHT” Is there anyone who can help, Please tell me…..God bless America….

      • Hi,

        I have been trying to get a loan modification from Chase since December 2010. October 5th, I was advised after numerous calls that I have been approved for an in-house loan mod and is with quality assurance pending final approval. Today is November 15th and I finally got a call from my new relation manager who called to inform me the reason why I am still pending final approval is that my title came back and doesn’t show Chase as lender. She doesn’t understand why, and her suggestion is that she might need to close my file and I would need to apply all over again. I explained to her that my loan was originated by a mortgage company who then sold my loan to Chase and is not my fault that Chase didn’t do their job in getting the title changed to their name. I asked her to please not close my application and make sure she finds out first if she can get this resolved internally so that I can receive my final docs so I can sign and submit to them so I can keep my home and begin making payments. Does anyone in this forum have any advice for me? If so please email me at rhernandez1179@gmail.com.

        I have waited for over a year and now because of a technical error on their part they want to closed my approve file and make me apply again.

      • i am a vet in a lawsuit with chase .we have the same story. i need to get more horror about the loan mod. can you please email me so i can get your whole story . i would love to see them try to defend so many of the same stories. my name is mark. karynbeushausen@yahoo.com

      • my husband and I have been going thru the same ritual with chase for years, we have sent them our modification packet so many times that have a book of paper work. and still no modification. you can get in contact with independent foreclosure review panel also none as the OCC and their is a possibility they can help you, and it is free.

    • Does anyone know the address of the Chase Mortgage Executive Offices?

  2. God Help Us All – The banks are leaving us broke and homeless with no regard.

    Over the age of 50 and struggling with this mess is a challenge like none other than I have had to deal with in my life, and I have been in war zones, battling cancer, lupus, divorce from a greedy man – nothing compares to this.

    The older folks going through this must be absolutely overwhelmed with fear.

    How could this happen in the greatest nation in the world. How could this be allowed to happen? Can someone tell me? Is it as simple as the legislations were unaware of it or were they treated to fine things if they turned a blind eye?

    Stay strong and know you are not alone.

  3. Loan modification was not the main line of business for lenders and banks and that is why it has been terrible time for all borrowers who ever applied for a modification. It has taken ages for the banks to understand the process and streamline it for their customers. If in case you have no reply from the bank for long then I would suggest you to reach attorney or hire a third party . Practically its not possible for any of us to follow up with banks daily basis and a loan modification process needs cut throat follow up with the bank .

    • Where do we go for third party help? I applied March 4, 2009 and have heard every excuse known. Still no reply and now lost my negotiator. No-one is assigned to me now. File has been perfected since March of 2010. Now in with quality assurance since then.

      • Call Chase Loss Mitigation (866) 316-9218 and ask for any and all information on the status of your loan.
        I would strongly suggest you get an advocate to work on your behalf (at no charge). Go to credit.org and get HUD Housing Counseling. The Springboard people will work aggressively to move things forward and obtain resolution. Even though they are in California, they handle the entire US.

    • You need to foreclose on your bank,you have to do some research and it has been done also small claims for the max amount I. Small claims so you will have the money to pursue litigation on foreclosing on your bank I mean banksters just old fashion mobsters with a new scam hope they can rest in peace on judgement day

  4. I have had HUD phone with me, but since it no longer is considered for the MHA modification, they are uninterested. They did call with me a couple times and they were getting different stories every time too. They kept trying to clarify and got nowhere. First, I was denied and the next call they said that was not true. Almost, a year and a half later I still know nothing. Is there another free agency?

    • I went through two additional HUD-approved counselors before finding Springboard credit.org. They are free. Although they are in CA, they handle the entire US. You must get a more aggressive counselor. These folks are very savvy. You can’t afford to wait. Chase will drag it’s feet and take all your money. You must get a powerful advocate to work on your behalf. Please try credit.org and also ask them to give you a list of all HUD-approved organizations in your state. Then call each one. It’s like a full-time job but you want to save your home so you have to do it.

    • Go to this website and get the list of ALL for your state. Call them all and go with the most aggressive. They are all free. http://portal.hud.gov/portal/page/portal/HUD/i_want_to/talk_to_a_housing_counselor

  5. Thank you I will. Today I was told after 15 mos. this whole process would repeat itself and I am to start over while they try to give me an in house modification.

    • When you call Chase, don’t call the regular number. Call Chase Loss Mitigation (866) 316-9218 then ask for any and all information on the status of your loan. Then ask them to put in writing the reason(s) for the denial so you know what you are up against on getting a modification.

  6. I forgot to mention that I had used HUD to call even they informed me that they can no longer help me because I was not approved for the MHA modification. Perhaps I need to consult a different division of HUD?

  7. Called the number you provided. They provided me with the number of 800-848-9380 because it was a former Washington Mutual account. Now I am put on hold and sent to a recording that said they are only open until 12 am daily. It’s 1:00 central. They informed me I was being recorded and I agreed to record them as well. Immediately I was sent to a supervisor and she informed me they will not be recorded and hung up.

    • Yes; that’s what they do. So, I’m guessing your loan originated with Washington Mutual. That means you are calling the correct number (are you in arrears?). The 800-848-8390 number is in CA and they are Chase Home Finance/Wamu division. They can record your call yet it is their policy to forbid you to record the call; they will disconnect if you are on a recorded line. I learned this with my Springboard counselor. One trick is to call again and again until you get a helpful rep. Tedious, but sometimes worth it.
      It would be better if you got a counselor who placed conference calls with you. You need to ask Chase to send you a third-party release form so the counselor can both speak on your behalf and you can have conference calls. Have you tried that?

  8. I was just denied last night for my modification due to unable to contact. We have been going thru this process almost 9 months. I asked how they can reach me to tell me its denied but not any other time. I had just called them on 4/15/10 and faxed more documents over I haven’t received anything in the mail but yet I’m denied. They said I could try again but would have to start all over. So confused don’t know what to do.

    • You need to get someone to be an advocate for you. Find a HUD-approved counselor to negotiate on your behalf. Do not delay. Every day you are losing savings and keeping the bank happy; they have no incentive to work with you and they won’t tell how to get a modification. I suggest Springboard credit.org but you can also check the HUD website to find HUD-approved counselors in your state. The Springboard people coach you on how to submit your documentation in a way that works for the bank. They are FREE. You can sign a third party-release and get a counselor to negotiate with you and on your behalf. I don’t think it’s possible to go it alone – Chase is out to rip off the American people and they put up too many barricades.
      You don’t know what you don’t know, and they won’t tell you what you should be asking or doing. Please go to credit.org no matter where you live they can help and they are FREE.

    • Try again, I too was denied in May 2010. Chase kicked thousands of people who had requested modificiations out of their system! The government was going to fine Chase for each oustanding loan modification request that was not processed.

      Try again! I sent in my documents again for a 2nd time on June 1, 2010. I called today to ask the status of HAMP mod request and a decision has been made. The representative would not tell me the decision. I am going to ask my local chase homeownership representative for the decision.

    • I have gone through this for almost 2 years, i was on a trial payment for almost a year.Then i did not hear from the bank for months but i called every Monday and Friday to check in…
      If they assigned me with a new person (which they always did, now this person has to learn your case all over again) i would check- in with the new person and the 2 people that i had assigned to me before.That way i knew someone out of the 3 will record that i had called and verify that i left a message.
      (this is also what you should do when you have to fax paperwork! – fax it to 2 numbers minimum)
      I finally contacted the Treasury DEPARTMENT,then i got a call from Corporate and things finally started moving for me!
      I prayed every night- and then i finally got assigned an adviser that knows what she is doing. She calls me back, she keeps in touch.
      She set me up with a 3 month trial and then modified my home.
      My interest rate will go up every year for 5 years tapping out a 5%.
      I am so happy to pay my mortgage every month since it is a price i can totally afford.
      I also protested my property taxes on my house and saved over $1000 per year.
      So everyone going through it, keep on fighting as long as you CAN afford the lower payment.
      If you can’t keep your house just move to Texas where all the jobs are…

  9. Almost 7 months ago I initiated the process for a loan modification for my home of 17 years. The loan was originally with Wash Mutual now with JP Morgan Chase. It was a frustrating, excruciatingly discouraging process. I think it was designed to discourage the borrower to the point of giving up. I documented over 50 hours gathering and sending information over and over again, waiting on the phone etc.
    There is no one at JP Morgan Chase that I can appeal to. It is a series of disconnected numbers, long holds, and transferred calls that lead to people that cannot or will not help.
    On May 27, 2010 the modification was “declined”. I was told the reason was my loan to value was 66.87%. The cut off is 70%. (I have this on a voicemail).
    There is not any mention of this eligibility requirement from JP Morgan Chase in any of their literature, forms etc..
    Several times I was told they were following government guidelines and they complained that the government kept changing the guidelines.
    So, after 17 years of on time payments I have 33.13% equity. Is my only option to sell my house? My understanding was the main goal was to help people stay in their homes. Not to waste their time and then destroy their hopes.
    By the way my home is also the place I earn my living.
    I have been self-employed most of my life. I am a glass artist for the past 9 years; I sell to galleries, catalogs and museums (including The Art Institute of Chicago). My income has been slashed dramatically. I desperately need help. If “Making Home Affordable” excludes me for 3.13% equity whom will it help?

    • Michele, I feel your pain. The entire situation sucks. I believe you need help and can’t do it on your own, especially if you are self-employed. I strongly suggest you get a HUD-approved counselor to work with you. I reccommend (Springboard) at credit.org; I went through two other HUD-approved counselors before finding Springboard credit.org. They are free. Although they are in CA, they handle the entire US. You need an advocate to work on your behalf. You can also go to the government website and select a counselor in your state. I believe if they help you with the application they can “re-jigger” the numbers to hit the “secret” guidelines that Chase will not share with you. It is so frustrating because you don’t know what it is you are supposed to know in order to hit the guidelines. I also think it is doubly difficult because when Chase took over WaMu, they bought a pig in a poke, a lot of really bad loans, so they are squeezing every dollar they can from the performing loans and making it impossible to modify..no incentive for them to do so if you think about it…is there a Chase Home Ownership center near you where you could go in person and try to get more info before submitting another request?

      • Thank you for your comments and advice.
        There is a Chase branch a mile from my house. I am fairly certain there is not anyone there that has any ability to even access my loan, let alone give me any insight into the modification process. However, it would not hurt to ask.
        I will check out Springboard
        I just mailed letters to my 2 senators, my congressman, Barney Frank, President Obama, Loman and Dimon from Chase, Comptroller of the Currency, Office of Thrift Supervision, FTC and The Denver Post.
        I plan on standing in front of the downtown Chase branch during lunch hour w/my dog both of us having signs.
        JP Morgan Chase = CROOKS AND LIARS
        JP Morgan Chase = 2010 ROBBER BARONS
        I don’t know if any of this will have any affect. But I am pissed! They are WRONG!
        The inequity of this is so egregious it boggles the mind.
        Maybe I should go to Iraq and try to find some of the “misplaced” 9 Billion $.

      • The Chase branch will not help you. Please go to the Chase website. They have opened 49 Chase Home Ownership Centers throughout the US designed solely to help people with loan modifications. While I do not trust them or Chase at all, it is better than talking on the phone to a cast of customer “service” reps who know nothing. Also, you need to learn what the HAMP cap is for your county. If you’ve owned for 17 years, you may have a lot of equity which may disqualify you. Or, you may owe MORE than what the HAMP guidelines will allow. For example, while the national cap is $729,750, in my own county, the cap is $487,500. I owe more than that, so I do not qualify for a HAMP modification. The guidelines are set on a county by bounty basis so it’s important to know what the $ amount is for your county. Go to the HUD site and review the Frequently Asked Questions section to learn more.

      • Chase bought a company (WAMU) for less than a third of a penny on the dollar at 1.9 Billion. They then received Tarp money. Chase knowingly bought 100,000′s of homes for virtually FREE also knowing that WAMU was virtually a criminal organization who arranged for self-destructive loans they knew would later fail en-masse…

        Learn the truth about how Chase may potentially have aided and abetted WAMU’s fraud long before a questionable takover by the OTS and FDIC.

        Join us at the National WAMU Homeowners Support Group website. Do NOT bring a gun, bring a real good attorney.

        http://www.wamuloanfraud.com

        Rob Harrington
        Co-Founder

    • I have had similar experiences. Over the course of 9 months…Every time I call I am told my file is missing something else. When I ask when were you going to notify me, I am told “you should have been sent a letter.” Guess what, no letter. I just learned that, I was given a “soft denial” 4 months after being told I was approved. No one can tell me what a “soft denial” is.

    • call c-pac in Orange County, they know the scoop.www.CPACaid.org phone-1-866776-7864, l hope this helps

  10. I hate to burst anyone’s bubble, but I had a hub approved counselor call with me on several occasions and they were helpful in the beginning. Now 17 months later they finally denied me and demanded immediately the 6,000 past due. What part of formerly out of work and totally depleted do they not understand? When out work didn’t qualify not enough $. Went back to work for half pay, maybe qualify, found a job for full former pay and now makes too much so pay up. FROM WHERE??? No savings and after not reporting my 9 trial mod payments on time score hits rock bottom…Lots of equity so they want it. There was a hud counselor on the phone line with me and tried to figure out how I was gonna pay it. I asked what good are you, you just listen and agree with them! No help whatsoever!!!!!

  11. Try a repayment program. I am in one. I got a roommate and another FT job and for 3 months stopped paying everyting but mtg and utilities. I was 3,600 in arrears. they allowed 4 months though I was eigible for 6 (FM guidelines). But, I have equity too…

  12. Chase is ridiculous. I have had been told on 3 different occasions that my mod had been approved.
    That was 5 months ago and I have now resubmitted my application 3 times. One day I was transferred to 9 different people in 40 minutes. No one there seems to know how to get anything done, or why nothing moves forward. They are extremely cavalier about the problems you are facing. If Chase received any amount of federal aid they should all be out in jail for this behavior. Don’t get me started about the credit card part of the company. Any bank that received federal aid should have been required to lower credit card rates to prime +3% for the next 10 years.

    • Finally caught up. With help from God, but I am receiving 4 registered letters a day equallying 12 so far, telling me the same thing repeatedly. I have 30 days till foreclosure. Does anyone there know anything? I called to tell them they may have a computer glitch. Oh no they say just ignore them. So for the first time in 17 months a correspondence by mail with Chase and just ignore it. I told them if anyone ever organizes a class action suit they can count me in. We have been so lied to and left to hang on hold with our lives almost a year and a half and then they ruin your credit so you can’t borrow to get yourself help. Their repayment plan is a joke. Who can come up with more than you’re already paying and cannot afford? Thank God their error took double escrow all that time so now it finally went down so therefore, our payment went down. They cannot do anything right. I still have three payments I made that no-one there knows where they went. They did not post to principal and interest and escrow like the other six. And they were sporatic not together in any way.

  13. And the sad thing about that is that they were large payments. You just can’t fight them.

  14. hi i am a 34 yr old married, mother of three young children. I originally had an adjustable loan with wamu then jp chase took the loan over. wamu started my modification in 2008 as my bankruptcy ended and then when chase took over i had to resubmit paperwork to them in hopes of working out a loan solution. In 2009 still no word until they tried to forclose then they told me they had no paperwork on my modification. I resubmitted again! THREE more times in 2010 i have resubmitted loan modify docs and still they have no idea what is going on with paperwork. Intrerest has accrued for 3yrs and still they are stage 1 or negative stage 1. I finally talked to a rep. at chase and was told that my paperwork was submitted to loss mititgation and confirmed several times so i asked if she would email that to me she said she is not allowed to email or she would lose her job. why cant you email?? i asked she stated no trace of communication between her and i are allowed! seriously what a sham-tax bail out money and obama does nothing to ensure it is to benefit anyone but these predatory lenders. I want to sue jp chase but have no money to hire a lawyer. Does anyone know what i can do to save my home?? im desperate to find someone who actually cares…
    thanks
    tina mccarthy- christinamc@verizon.net

    • My story is similar to Christina including the WaMu origins.
      Allowing these banks, especially chase to get away with this is a crime. Last week, I had someone in the credit card group tell me that since chase has paid back the bailout money they were not obligated to help anyone.
      Thank you Barney Frank. You are quite the watchdog. We would have been better off with Al Capone running the show.

  15. I have to share this. I called Chase a few days ago to check on my escrow refund. They collected double what they needed to for months. Then they would not refund it until I was current. Now current. So I called after faxing request and found out they had my home listed as a short sale. I said why would I do that? I have equity and I’m current. I don’t know it must be an error in documentation,they claim. WHAT PART OF INCOMPETENCE DO THEY NOT UNDERSTAND. Finally, a week later got it straightened out.

  16. My story is also similar to Christina too (Wamu to Chase too). I have been summitting the mod documentation several time over 2 years now, and my last one was 6/1/2010. I was told again I need to update my docs, every month or two, which drives me crazy! I was told that I need to call in to check the status/update once a week or so which I began to do that. Every time called in the repeated answers were it’s under their review process. Keep doing this makes my docs outdated and I need to send updated docs constantly. This is insane and I feel I am being jerked around by Chase! I am making my payment partially now because they said one time, I need to make some payment at least some amount. I am really upset about the way they handle their customers!

  17. Lois, be careful sending partial payments. It’s a possibility that when they catch up with you that they will demand all the past due at once, as they did with me. And I was making a trial mod payment $200 MORE than my payment because my interest rate dropped on the loan but not the mod payment.

  18. I’ve been through all this with Chase for the past 20 months. Now, I’ve two weeks to decide on a short sale or forclosure.

    All I needed was a fixed rate and they wouldn’t budge.

    I’m almost 60, semi-disabled and now about to become homeless.

    …didn’t see that one coming.

    • Do what I did – If you want to stay in your home – Sell everything of value to pay up arrears and bring in a roommate.

      What to sell? Anything that isn’t necessary or can be replaced once you are caught up on your loan.

      If your credit isn’t shot from the bank toying with your for nearly 2 years, refi with another bank.

      My better pieces of jewelry I got loans on from a :::gulp::: pawnshop – In my case, staying in my house made sense and I had to do whatever it took. I drive a 9 year old car, and eat rice/and beans to the point I have lost 30 pounds.

      But, I caught up and plan to pay off this house and tell the bank to KMA one day.

      • Wendy I did what you did but my financial situation slipped through me so quick I was on my knees for a while. MY car is 13 years old and out of commission now. My credit is shot and I cannot even refinance my car again because it is only worth $500. Unfortunately I have no choice but to fix it and thats $1,500. I took in 2 roomates but that didn’t help much. My townhouse is 31 years old and in need of major repair. Plumbing, cabinets, windows and we are doing just fine without running the AC. It gets a little crazy but we deal with it. I;ve sold my couches, dining room table, TV, clothes, baby clothes but if its my debts that are killing me then I paid those down just as CHASE requested. Now they are still giving me some excuse about my debt ratios. they want me to raise the rent on my tenants when they are struggling with work themselves. Jewelry is my next shot. It holds sentimental value but thats the only thing I have that has value. Once I was 3 months behind CHASE refused my payments and till this day continute to refuse them. Yet they are still prolonging my requests. It’s been a two year battle with them and they left me stuck in an interest only loan at 7.35%. Good for you Wendy! Unstoppable and they will definitely KYA!

  19. We have been trying to obtain a Modification since Feb 2010. Denied for the same reason as you. Talk to several of the same individuals you spoke with. We subdivided our property and had contracts on the lots to sell to pay down our mortgage and Chase refused to release the leins. I am now working with a group in Maryland Called PACE, Professional Compliance Examiners, they audit all your documents from Chase and document all of the HAMP violations. Once this is sent into Chase, they can offer a modification or you can proceed to court. In every case so far none of the mortgage servicers have been able to prove that the homeowner does not qualify for a modification. Servicer of your mortgage then has to offer you some form of modification. In the state of Maryland they have to prove you do not qualify for a modification then you have to go to mediation. The banks hate this. However, none of the official who can enforce HAMP guidelines are. They are not doing their job so Chase and other services have nothing to worry about. HAMP is governed federal gov. IF the servicer does not follow HAMP guidelines they can be be criminally charged.
    So This is Jamie Dimon, he is the one that should be charged. He accepted millions of taxpayer dollars to make his books whole, yet everyone who has a mortgage with him still owes the same amount. Why is he not made to help the mortgage – because they are all white collar criminals.
    The broker who refinanced my mortgage with WAMU did not even have a license in the state of Maryland .
    WAMU paid them $22,000 to do the loan, and thousands of other predatory loans as well.
    I hope I get my day in court.

  20. NACA is holding an event at the Convention Center here in Los Angeles and guess who is NOT attending? CHASE… They have a contract with NACA but CHASE refuses to attend… Something crooked is going on and its unfortunate that CHASE will lose a lot more money by taking our homes and leaving us homeless than to help us all and give us second chances in keeping our homes. It was not our fault that the job market crashed, nor our fault that the values in homes dropped either. CHASE give us a second chance! We are asking for help and complying with all your requests. We are not ignoring you! Why do you ignore us????

  21. I just got home from a HUD event in San Diego and a last try to get someone from Chase to listen to me. What a joke – after 4 hours I spoke to superviors that would not take notes and kept looking at her watch. After explaining and explaining she finally agreed to send the person in the executive office an email.

    I have been working on a mod for 2 years, had over 10 agents at Chase, totally fell through the cracks and caught Chase in violation of several guidelines rules.

    This lady tonight actually pulled the old “investor” won’t do it.

    MY FUTURE IS IN GOD’S HAND!

  22. Sooner or later it will come to daylight that Chase do not modify loans that were originally obtained by Washington Mutual. So far I do not know 1 loan that it was a Washington Mutual Mortgage and Chase modified it. Not one.

  23. My husband lost his construction job last year and I am supporting our family on a teacher’s salary. We are making payments on a 7.95% loan to stay in our So Cal home and want to have a permanent reduction in interest. Our credit is shot, because we are making our mortgage the # 1 priority to pay each month. In Sept. my husband went to NACA in LA, but Chase was a no-show. Chase has sent us a standard letter to inquire if we qualify for their in house modification. Our home has a lot of equity and I am fearful of a “fast-track” way for them to find a way to get our home. I have been reading all of the horror stories about how they do quick foreclosures behind closed doors, using the loan mod information against the homeowner. I am afraid to pursue it, but we’re paying 49% of our gross income to our mortgage. Our loan was a WAMU, too! If anyone has had a successful mortgage modification with any CHASE loan, I would love to hear it!

    • I have or had a permanent modification thru Chase after almost 1 yr, I received a letter stating that I should have received a letter stating that I was denied because my debt ration is too high. They have been taking 11 months of payments only to hear I have 30 days to short sale or foreclose. I called the atty I was working with and he states they can do whatever they want. Now a family of 8 will be displaced with no where to go. I am filing bankruptcy, but I am not sure if this will make it worse

  24. In the month of November 2010 I will be making my 3rd scheduled payment for the approved temporary loan modification program. I was anticipating the paperwork for the permanent loan modification to arrive soon, but it has not arrived. Now I am wondering if the loan modification will be permanent and if I should continue the trial payments until I hear back from them?

    • Make sure you establish an escrow account for yourself during the temporary loan modication period. That’s because Chase can (at the end of that period) say you are delinquent for those months, and still not give you a permanent modification.

  25. I’d not miss a payment. In fact, any extra money you have, keep it to the say in preparation for the following:

    “””We were just kidding – your loan modification was declined. You must pay all arrears including interest and penalties within an unbelievably short period of time or we will foreclose on your home.”””

    If you want to remain in your home, sell your things, get roommate, anything it takes to get caught up with arrears. Find out who owns your home (fannie or freddie) and how long the allow for repayment of arrears – I was given 3 months (even though Fred owns my home and 6 months was the policy). But you know, the fkn bank wants our homes.

  26. Been trying for 2 years and 7 months for a loan mod on a former Bear Stearns loan that is serviced by EMC wo is owned by Chase. Have jumped through hoops over and over again to no avail.. Was told by David Thomas (supposedly in Jamie Dimon’s office, pretty sure that was a lie) that my loan should have been modified in June ’09 when I completed my first “trial payment plan” successfully.. Promised to escalate getting my mod completed. This was in June 2010, still not done.
    Have been dealing with my congressman, Eric Cantor’s office since August for help..They haven’t done anything as yet, but promised to go directly to Fannie Mae the week of Christmas and get the facts about my loan.. I have been in default , got caught up, been making the same mod payment now for a year, never late, under water in my home by $50,000 at least and Chase keeps jacking my balance every month almost equal to what I am paying.. It is a losing battle and my Eric Cantor’s office recommended not making any more payments, saving my money and moving.. Oh, did I mention? I have a 4 year old home with air borne mold contamination due to faulty construction so I can’t even short sell or rent it out so I can preserve my health..
    We need to get together and find a Federal Attorney who will file a class action suit against Chase.. Anybody with a connection?

  27. Well my ordeal started about 8 months ago. My husband and I divorced and neither of us can afford the house payment on our individual income. I orginally wanted to pursue a short sale. The bank’s BPO came back really high for the area. I can’t even get anyone to look at the house. With no offers, they closed the short sale file. I was told I could either let it go into foreclosure or pursue a deed in lieu. We can’t keep the home so our intent has never to be keep it since I started contacting Chase. I sent document after document- and every time I called they would tell me something different or I was missing information. Or the form they told me to fill out- was actually the wrong form. So I wrote in to do a Deed in lieu after the short sale failed. on December 9th they called and said everything looked ok and they were going to submit the paper to the “investor” and I should hear something within a day or 2. After a few weeks I hadn’t heard anything So I called- they told me it was still being reviewed only to receive a letter a few days later saying the workout option was denied because Investor guidelines were not followed. So, I called and learned that it was denied because I didn’t try a short sale first. I told them that yes I did try to do a short sale but they said because I did not submit an offer. With the house being listed at what the bank wants, it’s impossible to get anyone to even look at it. I called a few times last week and about 5 times today. I also received the certified packet of intent to foreclose on the property today. I’m at the end of my options. I have been told flat out twice that my only option is to foreclose or mail in my keys to them and surrender the property. I’m extremely frustrated and have no where to turn. I am a single mom of a 3 year old little girl. I work full time and attend college full time. I’m at a loss at what i’m supposed to do now… !!!!!

  28. Has anyone heard of a law firm by the name of K2 law. I have contacted them and they will be looking at all my documents. This is a class action suit. there is a retainer fee, but they sue chase on fraud.
    Does anyone have any information.

  29. Have any one done a mod with Chase and a year later found out the mod never was final? If you are current with your payments and Chase mod your loan and now you are facing problems, please let us know. It is so unfair to find out a year later that they denied you after you complied with all their requests. I did a mod which was supposed to be a “permanent mod” on 10/2009. I closed and apparently everything was fine. My interest was reduced from 6.8% to 4.00%. I never missed any payments and for over a year I was receiving my mortgage statement indicating the new rate. As of 11/2010 my mortage mod was reversed and interest rate returned to the original rate. Apparently Chase didn’t receive a document from my mod and they are telling me more than a year later. That is a lie because I complied with everything I was asked. They messed up my credit and put me in default since 06/2009. They are asking me for $20,000. I have all my receipts cancelled checks, mortgage statements that were correct until 11/2010. Nobody seems to be able to help me and explain me how they are going to fix the problem. All my money is being deposited in something called a “suspense” account. This was informed to me recently. A suspense account is a fancy name to say I am in default and not making the correct payments. It is frustrating trying to speak with them and not getting an answer or getting the run around. I think president Obama needs to know what is going on in our country and how the americans people have been played by these banks. He gave the banks money to mod these loans. We are not asking to forgive our debts but to get a cut on the interest rate. It is ridiculous that we have to stick with a debt when our homes have no value and the banks keep refusing reducing the rates. One thing is if we do not want to pay. But us the working class that are keeping the economic moving and are struggling to pay our mortgage do not get the help we deserved. !!! Please write back any comments. I am so frustrating, anoying and overwhelmed.
    ********************************************************
    Tengan cuidado con los trucos que usan los bancos y guarden todos los recibos cartas documentos y todo lo que firmen y reciban de su banco. No crean en bancos ellos no le importa que usted pierda su casa. A mi i me engañaron!! Me hicieron creer que bajaron mi interes de un 6.8 a un 4% firme todos mis documentos los envie y un año mas tarde me vienen con que la modificacion no fue aceptada. Desde 11/2010 mi vida se han convertido en una pesadilla. Ellos me amenazan me mandan cartas cobrandome una cantidad de dinero excesiva. Tengo todos mis comprobantes y voy hacer publico la injusticia que estan combirtiendo conmigo. Si alguien esta atravesando por una situacion similar, y Chase le hizo creer que le modificaron su prestamo y usted tiene pruebas y ha pagado dejame saber por favor. Quiero escuchar de personas en situaciones similares..

    • Any document that CHASE requests should be FAX’d from a branch (you will receive a report right-then-and-there of receipt). This service is free!! Then, the following day, call to ask if they were received. Remember, ask for FULL names of people with whom you speak.

      Also, try to get one of those HUD approved counselors to help. You will still have to be “on top” of everything. I’m still struggling with my application, but I asked my counselor to seek answers from the U.S. Treasury Department … since no one else knows anything.

  30. We have owned our home for 13 years. Due to the economic situation .. my husband’s salary is 1/2 of what it used to be.. we have been trying for a year for a loan mod and just recently, an attorney decided to help us out and step in with letters and contacts to JP Morgan… fianlly after speaking to the person who holds our home in their portfolio… the solution was for us to give them 50k to reduce the mortgage… if we had 50k, that would be fine.. but we don’t so now we are forced into short sale foreclosure… No budging… even aftter lawyer and us sending him a spreadsheet of our predicament… does not make any sense… any advice appreciated… since we are forced to foreclose and rent an apt.

  31. http://wgroup.ning.com/

    This is a place to go if your loan originated at WAMU. Feel free to peruse site for names and places as well. Gettting the word out to everyone seems to be the biggest challenge and then organizing. This overwhelming task of taking on HUGE conglomerates will make a great movie one day. Good Luck to Everyone – Stay Strong. Don’t Let the Bastards Get you Down.

  32. I have been dealing with Chase for almost two years now. I was offered a permanent modification back in Sept. 2010. My husband and I did not sign the paperwork as we counter offered due to the modification offer we received was a total joke. I was told a few weeks later that it was denied because the paperwork was sent back to Chase late. I was told that Chase received our modification package on October 4, 2010. I have proof from UPS that it was delivered and signed for by a Chase employee on September 29, 2010. How can they flat out lie to your face and get away with it. Is there anyway to bring a Class Action lawsuit against Chase? I’m confident there are enough pissed off Chase customers that something could be done.

    • I agree with that promise you help then after faxing in papers multiple times and telling you not to make payments. Then to be turned down .Then get a letter 60 to 90 days will be foreclosed. Yes there are enough of us that are pissed off and demand a change.

      • are you still here? i am in a lawsuit against chase with the exact same story . i am a vet too. can you please help me and tell your story to my lawyer …. i think it can help . Maybe both of us ? My name is Mark . you can reach me at karynbeushausen@yahoo.com.
        we need to make them answer for this .

        thank you
        mark B

    • we have a lawyer willing to help. we need everyones story to drive home all the wrong doingby this company.please email me so we can get your story . thank you mark and karyn
      karynbeushausen@yahoo.com

      • I am in the same position as all the rest of the folks on this thread. I have a big story also. I have had huge hardship in that my husband of 27 years passed away in an accident. Chase has had me chasing my tail for two years this October. I have heard all the same excuses from Chase….like one document missing, so start over. I have sent them my husbands death certificate 7 times and I am getting ready to stay up all night and fill out their meaningless paperwork again. I would like to be part of a class action suit. My e mail address is: Sheebz@excite.com Thank you.
        Sheila

  33. What is the formula for NPV? How do they arrive at a 74% ratio, how do you do that formula? What do my figures need to be for the NPV formula be good for them to approve my loan modification? I am on 17 months now trying to modify, I get this letter denying my modification saying “Based on the Net Present Value (NPV) results, the investor of your loan has not approved your modification. What do they want to see? Does anyone know the formula in simple terms?

  34. I was sold a home in 05 that was a interest only loan for the same monthly amount of my previous house $2000 a month. It turns out it was a 5 to 1 arm and not an interest only loan. (The mortgage salesman assured me this was a solid program and it was definitely an interest only loan.) The payment that I was initially told to pay $2000 a month was the lowest monthly payment not even the interest only amount. Therefore all the unpaid interest was adding up. Chase added 37K onto my loan and added 6 more years of payments. Presently I have given Chase 200k over six years and my mortgage is still 22k over what my initial mortgage amount was. I have tried and tried for a modification only to get disconnected, hung up on and told by the new person that the last person didnt know what they were talking about CONSTANTLY! Last year I was turned down for a Mod because I didn’t make enough money. So to pay for my mortgage I worked every hour of overtime I could to survive. This year I was turned down because I made too much money. I just got off the phone with the rep from Chase loan mod dept. and he said I should stop working overtime to bring my ratio down. I told him then I would default on my loan in a month and he said that’s the risk I have to take. I told him I have given Chase 200k in six years and my loan is still 22k over the initial amount. All he had to say is they hand out hundreds of modifications every day and if I was eligible they would have given me a modification by now. Am I doing something wrong? They have 200k of my money and I haven’t even broke even yet. This is a crime and the banks are crooks sucking the money out of hard working people. You cant sell your house because your’re under water and I would have to bring 50k to the table for someone to buy my house. I asked him why should I stay in the house and not just walk away which I dont want to do and all he had to say was you signed on the bottom line and you are obligated to honor your commitments. Looks like I will be renting in the near future and home ownership has passed me by. What a shame that these crooks can get away with this. Thanks Mr. Governor/Senator and Obama.

  35. I am in the same situation on this home modify with chase somebody told me that this is a joke with chase i have sent in paperwork 5 months ago never heard a thing probably lost all my paper work with my copies of my ss and retirement stubs so i called about a month ago lady took the application over the phone i have never heard a word back either they are a bunch of liars or have a very inadaquate staff what is wrong with our government with letting chase do this to people I call chase the foreclosure bank because all they want to do is steal people’s property

  36. Hi everyone, I am extremely frustrated and depressed by Chase. We got approved for the trial modification one year after we applied. Payments were made timely for another year. We received a letter from Chase last week stating that they will adjust our rate to 3% for then next 25 years, first payment due in November. Went to make the usual trial payment and Chase refused to accept. Called them to inquire and found out we are now in foreclosure. No warnings, no nothing! Can someone please provide any info possible to help our situation? We are so desperate. Thanks.

  37. call a good lawyer

  38. I did get a loan modification but struggled with financial hardship after that. I got a letter after that (after I got the letter that they were going to foreclose) claiming that they want to keep you out of foreclosure. What a bunch of crap. They are doing that to CYA. Chase has absolutely no intention on working with anyone.

  39. What a scandal this has become. It’s almost unbelievable how corrupt this banking situation has become. I have been going at this since 2008. Little by little I started asking more questions and obviously realied that the reps I would speak to were clueless, well some. If I needed answers, I kept calling back until someone gave me details and I got more than an earful of information. My lender had my home appraised by a drive by appraisal. Guess what? They inflated the value of my home by $100K!! When I called to find out why they did this when I have property tax records showing otherwise they said that they needed to present it to my investor so they can determine whether to force a foreclosure or modify my loan. that’s when I found out I had an investor (2 years ago). When I asked who it was they refused to tell me. But after 6 calls with different people and different responses I finally found out who it was. Then I asked for a copy of the appraisal and they did the same thing. They BS’d me for a month! But after 10 times of trying and calling I actually got it e-mailed-can you believe that? As I’m reviewing this drive by appraisal there are comps not even close to my home and they included a fireplace in my unit. I don’t have one! The square footage was off by 300 square feet. I was in shock! I didn’t know if this was a good thing or a bad thing. Either way I wasn’t going to stay quiet about it because at this point it will only haunt me sooner or later. No lies!! I don’t want to live in guilt. I already live in fear. In fear because these banks can do what they want! YES THEY CAN!! Whether I have an investor or not. It’s scary and most of all depressing!! WHo do we trust, who will be responsible for this? I want my home. I love my home! MY credit is ruined and I can’t even qualify for a $100 credit card. No savings, living pay check to pay check, single mom.

  40. Please call me, we need to rally against these banks 424-250-5332
    sign,
    another mom, living in fear
    Lily

  41. I’M NOT GOING DOWN WITH THE SHIP, I SERVED THIS USA AND WE ARE GOING AFTER THEM WITHE THE BEST LAWYERS AND MY LAST DIME, IF I DON’T WIN THEN I’M MOVING…THIS COUNTRY IS GOING TO HELL IN A HAND BAG….

  42. Who can I trust to help with a modification. Chase gives me a different answer every day.

  43. I applied for a modification. After two months I was told I needed to be applying for the “unemployment program”, not a modification. More paperwork, more frustration, more rude, uncaring Chase employees. I received a letter of denial basically stating I didn’t qualify because the investors didn’t want to work with me. That same week I went to Chase’s “Homeownership Event” in Orlando. After a three hour wait I spoke with a counselor, and returned the next day with all of the additional paperwork he requested. The following week I received a FedEx from Chase asking for all of the documents I HAD ALREADY PROVIDED IN PERSON! Pissed off, and not willing to play the phone game again, I took everything to the Chase “Homeownership Office”. The receptionist looked at my loan info on the computer and proceeded to give me the toll free number to Chase. I insisted on speaking to someone there. A young man took me to an office and listened while I complained. I showed him my packet from the “event” and explained that they did, in fact, have all of the paperwork. He complained several times that I should have made an appointment to come in, even though the website states no appointment is needed, so I called him on it. He explained that when people just walk in it interrupts his “work”, but that he gets at least five or six people every week walking in. After realizing I wasn’t going to be blown off, he admitted that he had no way to contact an underwriter and that the only way he could communicate with anyone was via email. He stated that he was frustrated as well with the process and the never-ending complaints as well, and all they were told to do was document the complaints to their manager…who was at the gym at the moment.

    So, I continue to wait…not expecting good news.

    • That’s rich. I too was put on an “Unemployment Program” after attempting a modification for a year. 6 months later I was denied but with a much different excuse than the one you got. I was denied because I was….wait for it…wait for it……UNEMPLOYED!!

  44. Hi..I am currently involved in a class action suit against Chase in New York. The attorney representing us is looking for more plaintiff’s. If you live in NY and are in a trial payment plan and were denied a HAMP modification please contact
    Lewis B. Oliver, Jr.
    Oliver & Oliver
    Attorneys at Law
    156 Madison Avenue
    Albany, NY 12202
    (518) 463-7962

  45. Tried to modify the Chase mortgage in Feb 2009, logged in 450 phone calls till October 2009 and refaxed documents 4 different times with constantly having to submit new data. Miscalculated income and denied Nov 2009. Probably another 150 phone calls, certified letters to Jamie Dimon and being given to someone to do the modification and never hearing from that person for 5 months after repeated phone calls and certified mailings. Filed for Chapter 11, house was about 400K underwater since late 2008 and still remains about the same. Under the HAMP rules if your house is your sole residence and even if you run a business out-of-it you are not able to cramdown the 1st mortgage to the current market value; is only on rental property and such. Is there anyway around this, because Chase has no intention of locking the interest rate to a fixed rate, all they want to do is foreclose. Talked to several ‘high-ups’ at HUD, they said since it is a conventional loan they cannot assist or help you with the modification. I did speak with a investigator with HUD, and he told me all the stories about these lenders are the same, that he is so sick hearing the same story over again. Many people mention a ‘class action suit’ but that won’t remedy the situation, just makes the lawyers rich and doesn’t resolve your problems with the lender. Can’t we get an attorney like a Jerry Spence or Thomas Mesereau to take one case and set a precedent so when the banks refuse to copperate it leaves the homeowner a way legally to do this? I asked my attorney if there were any cases where cram-down was used on a primary residence, he said no. Is this true?

  46. My opinion is that when you go for a class action and settle out of court they get away with it. A gag order is issued and the rest of us are in the dark, I think that if everyone went for a class action and went all of the way so that when its settled, the case is published any one who fits in the same category is able to get in on it.
    Lets face it our government isn’t really helping us, I personally have filed complaints and been through the same as the rest of us here, I have signed petitions. I could sit back and let them get away with it or do something. My only recourse is a class action at this point.

    We gave these banks bailouit money and they in turn payed out all of these big bonusses, they get paid for every application that is filed. How many applications have you all filed. I know that I have filed over 10 every month faxed over updated financials, I don’t know if they consider that a new application and get paid for that as well. The only ones who reep the benefits of the hamp are that banks. They deny the apps and then get paid to do it.

  47. Yes, l do understand what you are talking about l wonder how many people got stressed out and sick from this gruelling nightmare.Let me know what your intentions are? Monica

  48. They will have my home soon. Neither Modification nor Chapter 13 worked for me… I will soon be another homeless veteran…

  49. Hi, I have been denied for a loan mod for my fourth time, and they have stated multiple reasons each time – the newest one was because our surplus is positive 5.5%. We have been instructed the past 2 years to not make payments and have a new balance of $48,500. Our house was purchase with 10 years worth of savings working 2 jobs each. Our goal was to save and get a home for our family of four which was a success, but now we are going to lose it…
    My questions is what should i do? My wife works two jobs as a LVN – nurse and i have lost mine and regained a small one earning practically nothing @ 1800 a month, but again its income, I as well have crashed and burned with my credit at a 545…I see cases here that say file bank bankruptcy but many have also said it made no difference, my loans have already been charged off, others are late but being paid. My wife has no loans and figure if we separate which because of the stress over the past two years is already happening – it will help – as in – release my debt from her, and she files as an individual with the house gifted to her from me – with no credit card debt, and only her income accounted for.. My goal has been to save this house for my kids and her and I am willing to do anything. If any one knows what i should do please please help me….

  50. DOES ANYONE HAVE A GOOD LAWYER OR CLASS ACTION FOR NYC PROPERTY?

  51. If you are in new york state, Lewis Oliver 156 Madison Ave · Albany · (518) 463-7962. I am working on a class action right now. Looking for people in New york State that were put on trial period, made payments ontime and then denied.

  52. What about california we have same problems in this State.?

  53. I am SO sick..They are literally making my blood pressure OUT OF CONTROL! I jumped, skipped, said THANK YOU. After a YEAR and a HALF. They seny me a 400 dolar INCREASE in my payments and said I had a $1000 a month to spare? Where is it? I’d like to know. I am told I must start this ALL OVER! I get 100′s of pages of documentation from them that is incorrect, incomplete, or just plain jibbrish and I AM A DEADBEAT. There HAS to be a answer. HAS TO BE!!!!!!

  54. This is my history with WaMu and then Chase.
    I have been trying for a modification for 3.5 years. In this time I filed 8 applications which were all denied. For example; paperwork missing, borrower could not be contacted, income too small. I faxed all of my paperwork within the 15 days, I gave them several ways to contact me. The income that they showed was not my income, which I PROVED with statements and letters, the spread sheet that they sent to prove their point did not state my income correctly. Someone just put in random figures and had the balls to send it to me.
    I was denied because they claimed they sent me the paperwork for the trial mod. After 3 months of arguing with them they admitted there was no fedex package sent, oop reapply.
    They imposed the lender homeowners insurance on my property which was 6,900 a year. After which they approved me for a trial mod, but I refused and told them Knock off 500 a month and I’ll get my own insurance @ 1000 a year, their reply – deny.
    This last December of 2011 they denied it again for missing paperwork. After I called and spoke to the person that “helps” to establish if you are eligable for a modification, and she took all of my numbers, she informed me that I probably will not get a modification since I am so far behind. Whose fault is this. They stall and stall, than offer me a shi**y deal, and I have to take it?
    You decide if they really care to help people out?

  55. Please contact me immediately! there is help!!! suite.lily@gmail.com (424)250-5332

  56. we are still going through it since 2007 since we found out the owner did NOT pay taxes and chase doubled our payments… so much to tell, needless to say a rep just told me this week that they will “play” with our numbers…the last financials we updated weren’t even what we faxed them!! they had 150 for drycleaning and we don’t even use a drycleaners we have a family of 7…i have written the OCC the AOG and the President… now they are saying we might be foreclosed?!

  57. Im just wondering why JPMorgan is not getting sued for all the malpractices that WaMu did (predatory loan practices), don’t we (former WaMu loan) need to get TRUE/SERIOUS consideration to modify our loan? (Bank of America settled a big lawsuit).

  58. I received a loan from Wamu in 2005 for 420,000 The loan officer said it was a interest only loan and my payment would stay the same as my previous mortgage. After a few months I noticed my principal going up when I called Wamu it turned out he quoted me the lowest
    Monthly payment not the interest only payment. Therefore there was $800 dollars acruing each month in unpaid interest. After the whole million phone call thing to Wamu and the run around each time they agreed to do a modification that added 40,000 to the loan and interest payments that ramped up each year. Now the loans principal is 460,000. After a four years of payments my wife lost her job and we blew through our savings and 401k the interest payment reached a point that we had to foreclose or try for another modification we received another modification after endless lies and non accountability of any sorts. The same thing they added another 13,000 to the loan now its back upto 455,000 With interest rates that ramp up each year. However the day before we received our modification we received a letter from Chase saying we were denied the modification for numerous reasons. The next day we got an approval letter. At this point we signed it and it went through not asking why we received the letter informing us that we were denied since foreclosure means to pull our kids out of school and to move to another town since there are no rentals locally. We went through the documentation and wouldn’t you know in large print was the terms of payments for 30 years that were somewhat practical even though the interest rate would go up three times in five years but the kicker is in small print on a multi page contract that there is a balloon payment of 265,000 after the final payment???? I put 50,000 down and have paid 150,000 in several years that is 200,000 with a balloon of 265,000 and thirty years of payments at 2000 to 2600 a month. They have ruined us financially but while we can we do not want to uproot our kids and with no money left for a down payment we are stuck. It is a crime what these thieves have done and they hold all the cards. If someone can help I would love to talk to you.

  59. I had Washington Mutual then they sold my loan to Litton who then sold it to Ocwen! I had to file Chapter 13 to keep my home in 2009 ! Litton refused my request for a modification and now so has Ocwen! I have an 8.5% interest rate on a 137,000 home and my payment is over 1300 a month! I finished the bankruptcy this year but do not know how much longer i can hang onto my home! I cannot believe this mess! I have spoken to more people

  60. We were approved a few months ago for a modification from Chase. Nothing was forgiven, we now have a separate loan for the 7k we were behind. We want to sell our house and downsize, we went into a Chase location and are waiting to hear back to see if they will work with us in obtaining a new mortgage. We are looking at a home that is $210k and currently we owe $292k PLUS an additional 7k on this house. Is it true your credit takes a hit as if we’d filed bankruptcy? Anyone have any idea if they may work with us? The guy there advised us NOT to do anything where anyone is looking into our credit, so we have not yet visited a local mortgage company with in-house underwriters. We lost my income when the company went under a few years ago, and have gone through all our savings. Costs of gas, tolls, health insurance have greatly increased in 2 years as my spouse’s job closed and the company kept him but he commutes over 150 miles a day. We just cannot keep up and want OUT of the house. Our payment went down $400-500 a month, and without an increase in income (which we do not see happening with a houseful of little ones) we don’t see how we are ever going to get ahead.

  61. I have been trying to get a modification with Chase for over two and half yrs.. I have sent my application in no less than 6 times. Every 2-3 months my case is re-assigned to someone new, who requires I basically start over. I do know in most cases it’s the investor that is the bottleneck, preventing an otherwise straightforward process from moving quicker, alas I’m relieved to know that my case has just recently been moved to a local office. Where it began nearly 3 yrs ago. Who knows, maybe it’ll all work out?

  62. We have been trying for over 3 years I think close to 4. My husband was unemployed for 10 months during that time now is employed and still nothing. I have no idea what to do. We have an attorney and its still not working. We are only 4 payments behind and are at a place now we could pay our payment if they would just let us tack those 4 payments on to the end of the loan. Thats all they have to do. We have had the house for 12 years and never been late until 2010. Such a scam to me whoever it is the banks, ceo, investors. They should be ashamed of doing this to us working class people. We aren’t asking for the world here CHASE.

  63. Hi, if I were you, I would sell everything that you can to come up with what you owe on your loan for back mtg payments and send them in Western Union. Immediately. That is if you want to keep your home. If the modificatoin does not go through, which is often the story, you can resume your loan. I had started loan modificatoin and was 3 months behind when I decided I was going to be refused and the “give us all your back mtg payments immediately or we are going to foreclose” was going to happen to me.

  64. Lisa kasbarian
    4129 FERN GROVE CT.
    MODESTO, CA. 95356
    Loan # 3012472001

    Due to my head anurizym. iam not able to make the payment. and chase was trying to modify my loan. I was denied. so i reaplied once again. I Asked them if they postponed the selling date so they did to September 17th 2012. I Called them on september 9th to get an update. Fresno office. the loan officer was Frank C. I was told no one has been assigned to my file as of yet…ALL i have is 10 days for my house goes to forecloser…NOW MY Question is…. If Chase s not helping or working with people like me. Who are they helping …I DONT UNDRSTAND. I always had a perfect fico scores always on time with my payments… till now.. and the sad part they kick me out of my house. then selling the property to somone else half the price..why not let us stay for that price,, So please help us.. not to file my papers in the trash can…

    Thank you
    lisa kasbarian
    209-602-5322

    • Be prepared to pay all arrears to this bank if you get denied or they will rip your house out from under you. Sell your jewelry, get a roommate (300 plus deposit of 300), have yard sales and sell all the stuff that has any value, sell it on Craigslist, at pawnshops, get loans on things you must keep because they mean too much (precious items). If you love your home and want to stay there, pay up all arrears while working on this modificatoin. Send them in via WEstern Union. Follow the payment (which can be made on line) until it reaches your account and if it does not reach, call them and ask them to put it towards the mortgage.

      I had breast cancer, lost a job and my brother/mother all in 6 months time. I fell apart of course. Emotionally I was a zombie. Chase encouraged me to miss 3 payments to “get to the front of the line for modification.” Well I did. It only took me a few months to realize this bank was doing everything it could to get me out of my home because i had 50,000 of equity in it (at the time…it’s gone now too).

      I did what I just described. Got weird people in here to rent rooms, sold everything but the kitchen sink, and began eatnig rice and beans, lost 25 pounds in fact. While going through the mod….I sent in extra money each time and had it applied to my mtg payment history each time it was enough to apply. I did this and when the guy said to me” “Have you ever thought that with your income, you should probably be renting a cheap apartment or a room in someone else’s home?” I backed out of the mod program.

      These are not nice people. They care little about you. In fact, there is contempt toward customers which is well known.

      Unless you want to move, don’t fool around. A modificatoin can take place without arrears. This is how they get you out of your home – having a person owe substantial sums of money because of their program and then when it is denied, all past due monies are demanded immediately.

      Good luck. Renting is just as expensive as my 800 month mtg. And I had put 20 grand down on my home 12 years ago. When the a-hole said that to me, I decided I would pay off my home, my car and my bills and never get a loan for a TBTF bank again.

  65. Bank of America is working with there clients… much better then CHASE..CHASE Doensnt care

  66. Anybody know of any kind of Class Action suite in Missouri… I have read all of your comments and have had the same luck with Chase. I have been dealing with a modification for the last 1yr with a denial of a modification loan.

  67. We are from Iowa and its been almost 3 yrs loan modification ,paper chase from Chase Lets all Unite & demand Our New Senate Make Chase do their Job Or NO MORE OF OUR TAX MONEY FOR JP MORGAN/CHASE!!!

  68. Here is a dumb thought. Is there any way for all involved to plug this site and the evidence (these complaints re: Chase) to the WH, Congress and other regulatory agencies? We are signing to each other and others, like me who just happen to hit on this site. I have been through the “endless, empty hole” with Dimon and his minions to the point of filing and letting them have this place.

    There has to be a “techy” among the networks of this group that can pull that off. That way the people who should be helping us will get the the “real, rest of the story” and hopefully act.

    • hi we have a good lawyer and we are going to trial soon. we could really use your story. could you please email me your story about chase @ karynbeushausen@yahoo.com
      we could use some help like you said . maybe it can help more people too. thank you karyn

  69. We have tried for two years to get our a home modification. About once a month chase would call ” everything looking good u should know something soon. Two years later received a letter that said we were denied. They haven’t heard from be I’m not going down without a fight.

  70. I WAS JUST THINKING THAT IM THE ONLY PERSON THAT CHASE WONT HELP WITH A MODIFICATION. IVE BEEN ON MEDICAL LEAVE FROM MY JOB SINCE DEC2011. IM PROBABLY 4 MONTHS BEHIND. I DONT UNDERSTAND CHASE WHEN I WAS WORKING I MADE TO MUCH NOW IM NOT WORKING I MAKE TO LITTLE. IM AT MY ENDS ROPE.

  71. Sign my petition at whitehouse.gov that specifically mentions JP Morgan Chase http://wh.gov/UpYz Thankyou!

  72. By now, everyone should know…the banks want your home. They want do redo the paperwork and refinancing/modifications are the way to do it. Unless you have a perfect situation, by the millions of stories on line, you will not get your modification. When you are denied, every cent you owed, when not paying, is due immediately. You can only hope that they will reinstate your prior loan and allow you to resume it. Otherwise, prepare for foreclosure. When you are modifying, send in all money during the months of the review or keep it in a lock box because without it, you will be looking for a new place to live. Contact an attorney if you are facing foreclosure and are concerned about illegal activity.

  73. THATS JUST GREAT. SUICIDE IS ON MY LIST B4 / IF I GET THROWN OUT MY HOUSE.AS A DIVORCED MOM OF 3 IM AT MY ENDS ROPE.ATLEAST MY KIDS CAN GO STAY WITH THEIR DAD HE’S GOT A HOUSE OH YEA DOESNT HE OWE 20,000 IN BACK SUPPORT. PLEASE WHAT A JOKE I’LL NEVER GET IT. JUST JOKING ABOUT THE SUICIDE I DONT WANNA END UP BACK AT ST.E 7TH FLOOR NEVER

  74. i just signed. pls people, lets get signatures! we have until Feb 2nd to get 25k signatures

    http://wh.gov/UpYz

    • This petitiion expired.

      The White House ahs increased the number of signatures required to move a petition forward – doubled it, if I recall. This only makes me realize the govt elected by the people, for the people and of the people is not working for the people. Campaign donations which are making politicians wealthy men and women have now taken precedence over the individual voter, which can only mean voting is irrelevant, must be rigged; otherwise, the politicians would be on the voter’s side.

  75. Don’t be doing yourself in. There are millions of us struggling with a way to keep a roof over our heads. Room mate from craigslist for instance is one answer for now.. Don’t give up.

  76. I have felt like giving up for a long time also, I have a mortgage thru JP Morgan Chase and my sale date is on March 4. I have been trying to get a modification since 2009 and have been denied. Ive also been ripped off by 2 different law firms for over $6000. I went to work one day and they had just locked the doors, then my husband left and moved to another state, I had my car repossessed so from where I live with no public transportation made it almost impossible to find a job but I don’t have enough hardship either. On March 4th my house is up for auction and even though \Chase got all this money I can’t get anyone to help me try to get this house back. My four dogs and I have no where to go and almost no money to go with. II was a victim “robo-signing, and I believe have “forged documents” I know my mortgage has been sold to other companies along with other illegal activities and it seems like no one cares about that. I think that when the judge said that Chase had to give all that money to home owners, I think Chase shouldn’t be able to pick and choose who should get the modifications I think being that Chase and other banks have been so greedy to get all this money from homeowners, I believe the judge should have hit the banks where it hurt and award the homeowners their homes!!! FOR FREE!! Then maybe the banks would have learned their lesson. Now that would have been a win for homeowners, because from what I have seen with my mortgage company and from what I am sure many other people agree with me this isn’t a win for us, the banks still win and are still getting to choose!!!

    • What state are you in?

      I am in Calif. Central valley. If you want to figure out a way to get here with your 4 dogs, and can rough it out, for the sake of your dogs (i have 3 dogs/3 cats), we can manage something so you can keep the dogs, and figure out what to do next. I know if I lost my pets, well, I’d have little left since I have no kids and my immediate family is gone now. I

      I am middle aged woman, work in medical documentation area which is being outsourced in lightening-fast manner to India. However, so far,
      I have held onto my property by some miracle. I have lived here 14 yrs. Put 20 grand down on it and if I lose it, will probaby never have opportunity to get into a home again. Breast cancer treatment took all my spare money 6 years ago.

      Am a paycheck away from the street but kept up with this mtg when I realized the modification I was in was setting me up to take my home (forebearance).

      Now, I get a FEDEX truck come to my house twice with refinance papers to a lower rate but I am too frightened to deal with the bank; I do not trust them. But I have bad mtg to and I know they want to rewrite it to clean up their trail of excrement from their “savvy business deals.” When the president sides with the banks, and the banks are clearly corrupt, we don’t stand much of a chance.

    • try the foreclosure review website they can probably help you also none as the OCC

  77. Im so sorry to here your story . Chase also screwed me over. I wrote to oprah ,Ellen, Majic, Anderson cooper, Gayle King, Jane Fonda. I went to Catholic charity, Beyond hope, Urban league, begged on the internet, that some one would expose Chase or help a divorced woman in need. I got nothing no help. Ive worked since I was 16 some times 2 jobs at a time.Im 40 and since the docs decided I cant work Im on medical leave. This all sucks, find away 2 help yoself becuz there is no help.

  78. 559-623-9265 is my number if you want to call and we can troubleshoot solutions. We are complete strangers but you sound just like me so I feel like I know you. I am in Central California. Califradmt@aol.com is my e-mail address.

  79. Linda, 3/6/13
    I too for the past 3yrs tried to modify my OPT 1 arm loan. IT is frustrating when you gather all of the information needed just to be let down over and over again. I sometimes think that if I would die my house would get paid off with my life insurance, and my two kids wouldn’t be threaten on loosing there home.

    • Your kids need their dad close to them more than a house. It is easy to create another home. Home is where the heart is.

      Best to escape from the stress of this; even if it means renting if it comes to that. I have read people who are trying to pay off their mtg and finding it being stalled in unbelievable ways…intentional almost…but why? Toxic loans that need rewritten and rewarding the banks with fees and subsidies is just part the problem.

      Your kids need you here. To protect them just by your presence.

      Just know the banks are after all of us here in the middle class. We are all aching inside; stress is tremendous and exhausting. I wish we could talk to each other about this but it seems to have become a taboo subject. Strange days.

      If it is okay, zerohedge is a site you can find angry American men who are sizing up the situation accurately and sharing/venting; men should do this so you do not feel so alone, go here and read comments http://www.zerohedge.com – don’t hide your fear, anger or frustration (bad on health).

      Try to find a way to alleviate, jogging, swimming, something…kids are adaptable (I went to 4 schools and did okay after that hell).

  80. I have been fighting this same battle. Today I faxed the last 29 papers to try and modified mortgage.

  81. There simply MUST be an answer to the frustration, pain and insanity JP Morgan Chase has inflicted on all of our lives. The Internet is replete with story after story after story after story of the injustice so many good, honest, hard-working Americans have suffered at the hand of this bank. I am one of the so-called “lucky ones” who miraculously received a modification after 2-1/2 years of faxing, re-faxing and re-faxing papers over and over again and countless letters and hours on the telephone. Unfortunately, however, my modification terms SUCK, but I simply had no other choice but to accept the deal after my daughter was hit by a drunk driver in late 2011 when I dropped everything to be with her in ICU for 3 months 500 miles away, the note on my second was sold to a “shark” who flips houses and foreclosed because I wasn’t current on my first with Chase because they drug out the modification process for so long, after which I had to file a Chapter 13 to save my home. I’ve got a huge file with thousands of pages of from my dealings with Chase and have been researching my options to sue them before any statutes run. I know that a class action is NOT the answer, because the people like us who deserve to be compensated rarely receive much due to all the legal fees. Even though I have a modification, my problems with Chase are still continuing. Simply put, I never realized that a mortgage would become a full time job. Ugh!

  82. We filed bankruptcy over a year ago. Chase comes up with we missed 11 out of 12 payments. So I repeatedly faxed my information from my bank proving we made the payment. Year later we have our final hearing April 30 to see if we got denied mortgage modification. My nerves are shot. Trying to stay strong but I have a feeling we are moving

    • I just lost my home with CHASE after 19 years, I’m heart broken.
      They never modified my loan.

      • omg im sooo sorry to hear that, we have started the process of trying to modify again. apparantly action has been taken with chase because they have screwed over sooo many people, i am hopeful that we will get this resolved this time around.

  83. Yea JPMorgan sucks. I because ILL last year and had to go on medical leave all they want is there money. Im currently on a repayment plan of 3200 down and 1300 a month Im gonna have to become a bankrobber to pay that

  84. I was denied from HAMP but Chase sent me a letter that I am qualified for their “in-house modification program.” I am doing the 3-month trial period right now. The process took me over 2 years!

    • Did they tell you why you were denied the HAMP modification? I fought Chase for a loan mod for almost 3 years and finally was told I was qualified for the HAMP mod. I made my three trial payments and they modified my loan with principal reduction, Interest rate reduction, cut my monthly payments almost in half and included my taxes and insurance in the payments. Hope you have the same luck.

      • Thanks, KG!

        I was sent an acceptance letter for the in-house program then I received another disqualification letter for the HAMP program. I am still in the trial period but I have already made two payment. The new payments will be less than half what I used to pay and it includes taxes and insurance. I believe the interest rate is reduced.

        They told me I was not qualified because my expenses to gross income ratio is not in the 30%-40% range plus I have too much equity in the property.

        There is another side-story though….. Apparently Chase (as the servicer now) and the new investor, CapitalOne, were not talking to each otherl. While I was approved for the in-house modification, a foreclosure proceeding was filed in court! I called the law office that represents CapitalOne and they sent me an email confirming that the foreclosure proceeding is on hold pending the loan modification outcome. In the meantime, the service processor told all my tenants not to pay rent because the property is in foreclosure…. Anyway, I have some money saved up, so I can still pay the new mortgage for a year without any rental income. I have started the eviction process for the holdover tenants.

  85. omg, im glad we arent the only ones getting screw by chase, my story is the same as all of you, they set u up to fail…i am now waiting to fill out paperwork and having h.o.p.e help me deal with chase..we tried 3 yrs ao and endless amount of paperwork….repeated over and over to get the run around, got denied….not i am trying again fresh…..good luck to everyone, if we could cut this mortgage in have, life would be great!…

  86. You are right, it’s not the Bank, it’s the investor. Well guess who my investor us…CHASE!

  87. In my post on 4/17/13 I forgot to put in a plug for NACA. They are the ones that got the ball rolling on my HAMP Mod. Their process and website are a bit unwieldy but they definitely got Chase’s attention in my case. Good luck to all involved. (not chase. they don’t seem to need it) KG

    • NACA seems to be helpful. I went to one of their seminars. They said banks have separate groups just to deal with NACA applicants. Results are much faster and usually more positive.

  88. I passed on modification after reading horrific stories here and elsewhere numbering in the tens of thousands. So I have a loan that may have originated during the robosigning.

    Chase Bank sends me via UPS invitations to refinance. Every 2-4 weeks, the truck drops off a packet. I think they want to refi my loan to remove the document and get it erased via this approach.

    However, my credit is ruined so I’d never be able to be approved. I wonder what they will do in this case – divert my payments? Push me into foreclosure and allow this loan to exist (2006 refinace and then again in 2007 as I had 100,000 in equity and got lower interest rate while taking out equity to pay for breast cancer care).

    Anyone being bombarded with refi offers from Chase Bank?

    Thank you Wendy

  89. I did not mention in my April 7 post that I had filed bankruptcy and I was discharged by the Bankruptcy Court in September 2012. Since that time, I noticed that there was a difference in the approach on my loan modification by Chase. Namely, they assigned me a new representative who followed my application until the end. She called me almost every week to update me on the progress. The last call I got from her last week was that the closing of my property will be sometime this June….

    I am not sure if the bankruptcy has anything to do with my loan modification or if it was just a pure coincidence….

  90. I heard the same thing. We are trying to mod now after horrible experience 3 yrs ago..
    What bothers me is if you add up all your pymnts to them, they already got their $$$ it is all interest.they aren’t losing a dime..I wish I had a totally different mortgage company..fingers crossed I will have better luck this time.

  91. Chase called this past Thursday…. Telling me that the closer has closed my property. The final documents will arrive on Monday by 3PM. I will have to go over them and if everything is correct, then I will have to sign, notarize and send them back. The modification will then be finalized and made permanent. The interest rate would be 2% for the first 2 years, 3% for the third year, and 3.625% for the rest of the loan. It translates to about $2200 less than the original payment every month. What surprised me was that there was no change on the maturity date. It’s the same maturity date as the original loan.

    • Julius, Were you behind on any payments, interest or late fees? If so, chase will usually tack those on to the the end of the loan as one huge payment to be added to your last payment on the loan. If your mod agreement is as you stated in your post and your loan maturity date is the same, I’d say you’re getting a heck of a good deal. My mod was setup as another 30 year with all my arrears tacked on to the last payment. I’ll be 93 years old on that date. Talk about getting fresh blood from a dead turnip.
      KG

      • Chase stopped accepting my partial payment around the end of 2011. So, I figure that I am at least 18 months behind in payments. I did not ask the question about if I have to pay all my arrears in one lump sum at the end of the loan. I will be receiving the loan this afternoon. I will go through it and get back to you after I have reviewed the entire document. I did a rough calculation. I will be paying roughly $650K at the end of the loan. While I owe about $550K. A $100K in interest in 20 years. Does it sound right?

      • KG, sorry to take so long to reply…. Yes, you are right. There are two large sum of payments at the end of the loan. One is about $150K that they are not putting any interest on and the other one is the balloon payment of about $300K. Was I surprised when I found out? Yes, a little. However, I wasn’t totally unhappy.

        I owe Chase less than half the present value of my property. I could have sold the place, paid back what I owe Chase and still walked away with a large sum of money, which, incidentally, equals to the large payment that I am supposed to pay at the end of the loan. The purpose of the modification is to prevent the foreclosure, have a place to live and profit from the future appreciation of the property. At this point, all three of these objectives have been achieved. Now, I have a 2% interest rate and the rate will never go beyond 3.625%

        An additional “wind fall” of the modification is that the property went from having a negative cash flow to a positive cash flow of over $2K a month. I think I would use the extra cash flow to pay into the jumbo payment….

  92. Chase stopped accepting my partial payment around the end of 2011. So, I figure that I am at least 18 months behind in payments. I did not ask the question about if I have to pay all my arrears in one lump sum at the end of the loan. I will be receiving the loan this afternoon. I will go through it and get back to you after I have reviewed the entire document. I did a rough calculation. I will be paying roughly $650K at the end of the loan. While I owe about $550K. A $100K in interest in 20 years. Does it sound right?

  93. Well after 3 years of jumping through hoops, learning way too much about paperwork and listening to a lot of nice words from endless departments bs, then driving 2 hours to a loan modification center, to passive blablabla, I got my modification from Chase in NJ. Same rate 5.9% and $45 dollars a month lower, about the same amount in late fees. Of course just lost my job part-time job, second income last week. Now all we have to do is make sure the old cars keep running, knowone gets sick, no more hurrricans or other natural distasters
    and nothing happens out of the budget.

    • Did you get a HAMP modification or a Chase in-house modification? It doesn’t sound like such a good deal to me but at least you’re still in your home. Good luck!
      KG

  94. well, im excited to say that after trying to modify again after they screwed us 3 yrs ago was successful! we went thru our local housing authority group and they submitted it for us and chase actually didnt pull any trick like last time and we got it reduced $320 a month..yay

  95. My husband and I filed bankruptcy 2 years ago, but we kept our house. Chase decided to call my lawyer and said,” they have missed 10 out of 11 payments.” We sent proof that we had not missed but 1. Ever since then we have been going round and round with Chase trying to get a loan modification. My stomach is in knots everyday, and so on
    Keriphillips10@yahoo.com

  96. has anyone done a loan mediation with Chase in 2014?????

  97. wondering what Chase is doing on loan mediations ?? What are the IRS ramifications since we didn’t sign mortgage forgiveness act in 2014??? Help!!! Im going into mediation this week with Chase– anyone getting principal reductions or forgiveness on arrears??

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