Nine months ago after I had lost my job I was on hold at Chase Bank and they were promoting their loan modification program so I agreed to talk to someone. I was prequalified for trial payments I could afford, I thought all was well.
Well the first four months I continued to get daily collection calls up to six times a day. Every time I called I got a different person with a different answer. Finally somebody acknowleded that they never put me in the system. Again I though all was well.
The next five months were spent calling them every two weeks, endlessly faxing the same documents over and over again. I sent them 150 pages of documents! Eventually they took over my insurance and tax payments without my permission, I had no escrow set up. Finally nine months later I got a letter saying I do not qualify for any modification program. Their reason?
They will recieve less money if they modify the loan! Duh, that is the purpose of the whole program, the government pays them the difference.
I think they are liars and have no intention of modifying loans. They just want the free government money.
Product or Service Mentioned: Chase Bank Mortgage.
Monetary Loss: $289.