EMC Mortgage / JP Morgan-Chase Complaint
Posted by pbartoletti on 02/11/2009
Here is the update as of today - February 11, 2009.
With all of the complaints that have been filed regarding this case, the one that was responded to was the complaint filed with the Dallas Texas BBB. Here is the response from the EMC Mortgage representative Tracey Messerly.
Link attached to view entire letter.
First they denied that I had a right to question their actions at all. They did indicate that they feel justified in changing, renegotiating or extorting any amount they wish from the second lien holder as they (second lien holder)
1 - Not entitled to anything but a minimum payment
2 - It is within their policy to do this therefore they are justified
3 - The amount paid will not exceed a reasonable amount as defined as $8500.
This is another typical statement from them that is off the dial of the BS meter.
So to all the other banks or investment groups out there that have second liens on any property where JP Morgan / Chase or EMC Mortgage is in first position, your assets are worth $8500 max per loan regardless of the principal of the note. My suggestion is to sell the note as soon as possible before Morgan / Chase or EMC Mortgage screw you into the ground. As it turns out it is their policy and they feel they are justified.
My response is next. Stay tuned.
So here is the lengths that JP Morgan / Chase will go to, to exact retribution for questioning their methods and tactics. This at a time when they are sitting in front of Congress to explain where the bail out money went.
Their CEO explains that they are doing everything to help mortgage holders and credit card holders.
If you have a credit card with JP Morgan / Chase you undoubtedly received a letter in early January stating that due to the fact that your credit card account is not profitable they are reneging on their agreement for the interest rate that you signed up for. This is after making 18 billion on credit card fees and interest in 2007. You were given the option of standing still and getting screwed or opting out. If you opt out your interest stayed the same and your account was closed. This happened even if you were never late, we not over the credit limit. The net result was damage to your credit score because closing a good credit account is as bad as being late as it lowers your credit score. There is the punishment. Even after the bail out they can turn and bite the hand that feeds them. If you are late now you will be hit with over limit fees and late charges. The next thing is the bills will be sent out late with less then 5 days to pay thereby guaranteeing additional fees to the credit card company. You wonder why we think the banking industry has lost its moral center. The greedy have come to rest on the money nest. I vote to not give them any more TARP money.
Posted by monicabehebek on 03/10/2010
Wow! We are currently dealing with a form of extortion with Chase! They refuse to put anything in writing so our Realtor has documented everything! Chase refused to modify our home loan, recommended us short sale it and now they are using extortion, telling us that they will not short sale our home unless we sign a $25,000 promissory note! We are filing BK-7 now! Shame on Chase! There "HAS" to be a lawsuit pending in this area! We are in the State Of California, a non-recourse state and this is their evil way of illegally coercing people in desperate times! I have found that many others have signed these promissory notes with other banks. Your statement that, "The banks have shifted their predatory lending practices to predatory sales practices" is right on!