I applied for a Loan Modification with Chase Bank, formerly WAMU, 18 months ago. To this date it is still in "process." I started this application before I needed it as I do now, to advert to any delay in payments for my mortgage, due to loss of income, etc. with a sinking sub prime mortgage market and economy.
During these 18 months, Chase has lost my file 3 times, required documents 6 different times "after" they have signed and received them into their system. If I did not track every phone call, every documents, etc. every 10 days, I would not be in this process to this degree. My file would have been in no man's land. But I want and need this loan modification, so here I am.
I have been directed by Chase in October 2009 to re-file for the Loan Modification- only "if you are 60 days late" would they take the application for the "new" Loan Modification. I filed again in October under their rules and being late has ruined my credit. Further, they lost more documents I sent in with the application, thus terminating my application. I refiled again in December 2009 and then was grated a "3 Month Trial Period Loan Modification" during which time they set the amount due each month,at the same time Chase is charging me late fees and reporting a negative to my credit file. I was early each month with my payment. In February 2010 I was requested by Chase to send an "entire" new documentation for this Trial Program. I did - 194 pages worth, plus hand signed bank statements because they don't accept copies. I did it all over and over again and sent them in early. Now, Chase is requiring a whole new file, including another (3rd) appraisal, because the appraisal they did in February 2010 is "outdated." To this date I am still waiting for a permanent Loan Modification, but they say I need new documents, after they signed and received the previous 6 files! I use to think (back in 2009) that Chase was just incompetent. Now I know this behavior is intentional - they simply want you to default, ruin your credit and continue the mess of the financials. I feel Chase has behaved in a conscious way to ruin my credit, poise themselves as "helping" you and spreading untruths with more and more delays and business smoke screens so they will not lend the money and keep people in their homes. And didn't our government lend them money to help this? The demoralization that Chase and all the other banks who created this economic downfall know exactly what they are doing.
I know I am not alone in this process. There are thousands of other people, families that are doing and experiencing the same pathetic behavior and it's all going to come out in some huge class action suit later when all the cards come in.
I won't give up.
Thanks for listening.
Product or Service Mentioned: Chase Bank Mortgage.
Monetary Loss: $1.