Chase claims they don’t lose paperwork. Yea right.
In what may be the biggest fib yet by a Chase spokesman, as quoted in a Bloomberg Business Week Article (Modifications Aren’t Stopping Foreclosures) Chase claims:
JPMorgan is able to track paperwork because it scans every document as it’s received.
In truth, Chase is one of the worst offenders when it comes to paperwork lost during the loan modification process as evidenced by the many many stories on our site and in the press, and it is disappointing that Business Week didn’t take them more to task for this.
However, the article does outline the basics of the scam Chase and the other large banks are perpetrating on borrowers:
- Borrower is granted a trial modification with lower payments.
- Borrower makes all trial modification payments on time and in full.
- Bank denies permanent modification and demands difference between trial modification payments and regular mortgage payments in one lump sum.
- Borrower can’t pay this so bank forecloses.
If you are lucky enough, there are a couple of extra steps as evidenced by the Business Week article:
- Major news media writes an article profiling the borrower.
- Bank has a miraculous change of heart, reverses the foreclosure, and gives the borrower a permanent modification.
Foreclosure, Loan modification | admin November 23, 2010
3 Comments
Other Links to this Post
RSS feed for comments on this post. TrackBack URI
By MRJOHN, November 24, 2010 @ 5:25 am
Chase is being dishonest about this one. I had a mortgage with Washington Mutual then Chase took it over. I had automatic withdrawls from another bank. Month after month the money was witdrawn but stop receiving monthly statements when Chase took over WAMU. Then I sent up an account online with Chase to see my payment history. There was NONE! I then called the Chase bank’s customer service line and was on the phone for an hour trying to explain the situation. About a week later I received in the main an unprofressional jet ink print out of my payment history. What a joke! For this reason and the stuff their pulling at the Chase credit Card division I will never do business with them or any company affiliated with J.P. Morgan Chase.
By Gina, December 3, 2010 @ 6:20 pm
Hmm, don’t lose paperwork? We tried to work with them and WaMu (before taken over). Our paperwork was lost numerous times. We never spoke to the same person and no one ever had any record of our phone conversations. We lost our house in October 2010. My mission is to tell everyone of how EVIL Chase is and to run away from them fast. Scum of the earth – that is what they are!!!
By bless, October 18, 2011 @ 3:18 pm
oh my, same here , they said. their website is down and i kee sending paperworks they requests over and over again…maybe Chase thinks until we give up our house.