Chase Home Ownership Centers are not decision makers!

April 20, 2010, 11:25 am: I asked Jason Papa what the function of a Chase Home Ownership Center was and if I should drive there for a face to face meeting. He said “anybody active we can’t take”; we “originate and monitor applications” and “we are not decision makers at the Chase Home Ownership Center”; he went on to say they were a “contact point” for the consumer. He remembered my loan and requested permission to pull the file. I agreed and we talked about the situation.

I wanted clarification on “too much equity” and the 30% formula Jacqueline Ham from the Chase Home Lending Executive Office had provided on February 12, 2010. Jason said if my monthly mortgage payment was less than 31% of my monthly gross pay I would not qualify for HAMP. I reminded him my loan did not qualify for HAMP regardless, but I was asking about the equity formula, not the relationship between monthly mortgage payment and monthly salary. I also made it clear my monthly mortgage payment was far greater than 31% of my monthly gross salary. Jason was stuck on HAMP and referenced the $727,750.00 cap. (I didn’t bother to point out that in Cape May County, NJ the cut-off was $487,500.) I jumped in and said it was not about HAMP. I was asking about the Chase in-house program – I thought Chase had another program, an in-house program that he’d mentioned in our January 5, 2010 call.

Jason said I’d been denied (in August 2009) but I could always “apply again if my situation changes”. I said my situation had changed; my savings were depleted and I was pursuing the 12/11/09 loan modification application allegedly underway. I said an interior appraisal had been done on 4/1/10. Only then did Jason realize what I was talking about and he said he could not help me. I persevered and asked about a face-to-face meeting with a decision-maker; Jason said “no one meets with the decision-makers” (Nobody gets in to see the Wizard, not nobody, no how!) and the decision-makers “don’t write a lot of letters”; “they only send one when the decision is made”.

Based on my attempts to get a copy of the denial letter allegedly sent 6/30/09 and/or 8/25/09 for my 2/24/09 modification, I knew this was true. Chase put as little as possible in writing, thus continuing the opaque banking practices and predatory lending schemes devised by Washington Mutual.  I thanked Jason for his time and we ended the call.

Advertisements

One Response

  1. If you are up to it, I have some ideas about how to get your story in the press and more in the eyes of the public. you don’t deserve to be going through this and definitely not alone.

    Let me know.

    Don’t forget that we are all rooting for you!

    Best wishes,
    Lauren

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: