Don’t give Chase documentation they don’t have!

There has been a lot of speculation as to exactly how much documentation Chase (and other banks) have lost on the original mortgages and subsequent ownership transfers that have created a legal quagmire (and liability) they are experiencing with proving authority to foreclose.

Well, hints come from many places and today’s comes courtesy of a commentor on our blog:

I just had a Chase representative tell me that I had to send in a copy of my recorded mortgage or they wouldn’t process my HAMP request. I’m not about to hand them documents that they would just use to take my house! This company is something…

A wise choice indeed.  Don’t give Chase documentation they may have lost and without which they can’t foreclose on you.  Be wary of signing anything that reaffirms their ownership of your mortgage or authority over it (if they are only the servicer, not the owner) if they can’t otherwise prove it.  Better yet, ask them for proof of their authority over your loan before agreeing to anything.  If they can’t provide it, ask them for better terms to your loan modification.

Yes, I realize these are very simple and potentially naive suggestions, but the truth is that no-one knows what might work given the documentation uncertainty the banks have today.  One thing that is sure, they know they have a problem.

1 Comment

  • By angie, May 18, 2011 @ 9:02 pm

    They sure know how to ignore you. I was trying to refinance my current home, to my surprise they denied and said that I didnt qualify? I asked the representative for specific reasons, and he said that it as because my debt ratio was too high…hmm? really? I was trying to use HARP/HAMP. which puzzles me still. I then asked that why not, if I was trying to reduce my rate and then said, that I didn’t qualify. Strangely that’s the only thing he could say, but it was unclear. How are they suppose to help with forclosures if they dont want to help the customer? if i am able to refinance i could be saving $300.00 a month! after been denied over the phone i told him that the program suppose to finance up to 100%. Again, his incompetence to give me more feedback as to why I couldn’t qualify.

    The other day, i received a letter saying that to contact them at the number..Their was NO NUMBER! i had to go online to retrieve it! That was enough for me..but i decided to call. that’s when i was denied (not clear why) and then specifically said to them that my loan was a VA loan and that their was program that would help me refinance. the representative said that he didnt deal with VA loans and gave me a number to call. I call this number and no one picked up…or returned my call. that was my last straw!!!

    As a result, and luckily i call USAA. They approved my loan and I didnt have to go around circles trying to figure out CHASE! worst customer service!!

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