The bayfront home Chase wants to take

Work Incentive  

As I write this blog and struggle to save my home from JP Morgan Chase, the view gives me strength.   

Chase has repeatedly denied my requests for a loan modification. In the last fourteen months denial 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.  

Read my letter to David B. Lowman, CEO Chase Home Lending, JP Morgan Chase. Follow my search for answers.  

Although it has been repaid, JP Morgan Chase received $25 billion of 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

Why won't Chase modify my loan and save my home? $$$$$

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10 Responses

  1. Nothing whatsoever.

  2. You are right. That is exactly what they want to do. Doing the same to me. I hope they all go down on this one. I think they’ll be INSOLVENT after all of the lawsuits are done with them.

  3. please e mail me any updates.. we have gotten to the end of our ropes and after an attorney did us a favor and tracked down the guy who has our home in his portfolio.. the solution was for us to give them 50 k to reduce our monthly payment by 5 %..doing the math on a 600k mortgage.. it is not much of a saving.. plus we don’t have the 50k.. that is why we are requesting a loan mod….

  4. I am a 100% Service Connected Disabled Veteran. I will also be 65 in May.
    I have sent NINE COMPLETED PACKAGES TO CHASE/WAMU beginning in December 2008 and have experienced the same scary, wrong, confusing, frustrating treatment most of you have! In every case, I found out my application for a Loan Modification had been denied by my continuos calls! NEVER BY A LETTER FROM CHASE! EVERY SINGLE DENIAL WAS INVALID, for example, the reviewer mistakenly reported my income as expenses and expenses as income, or in another instance the reviewer was transferred and the person who inherited my file put my file on the “closed file” report..without any explanation…and the file was closed! THIS PROCESS OF MONTHS OF PHONE CALLS TO CHASE AND UPDATING INFO AND CRYING IN FEAR, and FAXING 44 pages of documents, all updated with absolutely the same info, and going through the same begging to be able to keep my home…over and over and over…..has nearly destroyed my family!
    I qualify!
    I meet all criteria!
    I have only asked for REDUCED INTEREST and that the now large number of missed payments be added to the life of the Loan!!! Chase Won’t accept ANY TYPE of payment from me because they have no way to credit a payment on a home which is destined for forclosure. .. The original payment amount is totally unmanageable but I am ready to pay any reasonable amount.based on adjusted income! There is NO Equity in my home which has depreciated more than 200,000.00, and at the same time seen a 72% increase in utilities and Taxes.
    Each time I jump through all their hoops! I dot every i, cross every t, and endure the months and months of “lost documents which I resubmit” or WRONG INFORMATION relayed to me by a Chase Employee…and on and on. WHY don’t I just walk away? Because as a disabled veteran I struggled and planned and saved for this home which is a family home. We want our home! We did not run up huge bills or overspend. We, like most of you, came up against unbelievable adversity that could not be planned for, and has cost us dearly in the loss of the health of a child, loss of husband’s job and then loss of husband as the pressure became too much for him and he left us (Me and 4 kids, plus a very premature baby born to my child who is now totally incapacitated, unable to care for herself, so I am now raising her baby and caring for her while struggling to maintain my own health.)
    You all have your own very difficult life circumstances to deal with and my prayers are with you…..What hurts and baffles me so much is WHY CHASE , KNOWING OUR CIRCUMSTANCES AND OUR DETERMINATION TO RISE ABOVE OUR PRESENT MISFORTUNES, CONTINUES TO DENY THOSE OF US WHO HAVE QUALIFIED FOR LOAN MODIFICATION FROM CHASE , APPROVAL!!! BY ALL THE STANDARDS AND EVEN CHANGES TO THOSE STANDARDS CHASE HAS IMPLEMENTED, WE HAVE STAYED VIGILANT. WE WANT TO KEEP OUR HOMES. CHASE HAS VIOLATED EVERY STANDARD OF DECENCY AND COMPASSION THE” MAKING HOMES AFFORDABLE” PROGRAM WAS FOUNDED ON.

    CHASE, PLEASE, IS THERE ANYONE IN YOUR ORGANIZATION THAT EVEN CARES? DOESN’T SLEEP WELL AT NIGHT? DO WE SOUND LIKE DEAD BEATS? SURELY THERE IS ONE NOBLE BEING AMONG YOU WHO GETS SICK AT HEART WHILE READING THE HUNDREDS OF HEARTBREAKING STORIES POSTED ON THESE PAGES. WHERE ARE YOU? WHO ARE YOU? PLEASE HELP US!

  5. I want to know if Martha Wright has been able to keep her wonderful house….my family member is having huge problems and I am trying to find any kind of help if there indeed is any for a young veteran, decedent of original settlers (not that it matters any more), someone who believed in our country and is saddened to the point of inaction. Thank you for any information.

    • As of April 25, 2011 I am in active foreclosure status. I have continued to apply for a mortgage modification with no success; my most recent loan modification request (submitted 2/18/11) is “with the underwriter ” and I await a response.

  6. Hello, I appreciate your bringing me up to date on the circumstances…I am very sad for you and for what I know is ahead for my son. I am shocked that Chase has not been more responsive with you considering all the negative press about them. Where, oh where is the government with all their “we want to help” statements???????You, like my son, are not asking for them to forgive your debt but just to make it more manageable at the moment. Sad. I am sorry.

  7. Yes, Chase wants your lake side home. It is lovely—-seems like you have had the runaround.

    Like you I have had the Chase run around.

    Modified payment should never have been done—-I only had $8,000 that was owed and that was because I was applying for real estate tax relief in Virginia due to my age

    Like your lake home, my home is a showcase also. Of course Chase wants it——-I received no documents for filing for a loan modification for 6 months after the unexpected foreclosure notice.———denied and denied and denied.

    I have a cash flow positive small business that any corporation would envy. Yet Chase could not understand a positive constant cash flow small business.

    The problem with dear Chase is that they are so computerized and outsourced that they have no impetus to help homeowners.

    Their impetus is to foreclose, foreclose, foreclose. Their bill collectors and underwriters make money by foreclosing———then their network of lawyers make money.

    The other part of this is that if you have money then Chase will help you——–because you can buy a lawyer who can help you; whereas the ordinary American doesn’t have the thousands of dollars to pay to combat the likes of Chase.

    A friend tells me that there are still about 1 million homes to be foreclosed on. That means more downside for the housing market.

    A question I would like to have answered is how many homes has Chase and the other banks foreclosed on in America since 2006—-5 years now?

    If you have an answer to this last question please reply to this message.——thanks.

  8. Any updates from anyone? I sent in my 5th modification packet and was approved!!! But… My payments went up!!! I called Chase and cried they told me they calculated my monthly income wrong and that I needed to reapply. I reapplied and well yes you guessed it I was denied. They were trying to get my payments to a 40% ratio which I guess they were able to do. They weren’t willing to adjust my interest rate any lower than 5%. I was denied because my debt to income ratio exceeded 55% Ummm ya, of course it did!!! If they had adjusted my payment to 31% of my income my debt to income ratio would have been 54%. So instead they said that we can’t afford the home even if we modified it so they declined us??? our appraisal came in $400,000 less than what we owe on it?? Doesn’t make sense. Maybe the problem is that I am current on my payments? Any advice?

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