I financed my home mortgage with Chase for 30 years at a 7% fixed interest rate (FHA) with a monthly payment of about $3000. Two years later while on maternity leave, I receive a notice stating that my payment would increase almost $700. I immediately contacted Chase and was told that this increase was due to an escrow shortage. I was unable to pay the shortage in full nor could I afford my new $3665 payment. Several months later I was placed on a forbearance agreement for 3 months. I complied and made all payments as requested. When I reached out to Chase again I was advised not to make a payment as it would affect my “modification and the process”. I was assured that this would not be a problem because my loan was “frozen”. I have been awaiting for the modification for over a year now with too many obstacles to list here. I have a 10 page call log… Not only did I continue efforts with Chase but I also sent via Federal Express letters to the Dept. of Treasury, the FTC, NYS Banking Department, OCC, State Senator, etc. Chase has now said that they will approve my modification yet again, this time with a 5% interest rate and a new balance of about $380k. Of course, these are only statements as I don’t have this in writing (but I guess it’s in the mail…) Chase - I guess my account wasn’t frozen!
Fact is that Chase in this instance is forcing me to foreclose. I had and have a job and can make a modified payment but they’ve been deceitful and there is no one to go to. My countless records and letters have been meaningless. So my options are now – accept the $380k loan (although house isn’t even worth $300k) or foreclose. I’m really upset and torn and can’t bear the idea of telling my 3 children that they will no longer have their home. Fact is that if Chase had been upfront and handled this over a year ago, I would not be in this position either.
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