Chase, can you hear me now?

Posted on May 3, 2010 by Cooler By A Mile

April 15, 2010, 11:13 am: Called Olga at JP Morgan Chase Home Lending Executive Office; she was not in so I left a voice mail seeking answers and also sent her an e-mail, copying Doris B. at CCCSDV.

April 17, 2010, 12:12 pm: Called Olga at JP Morgan Chase Home Lending Executive Office; she was not in so I left a voice mail seeking answers.

April 18, 2010, 12:20 pm: Called Olga at JP Morgan Chase Home Lending Executive Office; she was not in so I left a voice mail seeking answers.

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House Committee on Financial Services Chases Answers

Posted on May 3, 2010 by Cooler By A Mile

April 13, 2010: David B. Lowman, CEO Chase Home Lending, speaks before the House Committee on Financial Services and tells people who can’t get answers to come to him. Unaware of this, I decide to share my over thirteen-month saga of chasing a loan modification and launch a blog. I truly do not know what else I can do to get a decision-maker to speak with me about modifying this predatory loan devised by Washington Mutual and perpetuated by Chase. The mortgage servicers seem to have no interest in actually helping people and I don’t know why.

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The chase continues for a Wamu/Chase loan modification

Posted on May 2, 2010 by Cooler By A Mile

April 13, 2010, 8:40 am: I sent Olga Danilova an e-mail and copied Doris at CCCSDV, indicating all paperwork was received by Chase, my residency was no longer an issue, an appraisal had been submitted and I needed answers.

April 13, 2010, 9:15 am: Olga called in response to my e-mail. I asked if she was getting the numerous phone messages I’d left; she said she was behind and e-mail was better. Olga agreed to send an escalated e-mail to the underwriting department and see what was happening. She didn’t see any request for additional information. She alluded to a “drive-by” appraisal; I corrected her and said an interior appraisal had been conducted on 4/1/10. She seemed surprised and then said yes, she did see in the file that an interior appraisal had been requested but as of 4/10/10, it had not been received. I said I was very concerned about timing as these delays resulted in repeated requests for updated financial information and it was costly for me to copy and fax stuff again and again. Olga said she would call or e-mail me back with an update.

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JP Morgan Chase email protocol but no answers…

Posted on May 1, 2010 by Cooler By A Mile

April 13, 2010, 8:17 am: I called the Chase Home Lending Executive Office to confirm Olga Danilova really was my contact person; she was and I was dialing the correct number (888) 310-7995 ext. 2260. I got her e-mail address (Olga.x.Danilova@chase.com) and realized the e-mail protocol for JP Morgan Chase was first name, period, initial, period, last name, and if the employee did not have a middle initial the letter “x” was used. This was interesting information to be filed for future use but I needed answers now. Why was Chase perpetuating the predatory lending practices devised by Washington Mutual? Why wouldn’t Chase want to make this right and move on?

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The Chase Home Lending Executive Office Shuffle

Posted on April 30, 2010 by Cooler By A Mile

April 9, 2010, 7:35 am: I called Megan again and she was in. Megan said my loan had been reassigned – she was no longer on the case. My new contact was Olga Danilova. Megan gave me Olga’s extension but declined to provide her e-mail. 

Okay, first there was Jacqueline Ham, then there was Megan Valdivia and now it will be Olga Danilova. It’s been almost five months since my December 11, 2009 loan modification request submission, and over thirteen months since I first sought a modification of this predatory Washington Mutual loan back on February 24, 2009. Chase Home Lending was moving with glacial speed.

April 9, 2010, 7:40 am: I called Olga Danilova; she was not in so I left a detailed voice mail. 

April 10, 2010, 2:00 pm: I called Olga Danilova; she was not in so I left a detailed voice mail. 

April 12, 2010, 8:45 am: I called Olga Danilova; she was not in so I left a detailed voice mail. 

April 12, 2010, 11:15 am: I called Olga Danilova; she was not in so I left a detailed voice mail. 

April 12, 2010, 4:45 pm: I called Olga Danilova; she was not in so I left a detailed voice mail. 

April 13, 2010, 8:13 am: I called Olga Danilova; she was not in so I left a detailed voice mail.

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Chase Home Lending Executive Office – where’s Megan?

Posted on April 30, 2010 by Cooler By A Mile

April 6, 2010, 7:45 am: I called Megan; she was supposed to be back in the office. She was not in so I left a voice mail. 

April 7, 2010, 8:00 am: I called Megan; she was not in so I left a voice mail. 

April 8, 2010, 8:10 am: I called Megan; she was not in so I left a voice mail.

What happened to Megan Valdivia? She told me I should only call her, but she wasn’t calling me back…

I needed answers from Chase.

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Chase, we need to talk!

Posted on April 29, 2010 by Cooler By A Mile

April 5, 2010, 1:10 pm: I received via regular and Certified Mail identical letters from Chase Home Finance, both dated 3/31/10. The contents were a dunning notice along with a marketing solicitation. The letter(s) said:

Your house is your home. We want to keep it that way. We need to talk — call 1-800-848-9380 today.

The letter went on to say I “may be eligible for a loan modification program” and “we may be able to change the term of your loan, the interest rate and maybe even the principal due date”. If I called right away, a “Loan Specialist will work with me to determine the option that best fits my need.” I called immediately and was routed to an auto announcement reiterating receipt of my recent payment; the delinquent debt amount and that I was two payments past due. I worked through the menu to get to a live person and spoke with Angeer.

I read her the letter – I was eager to speak with a “Loan Specialist”. When I told Angeer I’d already applied for a loan modification she asked “when?” – I said originally 2/24/09 and then again on 12/11/09. Angeer put me on hold then returned to say that after reviewing the notes, my file is in review and was sent to the underwriter on 3/1/10 (over 30 days ago). She told me to “disregard the letter” and asked when I could pay in the next two weeks. I told her that just as I’d advised Laura on 4/1/10, I could next make a full payment on 6/5/10. Angeer agreed this was already noted in the file. With that, we ended the call.

Hey Chase, how does one actually speak with a “loan specialist”? I’ve been trying to do so for over thirteen months!

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Chase Home Lending appraises my home – how much will it be?

Posted on April 28, 2010 by Cooler By A Mile

March 29, 2010: Jim Carr, an independent appraiser, contacted me to schedule the appraisal “tomorrow”. There was no discussion of price or cost to me. We settled on April 1, 2010 as I would be out of town on business 3/30-3/31/10.

April 1, 2010, 8:35 am: Laura called from Chase, looking for money. I told Laura I’d mailed a full payment plus late fees on 3/31/10 and Chase would have it by 4/5/10 as I’d promised. I went on to say the next time I could make a payment in full would be 6/5/10.

April 1, 2010: The interior appraisal was conducted. Mr. Carr told me he was a sub-contractor and had no direct dealings with Chase. He was merely sent out to conduct the appraisal which would then be turned over to his bosses who would in turn provide it to Chase. He felt Chase would have the appraisal in hand no later than Monday, April 5, 2010.

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Still waiting for answers from Chase

Posted on April 28, 2010 by Cooler By A Mile

March 26, 2010, 4:00 pm: I called the Chase Executive Lending Office and asked to speak with someone in Megan’s absence. Makisha handled the 30-minute phone call, verifying Megan was out until 4/5/10 as she tried to get an answer on scheduling the interior appraisal. She said “they” had forwarded the request to the Appraisal Dept. I asked if a Chase employee would conduct the appraisal; she said no, an independent appraiser would contact me and I would negotiate price. I was stunned and asked, if I was going to pay for it, why couldn’t I just pick my own appraiser and get things moving? Makisha said they had to be “legitimate” and Chase had a list of approved companies. I asked for the list so I could start negotiating price and expedite getting an appraiser out – she said it “wasn’t done that way”. Makisha expressed surprise that Megan hadn’t covered any of this and also that I hadn’t been re-assigned to someone during Megan’s absence. She went on to say I would have to wait for the appraisal to be scheduled; it would take 7-10 days. I asked when the count of 7-10 days started and Makisha said she had already given me “way more information than she was supposed to”. I backed off as she had been helpful and thanked her for her efforts. Makisha said she would note our conversation in the file.

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Hey Chase, should we burn the house down?

Posted on April 27, 2010 by Cooler By A Mile

My home is priceless to me, but as of 1/31/10 the assessed value of my modest two-bedroom, one bath house is $159,800. I designed and built the all-wood, metal roof home and it is unique. Unique, however, does not mean saleable, or even rentable, as my realtor friend had made abundantly clear.   

In an all-wood home the possibility of loss by fire is a concern, especially after a raging fire destroyed 39 Avalon, NJ condos in December 2003. Coupled with an article I read about the importance of insuring properly for “replacement value”, I’d kept a close eye on my property insurance.  

By January 2006 I worried I might be under-insured and took a closer look at my policy. The replacement value seemed low and I feared that if my home burned to the ground I wouldn’t be able to replace it. I requested an increase to a dollar amount I thought was more realistic, only to get push-back from the insurer.  I pressed the point so Selective Insurance Company sent out an appraiser who set the replacement value at $285,000. This was still low in my mind, but in mid-February 2006 we compromised at a value of $425,000. 

I escrow my insurance and property taxes. Once comfortable with the replacement value on my home, I moved on, until I pulled the policy for review in December 2009.  I was stunned to find my home insured for $905,000, more than double the figure I’d reached with Selective. Of course the payee was Chase, and as I followed the paper trail I saw the folks at Washington Mutual had upped the value of my home on me. So now Chase thinks I’m living in a $905,000 house. Hey Chase, I love my home but in Avalon parlance, it’s a “tear-down”. Is that why you won’t work with me on a loan modification? Do you think I’m living large in some big house? I’m not. I’m living very small in my tiny home on the bay.

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