Chase Home Lending – thirteen months in a bad relationship

March 24, 2010: Today marks thirteen months since the day Chase/WaMu first received my request for a loan modification. Back in February 2009 I wanted to get in front of my financial situation. Having suffered a 50% salary reduction in May 2008, I was still employed and supplementing my income with a freelance job; by using savings I could make ends meet, but unless something changed, my savings would be depleted by February 2010. 

The responsible thing to do was to speak with my lender and renegotiate the terms of the loan. No reduction in principal, just a reduction in interest rate so I could ride this out until my salary increased. Since I had no other debt of any kind, was not underwater and the Chase/WaMu loan was my primary and only mortgage (no home equity loan or second mortgage), this seemed like a reasonable request. 

Reason, however, seems to have flown out the window at JP Morgan Chase. Although JP Morgan Chase employs over 200,000 people, not one of them including Chase Bank’s Mortgage Unit CEO, David B. Lowman can provide a straight answer or a loan modification. After thirteen months I’ve drained my savings, devastated my once decent credit rating and spent countless hours chasing answers, yet I can’t get anyone at Chase to meet face-to-face to resolve a loan work-out. It’s a predatory loan and a bad relationship. The resolution to a bad relationship is to walk away and put it behind you, but I can’t. This is my home, and I just can’t walk away.

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