Eugene, Oregon
Not resolved

JPMorgan Chase Mortgage Refinancing Scam -

Short version - We've had a mortgage with Chase about 8 years - $400K house w/ $50K loan balance @5.62%. No interest in refinancing. Out of the blue Chase rep calls wife's cell phone mid September. "How would you like to get a lower interest rate of 4.25 on your loan for $500?" What's in in for Chase we ask...we retain you as a client... sounded reasonable. Met the Chase caller who was the local Loan Officer September 21. We ask some very pointed questions and are asked to write them up in an e-mail which we answer despite repeated requests. If he had answered we would have stopped the process right then and there. Get the official GFE in the mail Oct 21. $5K estimated closing costs on a $50K loan. What happened to the $500 cost we ask - Oh that is the non-refundable loan application fee...Which Chase will credit once the closing costs are paid. Complain - no response, escalate within Chase, no response. They don't care, they have my $500 and the sales guy will get a bonus for every customer like us.

Classic Bait and Switch.

In a Aug 25 2010 Chase press release - They hired 8,000 new employees to handle mortgage mess. 913,000 applications, 270,000 approved. At $500 per application that is over $321 Million in revenue just in declined applications. Not a bad business. No wonder they posted record quarterly profits.

Many, many similar complaints. It is legal theft.

Product or Service Mentioned: Chase Bank Loan.

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The problem i just came to have not long ago, was the $395 fee charges. For two loans trying to lower interest rate.

The first time we heard about this fee was for payment of the appraisals that would be going to our properties. One appraisal showed up to the one of the properties, the other property was never appraised and no one ever called or bothered to show up. When we demanded our money back, the "loan" officer changed the reason for the fee saying is was nonrefundable and for the application. She never said that in the beginning, had she been clear we would of stopped the process.

Another thing about this Loan officer, was her communication skills. What an embarrassment for that financial institution as she always changed her story, told my parents one thing then came and told me a different story.

They are thief’s, needless to say that i no longer bank with them. :( :( :( :( :(


My experience with Chase was awful. I tried to refinance twice for $395.00 multiply by two for application fee.

The reason the first failed was because of changing the GFE for another $8000.00. Six months later, I tried local branch of Chase using HARP but it turned out I will be paying more monthly than my old mortgage. I do not know what to do with this but I do not have time to chase them around.

That is why they are called... if you can.... As consumers, we should slowly remove ourselves from Chase...or maybe some people are happy with them.