Laurel, Mississippi
4 comments

Chase is constantly taking money from my Mortgage account and putting it in their Escow acct. They keep taking money out of my account and putting it towards their insurance dept.

The best part I have always had my own insurance coverage on my home. I don't need theirs. So why are they *** this. They keep making my house note go up, and when you contat them or send correspondense they always have a excuse...

and they will issue a credit... Yea...

well as of today this is 4 years now and I have yet to see any credits. They have the most incompitent people working for them, in the Insurance dept.

Product or Service Mentioned: Chase Bank Mortgage.

Monetary Loss: $350.

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Anonymous
#298714

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Anonymous
#155691

Oops...typed "100" when it should have been "1000"

Anonymous
#155690

That's a common practice with a lot of mortgages. You have 2 kinds of insurance: Mortgage insurance and homeowners insurance; a lot of mortage companies, including Chase, will pay your homeowners insurance/property taxes from the money that they tack on to your mortgage payment.

Let's say your payment ON THE LOAN ITSELF is 800 bucks per month; and say that property taxes and insurance comes out to 2400 bucks per year...what they do is tack on 200 per month extra onto your mortgage payment and put that money into an escrow account, so your total monthly payment is 100 per month. This will adjust up or down as your insurance premium and taxes go up or down. When property taxes/insurance premiums come due, they pay that out of the same escrow account. They're not just being "nice"; that's their way of making sure the insurance and taxes stay paid and they also get to pocket the interest which accrues.

Now, if you planned on paying the premiums out of your own pocket, that's good, but you should have told them that at closing and made sure that your mortgage payment reflected that.

It's much easier to do on the front end than after the fact. That still doesn't make it right for them to NOT change your loan amout now or refund the extra amount due to you; but it IS on you, as the person signing for the loan, to make sure the payments are what they are truly supposed to be.

dianenca
#142173

Had a friend in Calif do a loan through Chase to buy home in Illinois. She paid them processing fees to do the loan knowing that in Illinois that most home loans have to go thru and attorney.

They would not refund her money. ALL banks are out to hose you even though they already created a recession.

Put you money in a Credit Union. Much more reliable and smaller entities are willing to work with you.