Woman pays mortgage in full and on time, Chase still tries to foreclose
Wow, this is a big screw up on Chase’s part and shows just how badly Chase screwed up some things when they transitioned WaMu customers over to their bank. In essence, the customer had a mortgage with WaMu since 2003 and never missed a payment or was late. All of a sudden she received a letter in the mail saying they are being foreclosed upon. WTF?
Turns out that Chase, in response to a small lapse in the homeowners insurance, added an escrow account for insurance onto her loan that added additional payment. But they somehow forgot to notify her of it. When checks came in, they noticed that the check amount didn’t equal the newly increased due amount, so they put all the payments into a “suspend fund” and the payments were not applied to her mortgage. Again, they failed to notify her that this was happening.
So many of the problems with Chase seem to do with their lack of notifying customers of essential information.
Foreclosure, Ineptitude | admin May 27, 2010
