Loan modification nightmare in detail

There are of course no shortage of stories of frustrating ineptitude on Chase’s part for people attempting to get a loan modification.  This one in particular is so good because it is so detailed.  The more detail about your experience you document the better.  If this were happening to me, I wouldn’t stop with posting this on sites like the Ripoff Report, but would be filing a complaint with the BBB, sending a copy of this to all my elected officials, file a complaint with Chase’s regulators, and contacting my local newspaper and TV consumer advocates.  Unfortunately banks like Chase have a pretty strong lobbying effort; it takes a lot of complaints being made public to counteract that.

1.  We were told that we are the perfect candidates to receive this so called “loan modification”  (and still are)

2.  We started the proceedings after my husband had lost his job in 2009 and we had several unexpected medical conditions pop up

3.  I started a new business in 2008 and it is just getting off of the ground

4.  We had never missed a house payment prior to applying for the modification

5   We never missed a house payment during the proceedings of the loan modification “trial period” in which they lowered our house payment by about 1k per month.

6.  In October of 2009 We went online and downloaded the application, filled it out in it’s entirety, which took 15 hours of our time to gather and fax.

7.  We had to keep calling to try and get answers on what was happening with the modification, because they would not call us.  However their debt collectors called continually.

8.  We were never able to get a hold of someone who spoke proper, understandable ENGLISH, and could never get a hold of the same person twice… it was literally like pulling teeth to get any answers.

9.  When we finally were able to speak to someone in ENGLISH, they said we were still missing some papers (which we weren’t, because there was a check list and I am meticulous when it comes to files and paperwork) and they told us we would have to start from the beginning and re-fax everything again.  This time we had to re gather current data, so it took another 10 hours of our time and some of the application papers had changed, so we had to redo everything and fax again

10   Another month goes by and we phone Chase and again they claim missing paperwork, due to the fact that the people receiving the faxes are in another state and that they may have lost the papers during transmission….so this time I told them to send me an overnight package and I will send a copy via FedEX.

11.  All along the way they were reassuring us that we were perfect candidates for the modification, giving us hope that things would be fine and the paperwork time was worth it.  I have several letters they sent us telling us how much they wanted to “help us”.

12.  In June of 2010 they sent us a letter stating that our loan modification was “Denied” BECAUSE WE HAD NEVER MISSED A HOUSE PAYMENT AND THEY SAID WE MADE TOO MUCH MONEY IN 2008. HOWEVER… THEY SHOULD HAVE BEEN GOING BY OUR 2009 RETURNS!!!  and that we were now in default of a past due amount of the 1k for each month of the “trial period”

13.  At this point we decided to put some money into trying to sell our home and hired a listing agent, while still making our house payment.

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