Posted on 12/08/2010 6:45:32 PM PST by Frantzie
I know someone who lost their job, has found a new one and is behind about 2 months. It is not me thank God. They are trying to work it out. They can eventually get caught up but if you have any equity - it appears the banks will play hardball. Chase is a scummy bank.
Thanks. I am afraid things will get worse in America. Hopefully I can help this family.
Not mortgage insurance; homeowners' insurance, which is staggeringly expensive in Florida.
I went through a nightmare with WaMu/JP Morgan/Chase nearly two years ago. I was completely on time with all payments and had never been a day late. However, a change in my homeowner’s insurance rates meant that my payment went up. With all the confusion over WaMu failing and being taken over by Morgan which was bought by chase, I wasn’t informed of the increase. They were pretty confused on their end and the recorded message I got when I called their 800 number told me I owed the usual amount. So for the next two months I sent in my regular payment in the usual amount.
Well, Chase doesn’t accept partial payments, so my payments went into a holding account, rather than being applied to the loan, and I was hit with about $1200 in late fees, penalties, punishments, vengeance, etc. No one said anything to me about this until I got a notice telling me that they were going to foreclose on me in two days unless I came up with a huge amount of money, about two months’ total income.
Thank God, thank God, some truly Christian customer service rep realized the injustice of my situation and told me that if I could come up with about $4800 in the next 24 hours, Chase would let me have a payment plan to fold the rest due into an increased monthly payment. It was ghastly, a real strain to pay it all down. I now live in fear of them. I’m doing my best to get out of this house and away from them and all mortgage lenders.
I thought it took a year to reposess a home?
This sounds like his story almost to a T.
This isn't a case of the homeowner dropping insurance that the lender requires as part of the mortgage deal, is it?
In such cases, the lender is allowed to insure the house and bill the homeowner for it. In such a situation, the insurance premium will be very high compared to what the homeowner had been paying for the insurance he dropped.
At least, that's the law around here--but it might have changed in the couple of decades I was advised about it.
I think if people know how to play the game it is possible. People trying to make a good faith effort to pay get crunched. Florida also has a rocket docket.
Not all the people out there are deadbeats. People are falling down all over the place in O’s depression.
It appears to be a mix up like the other poster posted. This whole Wa Mu to Chase transition. It seems like Chase took advanatge in some cases of the fouled up paperwork. They probably had a nightmare merging the computer systems and if some things got screwed up - the customers was at fault.
I know a friend of a friend who was a senior programmer for them - he is an American. All the nighttime work is run over in India. He would get calls in the middle of the night to fix things cause the Indians would screw it up or would have no clue.
Chase canceled our card too. But they still send new pre-approved card offers in the mail. Weird!
Ping!
It looks like from the thread that the person needing help with Chase trying to foreclose on them is in Florida.
“By law, they have the right to choose their own insurer. Chase may recommend one, but they don’t have to pick it. If their payment is that jacked up over insurance, shop around.”
I’m in IL and if you don’t pay your property insurance premium (which they did by not paying the monthly mortgage for 2 months)then the bank has the right and obligation to protect the property and they put you into a “pool” which costs a fortune.
Without a doubt.
When I called Chase, I found out my card had been canceled way back in July of ‘09.
I just can’t imagine *what* “changed” between the time I got the card [like 2006 or so] and then.
/s
I don’t think I’ve ever been “dumped” because I didn’t run up enough debt or paid it off too fast.
Guess I wasn’t “stimulating” enough.
Chase is a really scummy bank besides the Christmas Tree they supported Acorn, Obama and Sharia Finance and were good buds with Madoff to boot.
There is a freeper who belongs to a fight foreclosure site so I found some information on there that might help.
http://4closurefraud.org/foreclosure-support/
http://www.foreclosurehamlet.org/page/helpful-links
Basic Foreclosure Litigation Defense Manual
http://www.scribd.com/doc/20954236/Basic-Foreclosure-Litigation-Defense-Manual
http://www.foreclosurehamlet.org/profile/stopGOVTwaste
Thanks. I will go through this in the morning. This guy is really trying but if you do not have the full amount they apply the money to fees, charges, etc...so you pretty much do not have a chance.
I think God that I have been frugal, hard working and worked hard to pay things off but anything can happen to anyone and it all changes.
How did the payment get jacked up in the first place?
A mortgage contract is a contract. It can’t change like that without something was was in the terms of the contract that also changed. What changed?
I have worked for many banks. Chase is absolutely one of, if not THE, worst bank out there. They are absolutely robotic in the way thy deal with people.
Breezed through this real quick..sounds like Countrywide, Chase, and Wamu involved...that is a toxic brew.
Best advice I can give is for those folks to learn as much as they can. I'm not going to "blog-pimp" but can make recommendations where one can go to learn. Learning costs nothing..just time.
In complex cases (most all of them are) a Certified Fraud Examiner is an excellent investment and helps negotiate down lawyer fees if that becomes necessary. The CFE's do most of the work if they are good!
Feel free to FReep mail me.
More info in post # 37
Good Luck!!!
Head up!
Found this in the comments at ZeroHedge:
http://www.publicintegrity.org/articles/entry/2752/
Banks are setting up multiple LLC’s to bid on tax liens to get priority on foreclosing homes. Florida is mentioned.
yes there are people really trying and yes that is the people no one wants to help. government is pouring cash we dont have down a rat hole while we sink
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