Katerina S. - Los Angeles, CA

1 Comments

We were in the process of trying to modify our home loan for over 18 months. After countless lost documents, hours spent on the phone, denied for missing documents that were sent over and over again, reinstated eyc. we received a trial plan agreement from the bank in September. We completed all three required payments, however at the end of January of 2010 after the last, third payment was made there were still no resolution. We received a phone call from the bank advising us to continue making our trial payments and confirming that we are really close. We made the forth payment in February.

All those payments did not come easy, they were set high. On March 1, 2010 we called the bank to make the next payment we were told they will not accept the payment and it is a good news because we have been approved for a permanent loan modification. The person went on telling us the terms of the loan and the amount of the next payment due on May 1. She told us to wait for documents in the mail. After nine days when we did not received the documents we called the bank just to hear no actually you were denied for the program but they are looking into other options. We called again in one week and were given the same terms as the first time.

The representative explained that the other person did not read the notes correctly and we are still in the process and looks like it is happening, because our file is in QA ( quality assurance) status and we should receive our documents shortly. We were so concerned about this back and forth that we wrote an e-mail to David Lowman asking for his help. Our e-mail was answered by James Andersen from Chase Executive Office who told us he will be handling the matter. 4 weeks later we received a denial letter and a call from Mr. Andersen telling us we were denied because our loan amount exceeded program limits. So much for asking the president of Chase Mortgage for help! I asked Mr. Andersen what limits was he talking about? He said $729,000. I asked him wasn't it apparent 18 months ago when I first applied? He had no answer for me. However he said now my file will be forwarded to the legal department, which I assume means foreclosure.

I sent another e-mail to Mr. Lowman and never got any response. Chase actions in our case is a complete fraud and extortion. How can this answer be true? They take our trial payments, they make promises. They extort more money by making you believe you are actually close and then deny you?? I read every day about  an uprising among angry homeowners and the story is always the same. I wonder if you know of a strong class action law suit against Chase, would absolutely participate.

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