From a reader recently:
Let me start off by saying that I have a impeccable financial history and 760+ credit score. I recently moved from Western NY to NYC and needed to switch banks, so I opened up a basic checking account through chase.com. Gravy. I set up my username and password and linked my chase credit card that I had from before to my new checking account. Again, gravy. A few days later I try to access my account, but it is blocked and says to call an 888 number. I do and am told that my checking account was restricted for some unknown reason and that I had to go into a branch with two forms of ID to straighten things out–which I do. The branch manager tries to help me figure out what’s going on. He get bounced around the system when he calls cust. service for half an hour while I sit there twiddling my thumbs. I swear I heard him give his credentials and reason why he’s calling at least 4 times. Eventually, he hangs up and informs me that chase does not wish to do business with me and that they don’t have to tell me why. Ok, I’m fine with that even though I could not fathom a reason why. I’ve never missed a CC payment, never declared bankruptcy, never been arrested, etc. Oh, I should mention that I made a $1500 deposit upon opening my new account with chase from my Discover savings account. When I asked when I would get my money back, he told me that I should be getting a check in the mail within 5 -7 days. Fine. A week goes by. Surprise, surprise, no check. Now I discover my access to my credit card account is also restricted, which I was told was fine when I asked the manager about it when I was at the branch. I call again. They tell me to go back into the branch, which I do. Same guy. Same bouncing around, but this time for over an HOUR. Apparently no one knew where the hell my $1500 was and know had the authority to reset my user ID and pw for my CC. I went into the branch at 2:50pm and came out at 4pm. In the end I was kicked out of the branch because it was past closing hours, and I walked out with zero answers.
I am praying that I will see that check in the mail before I have to go to the branch for another session of hell on Monday. I could not care less about my chase CC now. I just paid of my balance over the phone and am putting it away. I would cancel it out of spite, but thought it wiser not to because I don’t want to end up lowering my credit score b/c of this insanity.
Utterly ridiculous! I can say for certain that I will NEVER go anywhere NEAR chase EVER. I’d rather be shot in the stomach and die a slow death than give these idiots my money.
The day after my first hell session, I went over to Citibank, which I should have done in the first place, and had my checks/card in my hands within 5 days.
Wow. Recounting this story really ticks me off. Kudos for those of you who made it through to the end and long live Citibank!
We recently received this comment from a reader:
Hello, I have a property which was a 2nd home. My brother-in-law and I bought it 7 years ago in Nevada. A few years back I started covering my brother-in-laws share. I’am about six months unpaid and presently the property is in foreclosure. I have sent no paper-work as request since it is biased. Well around 2-months ago during the foreclosure I got a call from a Chase rep. on a Sat. morn. stating that I qualfied for a short-sell. He asked me if I wanted to proceed and to select from a list of real estate brokers they have used in the area or if I had an agent. I said I have a real estate agent and set a conference call between the rep, agent, and I. We just had an offer and I accpeted, though now they want me to sign my life away. The document they sent me is called a request for consideration of Short sell? They requested the and even set-up the short sell to me, and they offered me a 25.000.00 check upon closing with no forbearance. Have you heard of people not giving any paperwork and going this far? This is very misleading! Should I get a lawyer?
Here is my advice:
Get a lawyer! Chase is a sneaky bank and it is more likely than not that this will benefit them somehow.
For one, Nevada appears to be a state that allows for a deficiency judgement, which means that they can go after you for the amount you ow in excess of that paid on the loan through the short sale. California by comparison is a state where you can not be held liable for additional debt as a result of a short sale or foreclosure.
Until Chase either forecloses or the property is sold, they can’t do anything to go after you for the unpaid loan balance. For agreeing to a short sale, you allow them to move forward on obtaining a deficiency judgement and going after more of your assets.
Furthermore, Nevada appears to be a one-action recourse state, which means that they can either foreclose on your property, or sue you to recover the unpaid debt, but not both. By agreeing to the short sale, you are allowing them to sue you for the unpaid debt whereas otherwise they would not be able to if they foreclosed on the property.
Let me repeat my first remark – get a lawyer, preferably one familiar with Nevada law.
Reader Bob writes:
I am in litigation v Chase. My premise is that Chase incentivized employees in modification and foreclosure departments to my detriment. If anyone can speak to this issue, please respond ASAP.
If anyone can help, please contact us through our contact form or leave information in the comments.
According to an article in the Wall Street Journal (Banks hit foreclosure hurdle, 6/1/11), courts are increasingly ruling in the favor of homeowners who claim the “show me the paper” defense to foreclosure. For instance, this case against our very favorite bank, Chase:
In March, an Alabama court said J.P. Morgan Chase & Co. couldn’t foreclose on Phyllis Horace, a delinquent homeowner in Phenix City, Ala., because her loan hadn’t been properly assigned to its owners—a trust that represents investors—when it was securitized by Bear Stearns Cos. The mortgage assignment showed that the loan hadn’t been transferred to the trust from the subprime lender that originated it.
Specific deal agreements required Bear Stearns to assign the loan within three months of the securitization. Because it failed to do so, Alabama Circuit Court Judge Albert Johnson determined, the trust didn’t own the mortgage. “The court is surprised to the point of astonishment that the defendant trust did not comply with the terms,” of the securitization agreement, he wrote.
The ruling is one of the first in the nation to strip a mortgage trust of an asset it thought it owned. A similar case earlier this year was decided in the bank’s favor when it held that the borrower wasn’t a party to the securitization agreement.
Nick Wooten, the lawyer for Ms. Horace, says the case won’t necessarily influence other decisions unless it is upheld by a higher court. But he says it is “another brick in the wall of trial-court-level cases that clearly show the wheels fell off the bus in the securitization industry during the bubble.”
Apparently Chase knows it can’t win this one
J.P. Morgan Chase hasn’t appealed the case. A bank spokesman declined to comment.
This might be a good time to start asking Chase to prove they have the authority to foreclose on you.
This is certainly worth a try:
I just found this out, Chase hates it when you tape record their conversations. When you speak with them they tell you they are recording the call. If you tell them you are recording the call. They will not talk with you. I suggest we all start taping them. They hate it
This is just too classic.
January 10, 2011
Chase Bank
Reference Chase home LoanDear Sir
I want to start off by thanking you for sending the Police to my home. This was quite interesting to speak to them. I am very upset about my home loan can not get anyone to speak to me at Chase but your call center. I have been calling them for two years and can not talk to anyone but a call center. I have become so upset. I have sent the paper work in about 24 times and have never received an answer. The San Jose Police were very helpful. The advised me “Chase Bank is the worst bank in the world and they will take your home they help no one”. What does this say about your Bank if a Police department feels this way?
Read more …
Very odd. Either Chase is ignoring the requests to stop calling for someone that doesn’t live there, or like Chase often does, different people from different departments can’t seem to get a hold of the same information.
Hi! We are receiving contant calls from Chase regarding my daughter and her husband. They married 4 years ago and have called Chase several times, but they continue to call our house…How to stop them?
Read more …
In this case, NOTHING!!
I made an international transaction on my Chase credit card during my vacation on 11/26/2009 for about $619 which was subsequently refunded and I have evidence to prove that (receipt for sale being void). When the reversal of amount did not reflect on my credit card for over a month I contacted the bank (over phone) to register the dispute. When nothing happened after few months I contacted again and faxed them the evidence I had. After couple months nothing happened again (they said they never got a fax) then I initiated communication through their website and uploaded the evidence I had on their website. After which I tried communicating several times with them and every time I got response that their investigation is underway and they’ll get back to me. Today I received a call from their representative that they cannot resolve the matter because I did not register the dispute with them within stipulated time, which is incorrect. I consider this lame excuse because they were probably unable to track the error in their transaction processing system.
In summary, delay, delay, delay, deny.
Ineptitude | admin June 18, 2011 | 
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