Are some Chase loan modification approvals a scam?
I’ve heard a number of stories where people are contacted by Chase to say their loan modification has been approved and then later told that it is no longer approved or has never been approved. I just got this story from a reader:
Chase has called me twice telling me my loan modification was approved and only days later I receive a letter saying I was denied. This time they say the reason (always before it was the bogus missing doc thing) I wasn’t over 60 days later (I’m current) and that I don’t have a hardship. I no longer received $1500/month child support and I’m paying almost 45% in a minimum payment due to reset in December moving it up to 50% … and it’s adjustable. I called them and they say they don’t know why someone would call me and say I was approved. I think they are called under false pretenses to obtain information. This should be illegal. I also notice they no longer say “this call is being recorded” … surprise. What can I do? Chase Sucks!!! 1 year 3 months of nonsense.
I could think of a number of reasons they would be doing this but chief among them is to get people to pay more money than they might if they understood they would be denied in the end.
Foreclosure, Loan modification | admin August 16, 2010
4 Comments
Other Links to this Post
RSS feed for comments on this post. TrackBack URI
By ANDREA, October 19, 2010 @ 8:27 pm
YOUR STORY IS OH SO FIMILIAR. I APPLIED DEC 2009. IT TOOK UNTIL MAY 2010 FOR THEM TO FINALLY DENIE ME. THE MISSING DOC STORY. I SENT THEM EVERYTHING MORE THAN ONCE. THEN IT WAS THE IN REVIEW. NEXT BEING SENT TO LOSS LITIGATIONS. WHY IS IT TAKING SO LONG? THEY ARE MILLIONS OF MOD REQ AND THEY ARE VERY BACK UP. FINALLY THE LETTER OF DENIAL REASON YOUR NOT MORE THAN 60 DYS PASS DUE AND NO SIGNIFICANT LOSS IN INCOME. SO I REAPPLIED OCT 2010. 2 WEEKS LATE THIS TIME FASTER BUT SAME ANSWER DENIED. REASON:NO ADVERSE FINANCIAL CHANGE. DEATH PERMENANT DISABILITY OR DIVORCE. I HATE THEM THEY WANT TO TAKE MY HOME AND LET SOMEONE ELSE HAVE IT FOR 150,000 RATHER THAN MODIFYING THE LOAN.
By Nashville TN Homes, December 27, 2010 @ 10:10 am
Many of our customers are having issues obtaining a home loan modification because of the many restrictions. However providing a convincing hardship document can siginificantly greaten your chances of approval.
By leslie, April 6, 2011 @ 11:50 am
I BEEN TRYING TO WORK WITH CHASE I BEEN GIVEN THREE TRIAL PERIODS AND AT THE END DENIED LIKE EVERYONE ELSE I HOPE THEY GET SUED BY SOMEONE WHO HAS THE MONEY AND ENERGY CHASE IS A BANK TAKING ADVANTAGE OF THE SITUATION
By Michele Martin, February 5, 2012 @ 10:07 am
Just got my loan modified through Chase, or so I thought. How about they just added the escow shortage from my missed pymts onto my new loan payments which just brought my mortgage payments back up to what they previously were. This is a bunch of bull, Chase sucks!!!