Chase cash-out refinance but money not available
Here is a letter I sent Dimon (names omitted).
July 31, 3013
Dear Mr. Dimon,
We closed one week ago today, July 24th, on a refinance of our mortgage. We have yet received one penny of the cash out we were due and it looks as if we won’t be receiving it anytime soon. The incompetence of Chase Mortgage and Title Source, Inc. are going to cause us to default on a contract to buy another property and cost us thousands of dollars.
I have just filed a complaint against Chase Mortgage with Jeff Atwater, Chief Financial Officer of Florida.
This refinance has been going on since June 10th, seven and one half weeks! We have had our mortgage with Chase for nearly 16 years and have never been late on a payment. We have excellent credit ratings.
This process has been has been insane. Progress was held up for a week or more at one point because someone in the chain of command wanted to know why my husband moved out of the house he shared with his ex-wife 26 years ago! The scrutiny we were put through was crazy and went on for so long.
Finally, we reached closing last week and thought we had at last, reached the finish line. Then we were told there was a 72 hour right of rescission on refinances. I wish they had told us earlier in the process so we could have planned accordingly.
We waited the 72 (business) hours. On Monday, July 29, the mortgage banker, ___ ___ called and said the money should be in the bank and if it wasn’t, it should be there by the close of banking hours on that day. It wasn’t. It still wasn’t there on Tuesday.
On Tuesday afternoon I started looking for our money. I called the bank and Mr. ___ was in training all day and the bank manager is on vacation. Fortunately, the girl I spoke with told me the money had been transferred to Title Source on Monday. I called them and spoke with someone named ___. Ironically, her title is “Delay Analyst.” I don’t know if that means she tries to figure out ways to delay payment but that is what happened in this case.
It seems we forgot to sign a document stating that we lived in the house – the same house we have lived in and which has been financed by Chase for the past 16 years!
Will you please see if you can get us our money? I’m sure we are paying interest on it already and would love to have use of it.
Ineptitude | admin July 31, 2013
By Ken, August 2, 2013 @ 5:51 pm
Go to Quicken Loans. They will help you. in fact, Chase partnered with Quicken because they do so well. I’m sure Chase will take down Quicken rather quickly. Not sure why Quicken would do this,, i’m sure because of the money Chase offered them.