The Chase trial modification scam
Trial modification = a way for Chase to get a little more money out of you before they deny your trial modification and foreclose. (story)
Trial modification = a way for Chase to get a little more money out of you before they deny your trial modification and foreclose. (story)
Think your loan mod with WaMu/Chase will go quick? One customer’s attempts have gone on two years, with repeatedly lost paperwork. Then Chase, without any warning, foreclosed and auctioned the house. (story)
Sean was kind enough to send me a phone log of all his calls to WaMu/Chase over the last year trying to get a loan modification. Want to know what it is like dealing with there? Here are the intimate details. (story)
Despite being up-to-date on their trial loan modification, Chase foreclosed on one couples home anyways. The first they found out about it was when the new owner came by to kick them out. Chase later apologized for the mistake. (story)
This story of someone seeking a loan mod from Chase is a good example of how incompetent and frustrating the process is. They tell you everything is good until they deny you.
Here is one persons story about how they got WaMu to accept $24,500 as payment in full on a $165,000 HELOC. This is a lesson for everyone dealing with WaMu on issues like this: persistence.
A two part series in the Seattle Times about WaMu (part1 part2) calls WaMu a predatory company because of how much they pushed inappropriate mortgage products on consumers. Perhaps when speaking to Chase loan modification folks, mentioning the predatory nature of how YOUR loan was set up might make them a little more willing to work with you.
If location, location, location are the three most important things in real estate, the three most important things in getting a Chase loan modification must be wait, wait, wait. (story)