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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Chase Home Lending – thirteen months in a bad relationship

Posted on April 25, 2010 by Cooler By A Mile

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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Chasing Answers about My Chase Loan Modification

Posted on April 24, 2010 by Cooler By A Mile

March 22, 2010, 8:30 am: I called Megan to confirm receipt of all information and to schedule the interior appraisal. She was not in so I left a voice mail. 

March 23, 2010, 7:45 am: I called Megan again; she was not in so I left a voice mail.

March 23, 2010, 12:40 pm: Megan called back and confirmed receipt of checking account statements and confirmed that no additional paperwork was required. I asked about scheduling the interior appraisal and she said it depended on the review of the bank statements. I protested as the bank statements were no different from those submitted in Dec 09. She said they still had to be “reviewed”. I asked her to confirm that indeed my loan modification file HAD been reopened and she said it had. 

I noted that when Jacqueline Ham left for vacation, she never came back – might that happen with Megan? Megan said she wouldn’t be surprised; “they are reassigning a lot of cases” and she did not know what state(s) she might end up with. She reiterated the bank statement review takes precedent over the scheduling of the interior appraisal. I asked who I should speak to while Megan was out of the office; Megan instead put a note in the file to contact me directly for scheduling or if any additional information was required; she said she’d be back on 4/5/10. 

I told Megan while I appreciated her help, she was a conduit, not a decision-maker; I went on to say I would drive anywhere to meet face-to-face with an empowered decision-maker. Megan said I would not be allowed to meet with “those people” and I was at the highest possible level with her.

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Chase Loan Modification Redux

Posted on April 23, 2010 by Cooler By A Mile

March 20, 2010: I realized that after three full months the Chase loan modification request I’d submitted December 11, 2009 was effectively back at the starting gate. Was I like Sisyphus, condemned for all eternity to roll a huge boulder up a hill, only to watch it roll back down, over and over again? I’d labored under this boulder for over a year and there was no end in sight.

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Hello Chase, I really do live here!

Posted on April 22, 2010 by Cooler By A Mile

March 4, 2010, 10:45 am:  I called Megan who told me she had “no record of a denial” although there “may be a question as to my residency”. Megan indicated I should only call her; if I called the Customer Service line I would get conflicting information. That may be, but the “conflicting information” I gleaned was often accurate. I offered to provide additional documentation to verify my residence but she said to wait. Chase likes to wait, except when it comes to being paid. 

March 11, 2010, 8:45 am: I called to follow-up; Megan was not in so I left a voice mail regarding the BPO and my residency status. I was starting to panic; I had to be in Florida for business and nothing was happening at Chase. Would they padlock my home while I was away like Bank of America did to the lady with the parrot? 

March 15, 2010, 8:30 am: I called again to follow-up; Megan was not in so I left another voice mail reiterating the need for an answer on the BPO and my residency status. 

March 16, 2010, 8:30 am: I called Megan and she advised that my residency was an issue – Chase was “unable to verify owner occupancy”. I pointed out that I’d submitted three years of Federal Income Tax returns with this address and she agreed. Nonetheless, Chase wanted the following information:

1. Copies of last 4 months bank statements (previously submitted)
2. Copies of last 2 months pay stubs (previously submitted)
3. Copies of most recent utility bills with service address (previously submitted)
4. A P&L for 1099 “business” 

I told Megan this had all been submitted with my modification request in December 2009. I told her I didn’t own or operate a business; I am a W-2 employee who supplements my income as a 1099 employee for another company, as reflected on the tax returns.

Megan steadfastly reiterated the need for all of the information and a P&L regardless of what I said; she also noted she’d be out of the office 3/24/10 to 4/5/10 and I should get this information to her as soon as possible and call to confirm receipt. 

I faxed items 2, 3 & 4; putting my 1099 earnings in a P&L format to satisfy her request. I also took it upon myself to obtain and fax my Cape May County, NJ Voter’s Record indicating my residency since 2005. As I was in Florida on business, I couldn’t access my checking statements but told Megan I would provide them by Saturday 3/20/10 when I returned home.   

A word about voting. I vote, and not just in the “big” elections but all the elections, and care as much, maybe more, about the school board and the sheriff as I do about who will be our next President. Because I vote I had no problem writing to my Congressman and my Senators to both ask for help and express outrage over opaque banking procedures and predatory lending practices. 

March 17, 2010, 1:00 pm: I called Megan to confirm receipt of the information. Megan reviewed the submissions and agreed the information received  (3 pages voter’s records; 5 pages P&L + two months paychecks; 3 pages owner occupied cover memo & utility bills) was in order and legible. I again confirmed that checking statements would be sent 3/20. 

March 20, 2010, 10:30 am:  I arrived home to find a denial letter dated 3/5/10 and postmarked 3/8/10 indicating I was denied for a loan modification as Chase was “unable to verify residence“. I immediately called Chase; Megan confirmed I had been denied but the case was reopened as my voting record satisfied “them”. Chase also wanted a contact telephone number to schedule an interior appraisal. I gave the same number I’ve provided since 2/24/09 and asked again about the BPO. Megan indicated it was a 32-page document; she tried to extract a price/value from it while I waited but after putting me on hold and speaking with a co-worker, decided she was unable to do so. Megan said the interior appraisal was important and she would be going away so the sooner I sent the checking account statements, the better. That evening I faxed:

1. Copies of last 4 months bank statements

2. A formal notice indicating my contact phone number for scheduling an interior appraisal

March 20, 2010: The mailbox held a second letter from Chase, dated March 10, 2010, from the JP Morgan Chase Home Lending Executive Office, 2201 Enterprise Drive, Florence, SC 29501.

The subject line: Issue Still Being Reviewed

The letter:

Dear Martha Wright:

I am writing in response to your correspondence we received on December 24, 2009, about a loan modification.

At this time, the matter you brought to our attention is still being reviewed. Please be assured that we will make every effort to provide you with the timeliest response possible.

Chase’s goal is to provide the highest level of quality service to each of our customers. We appreciate your business and value our relationship with you.

If you have any questions in the interim, please contact Megan Valdivia (888) 310-7995, extension 7850, Monday through Friday between 8:00 a.m. and 5:00 p.m., Eastern Time.

Sincerely,

Home Lending Executive Office

Was this in reply to my December 16, 2009 letter to Jamie Dimon, Chairman & CEO JP Morgan Chase, my January 15, 2010 letter to Jamie Dimon, or perhaps my letter to Jamie Dimon dated February 18, 2010? I had no idea, and the letter said absolutely nothing.

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Hello Chase, I live here!

Posted on April 21, 2010 by Cooler By A Mile

March 2, 2010, 3:05 pm:  Phoned Chase (866) 550-5705 and spoke with Nicole who advised I’d been declined on 3/2/10 due to “lack of hardship”. Nicole connected me to Imminent Default where I spoke with Gene. I told him I’d been advised I was declined due to either “lack of hardship” or “too much equity” and I wanted a confirmation and explanation. He put me on hold and returned to tell me Chase was “unable to verify this was my primary residence”, hence the denial.  I asked if I would get a letter regarding the denial and the reason – he said yes. I was stunned – Megan had never questioned my residency; all paperwork submitted (including Federal Income Tax returns) clearly indicates this is my home.

I e-mailed Tannette McCray and copied Doris at CCCSDV; there was no response from Ms. McCray. 

March 3, 2010, 7:45 am:  I called Megan and left a voice mail regarding the denial.

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