Chase approved Carolyn’s HAMP mortgage modification on Jan 6th and then denied it on Jan 22nd saying their guidelines had changed. The problem is, the government sets the guidelines, and those haven’t changed. WTF Chase? (story)
Bad bad Chase, Loan modification | admin January 30, 2010 | 
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This post from someone trying to work with Chase for a loan modification outlines what we all already know, that Chase lacks some of the most basic elements of good customer service.
Customer service, Loan modification | admin January 23, 2010 | Comments (0)
Time for a little good news. Chase is opening 24 more home ownership centers to help people with their loan modifications. (link)
Loan modification | admin January 13, 2010 | Comments (0)
After making all 8 loan modification payments on time or early, one Chase mortgage customer was accidentally (according to Chase) dropped from the program and received a foreclosure letter. (story) Does Chase really have any intention of making any of their trial modifications permanent?
Foreclosure, Loan modification | admin December 30, 2009 | Comments (0)
Chase reported statistics today on its mortgage modifications. Truly interesting is why Chase is so much more successful at permanently modifying mortgages under its own program than under the government programs. Given the reams of reports from borrowers who insist that Chase keeps losing their paperwork and making them start over, Chase doesn’t seem motivated to make the government sponsored mortgage modifications permanent. One thing is clear, the statistics they reported surely indicate something fishy is going on.
Loan modification | admin December 8, 2009 | Comments (0)
More on Chase’s loan modification strategy: tell the borrower they are getting approved and then deny them at the last minute. (story)
Loan modification | admin December 7, 2009 | Comments (0)
This New York Times article on why mortgage modifications fail reads like Chase PR ad copy. Chase claims that the biggest reason the modifications fail is that people fail to file all the correct paperwork; they try and try to get it but people just won’t submit everything. This is in stark contrast to all the stories we’ve found from people claiming that the process drags on for months and months and Chase loses the paperwork multiple times for each borrower and they have to repeatedly start over. You can read some responses to the story here.
According to this WSJ article, very few of the 650,000 trial loan modifications issued by banks have been made permanent. It is expected that only 25% to 35% of trial loan modifications will be made permanent. Are trial loan modifications just a way to get more money out of homeowners before foreclosure? It sure looks that way.
Foreclosure, Loan modification | admin December 3, 2009 | Comments (0)
