JPMorgan Chase review: home refinance 24

I had the exact thing happen. The salesman was good. I was actually conned into paying a little more on my mortgage and taking eight thousand dollars out...He actually lied to me about several thing, but he has my $750.00... I ended up finding another lender that was $1000.00 cheaper and gave me what I was originally looking for. Chase just lost out on about $100, 000 of interest that they could have had from me.

Bill, have you disputed the charge and were you able to retrieve the $750 back?

My husband and I are in the middle of the same situation. A Mortgage Consultant charged our credit card $750.00 and now we are getting zero customer service. We have been Chase Mortgage Customers for years and thought by going through them for a refinance, we'd receive not only fewer charges, but also better Customer Service. (At least, that what the little insert claimed!) Wrong! Now that they have our $750, we can't even get the consultant or the processor to call us back. They're message recording says they are experiencing heavy file volume and it could be 48 hours before they return our call.

Also, the appraiser did a unfair comparable. The 3 homes the appraiser found to use for comparable valuation, were 15 miles from our home and in a neighbor that doesn't even compare to this one! The homes she used for the (supposed) comparable value was also located in an area where there were foreclosures. (Since the recent sales price is used to come up with the value of the compared home --you certainly don't want to use homes in or near forclosures!) We don't even have any foreclosures on this side of town and using those homes as comparables has caused our home to come in at a much lower appraised value. In fact, it is 47, 000 less than the FMV as listed on our annual propery taxes. We are totally shock over the appraisal! We wish we'd never called Chase to refinance. We are so unhappy!

I am going to try and call Chase customer service and see if they will listen. If not, I may call my nephew who is an attorney. In the meantime... anyone who reads this let this be a warning... unless you want to get baited, over-charged and not receive any customer care:

DON'T CALL CHASE FOR YOUR MORTGAGING NEEDS!

You should read their "Human Rights" statement! What a JOKE!
And how much did they take from us in the bailout?
Chase, you are a total disgrace. Enjoy spending my money you low lives.

I am an appraiser and LOVE how everyone always thinks they know how to do the appraiser's job. "He used a wrong comp" or "he didn't count this bathroom or that bedroom." I will admit that there are a few bad apples in the bunch but the majority of us take our work VERY seriously and enjoy what we do. I also love how the homeowner knows the value of their house before the appraiser even does the appraisal and then gets mad when it comes in lower than they believe it should have. Like we get anything out of bringing the value lower than it should be. What benefit would we get from doing something like that? We give an honest, fair, ESTIMATE of market value based on market data that is available to us at the time.

As far as the fee goes, it shouldn't be refundable because the appraiser did their job and should be paid. The lender cannot guarantee your loan will get approved based on the appraisal. If the appraisal comes in too low and there's not enough equity then what do you expect them to do? And besides, the fee for the appraisal was advised to you in the RESPAS (documents sent to you listing every possible fee) after you applied for the loan. I've NEVER heard of an appraisal costing $750, mainly because the standard appraisal costs $350 and lenders are forbidden from profiting from this fee. Basically, the lender cannot pay the appraiser $X and then charge the borrower $Z.

I will admit that something fishy is going on over at Chase that deals directly with appraisers. Apparently, they have filed more complaints against appraisers in all 50 states than any other lender. Everytime they file a complaint the state has to investigate. If the state fines the appraiser, this opens the door for Chase to sue the appraiser's insurance company and collect on the insurance (up to $1 MILLION per claim). They're doing this to thousands of appraisers nationwide even when in most instances there are no violations. Whether their lending is flawed or they're throwing appraisers out to the sharks, something must be done to stop them. BUT STOP BLAMING APPRAISERS.

I am having the same problem with Chase Bank. I have a credit score of 808 and have been with chase for years. President Obama said that the lower interest rates was a chance for normal americans to get something out of this mess that we the tax payers are paying for. Chase received billions of bailout dollars. I called Chase to refinance to a lower rate, Sales rep was rude and said that if I did not pay the $750 up front that he would not be able to refi the loan. I thought that staying with the same mortage bank would be easier and involve less cost so I went ahead and gave him the credit card. When I got the loan documents the next day, they include charges that I was not told about and nearly $5, 000 in origination fees. When I called to complain they were even more rude. Futher calls has lead to no response at all, just recording saying they are experiencing high volume. They would rather lose the loan, have me go somewhere else and refi, I guess this is why the banks are in so much trouble. One scam after another, but it is ok because the tax payers will send more bail out money as needed. It must be nice to get paid for incompetence.

The appraisers are obviously not doing their job if they are using comps that aren't even in the correct neighborhood. Unfortunately we are at the mercy of their ignorance and are stuck with any mistakes that they make. In the past, lenders could choose not to use appraisers that couldn't follow the rules. It's too bad that there aren't more competent appraisers out there.

Chase was forced to take the government bailout money. They didn't want the money, and neither did Wells Fargo. A document was recently shown on CNN and Fox News that showed the government was strongarming the banks. The money Chase was given has NOT been used and is in fact likely to be given back to the government. I'm in mortgage banking and can tell you that 90% of homeowners I talk to think their home is somehow worth much more than the comparable properties in their neighborhood, even if there are a lot of foreclosures. It reminds me of the fact that 74% of the population thinks they're "smarter than average."

Homeowners need to START BEING ACCOUNTABLE for the situations they're in and STOP feeling "entitled" for a bailout or a modification.

Im also a victim of Chase refinance sales people. I applied 1/9/09 and am still being jerked around by them, despite excellent credit score and doing everything required of me in a timely manner. i want to cancel the whole process since they have wasted 5 months of my time (I'm still paying at 6.25% instead of the 4.75% they 'promised'..) so this is to their advantage to 'blow me off' - they make money off consumers this way. I was also told they would not refund my $750 since I was the one who stopped the process. I plan to try to get my money back in court - wish me luck. I had been a Chase customer for 20 yrs -never again.

We started a refinance process with Chase in December 2008. Since then, Chase has ordered (through Quantrix, an appraisal management company that we understand is owned by Chase) 7 appraisals and/or field reviews and/or re-certifications of field reviews. All but one (a re-certification of a field review of an appraisal that claims our house lost 14% of value from March 2009 to May 2009 - a two-month period) of these 7 opinions of value qualify us for the refinance. Guess which one Chase is choosing to believe? Our rate lock (4.875%) expires in about 3 weeks. We are currently interviewing lawyers because, in addition to being out-of-pocket about $1000 in fees, and losing the opportunity to save about $300 per month in interest for the next 30 years, we believe Chase is engaging in unfair business practices. If you've had a similar experience with Chase, we'd like to hear from you. Send an email to: chaserefinance@gmail.com.

Same here, $750, no result, no answers, no returns... Stay away.

I am writing to post my story and hopefully give you all some hope. I, like many of you, fell into the black hole of Chase. We "locked in" at a 4.75% 30-year fixed rate back in April and experienced all of the same things mentioned here. No calls back, run around, contact person quitting, voicemail boxes full, no contact for weeks at a time, etc. We were terrified and ready to give up many times. I should note that we are a couple with very good credit (750+ scores), never late on payments, high salaries, no other debt, etc.

Well. . . . it just closed today (8/11/09) after 5+ months of waiting. We got the original rate and are thrilled (it saves us $833 per month!)

So. . . . . hang in there. It can happen. One continued problem however. . . . We are still waiiting for $400 of the original $750 back though (we got $350 of it in closing costs). We will see if they refund the rest as promised.

Good luck everyone!

After 7 months, I am still waiting. Run around. Half a dozen different reps who make first contact and then never return my calls or emails. Two reps back I asked if they would retro-activate the interest I am still paying while they put me off. I was told the rate would only take effect when I closed, no matter how long it took them to finish. I had a 30 day deadline or I would have to forfeit my $750 and suffer financial consequences. I have made good on my end, yet I still suffer the financial consequences. I lose $650 a month waiting. How much is everyone else losing? By putting us off Chase is making billions while we wait. shrinkette76, the post before mine, was happy to have the refi close after 5 months. At $833 a month, Chase basically stole over $4, 000 from them!

I'm sending a letter, with copies of posts on sites like this, to my congress and representatives as well as other states and Obama's office. I am sure this is a nation wide fraud and theft scheme making Chase billions of extra dollars. If you are having, or have had a similar experience, so the same. If our voices are hear, Chase will have to pay.

9 years ago, the Chase loan officer who gave us a 30 year fixed rate mortage on our loan, contacted us to refinance into a lot better rate. The rate was 4.5% and he said the costs were negligable. When we sat down with the Title Officer and reviewed our loan documents, it showed that this had a 10 year balloon payment on it. We immediately had the Title officer call the loan agent as we thought a mistake was made. The loan agent assured us that after the 10 years, all that would happen was to transfer into another loan and perhaps the interest rate would be reset. After his assurance that we would not have to come up with the entire balance, we signed the documents.

This year, we contacted this agent again. He said he was no longer working for Chase. When we asked him how to transfer into another loan, he informed us we needed to reapply for a loan. We told him that this was not what he had told us. He said that the industry had changed and he could not help us.

We then contacted another agent at Chase. He said we were in luck. Because we were excellent customer of Chase, there was a small window of opportunity to refinance this loan. He asked for $ 750 at which time he would lock in the rate of the loan (4.75%). While he credited my account for $ 750, the rate lock never happened. Over the past 5 months, he kept on letting us guess as to whether the underwriter was going to approve our loan. On top of it, he requested that we place $ 10, 000 into a Wamu/Chase account to make sure we have some funds available to pay the loan. We did so (at practically no interest rate).

After months of e-mailing, we finally got a "loan denied" e-mail. Even though we have been excellent customer for over 12 years, never missed a payment or mailed a payment late, have less than 10 % loan to value (in essence a no risk loan), we were denied the loan. Reason was our "living arrangement". Everything had to pay exactly the same way it was when we got into the loan. This was a bunch of crock as the loan officer was told exactly our info. We were told that of the $ 750 we paid for the loan app., we would get only $ 350 back. Can you imagine the millions or billions of revenue they get for loan applications, knowing full well they will never have to actually give a loan?

We feel Chase has no intention of using our tax payer dollar to give out great loans. They are waiting to either give their executives bonuses out of our tax payer dollars, or else wait until the interest rates go up so they can make a killing on our money. Please contact me at 805/455-3403 if you have a similar situation and want to initiate a lawsuit against these crooks.

Please contact 805/455-3403

All the bankers need to be carted off tO the slammer. And, I don't mean a country club-type, I mean SUPERMAX!

Chase did the same thing to me. I thought I could refinance under the "Obama Plan" but low and behold, I've been manipulated for months (since March 2009). They have no intention of doing anything with me. I don't have financial problems, I JUST couldn't refinance under the normal path because my house has lost $165k worth of equity and is worth about $20k less than my mortgage. I lost because of the corruptness of the government/corporate heads.

The solution lies in replacing Milton Friedman's mantra that "the goal of business is to maximize profits, regardless of the social and environmental costs" with a more viable one: "Make profits only within the context of creating a sustainable, just, and peaceful world, " and to create an economy based on producing things the world truly needs (www.lewrockwell.com).

The United States at one time never allowed a company to do business unless it was for the benefit of the people. Oh, has our nation been destroyed from the inside out!

Vote THIRD PARTY!

We had very similar situation. In Sept 2009, we receive a letter flyer along with our mortgage statement about refinancing our current mortgage loan with Chase to lower the interest rate. We called the toll free number listed on the flyer and spoke to a mortgage loan officer (Joey Krutz). He pulled our credits and we both have above 740 credit scores. He talked us into locking the 30 year interest rate of 5.25% and charged our credit care $750. We provided all the documentation they requested, weeks and months passed and all we heard back is that the file is with underwriting awaiting decision. Finally today I got a call from Mr. Joey Krutz that our loan application is denied. The reason, because our current loan is a Lender-paid PMI instead of borrower-paid PMI. I asked for the $750 be refund to me, he told me that we will only get $350 back, as the $400 goes to the expense of loan application. This is just pure scam!

To all who have paid the $750 "procesing" fee:

Like you, I paid the fee, being unfamiliar with RESPA. Having since made myself familiar with RESPA, it is clear that the demand for prepayment of ANY fee (except possibly for Credit Check) is a violation of Section 12 of RESPA - and there is a $ 1000 fine for each instance of this violation.

I have just completed a letter demanding refund and threatening legal action on several points. Anyone interested in filing a Class Action Suit over the Refinancing Offer ?

Wm in Reno

Fyi for every loan that the company does not complete it cost $1250 for the company...use some common sense.

$400 goes to an appraiser.

you get $350 back.

$350 goes to a title company (regardless if you close)

then there is the overhead of the staff, phones, buildings lights etc

The goverment is constantly changing guidlines tell them to stay out of the banks business...no bailouts for the ones that do bad business (chase did not use a dime, bailed out the 2nd and 3rd largest bank failures). And never lost money buy doing bad loans for people who could not pay dont get mad buy stock. Bet all of you complained about gas prices while I invested in exon.

Chase employee,
Pure ignorance. Your employer was one of the biggest bailout recipients. This is from CNN. Here is the link also.
http://www.cnn.com/2008/US/12/22/bailout.accountability/index.html

CNN contacted the banks that were given the biggest chunks of the bailout: Citigroup, JPMorgan Chase, Wells Fargo and Bank of America.

The latter received $15 billion as part of the federal Troubled Assets Relief Program (TARP).

Where the money went is not clear.

"We are using the TARP funds to build our capital and make every good loan that we can, " Bank of America said. The bank said it expects to release more information in its fourth quarter earning report.

Citigroup, JPMorgan Chase and Wells Fargo each received $25 billion -- the largest amount given to any bank.

I am having the same problem right now. They told me $450 would be applied to my mortgage payment and that I would not have to pay closing costs. Now they first came at me with a $3800 closing cost fee. I argued with them, now they are at $1000 plus and also said my deposit is non refundable... Any class actions going on?

We have been "refinancing" with Chase (our current mortgage holder) since July. Our credit score is over 800, we have no credit card debt, over 1.5 million in equity in our home and a very sizable bank account. We have provided 3 years of documentation on everything from when we went to the bathroom last to how we have money saved in the bank! I mean seriously, we did it the old fashion way, we paid 20% down on our first home, we worked hard and didn't live higher than we could afford.
Chase has spent the last 3 months pushing paper and delaying our closing. We had a rate locked in that was to expire October 4th, and when Chase could not close on time (we had given them everything they has asked for in plenty of time) we thought they would extend the locked in rate since it was their fault we didn't close. Well, we were supposed to close last Friday, but once again Chase could not get the paperwork done in time. Now it is scheduled to close tomorrow, (and we still do not have the HUD statement) but they raised the rate saying we didn't close in time and the rates have changed since the original quote. We are paying over $500 more a month with the new rate. I refuse to give them my business. I am currently looking into other banks. I feel Chase can take on more bad loans and tank even further.

If anyone knows who to complain to I would love to file a complaint. To make matters worst, one friend of ours was flipping houses, and lost millions and is foreclosing on homes he can't sell. He just got a mortgage for another house he bought. My other friend has always lived higher than they could afford. Their credit score was so low they couldn't get a FHA loan. They hired a "credit fixer" so they could qualify for a FHA loan and just went into escrow on a home through FHA with no money down, and questionable credit. They have nothing to lose if the market tanks or her husband loses his job. They can just walk away and stick the banks/taxpayers with the debt.

Our tax dollars are going to help the folks who losing their homes, and it seem the only people getting loans are those that still can't afford them! Have we learned nothing from the past?

EM in California

I also got charged the $750.00 and no results. that was back in sept 2009. I have since gotten a call or letter saying they could refinance at a lower rate. When I call and ask them for my $750 back, they said they could work something out...never did. will be glad to join in a class action law suit against Chase.
LW in LA

I also was used and abused by Chase, and I'm their customer. My appraisal came in low, i somewhat expected it to, but the catch is that they told me the appraisal fee was refundable if the loan did not go through. So what do i have to lose? My application fee that's what. Even at the end when they told me they couldn't do anything for me, the lady said, "since it was due to the appraisal the money will be refunded." Ha...Now everyone says she made a mistake. Well it wasn't her fault..she told me the same thing the first guy did. But the first guy has since changed his story.