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Jp morgan chase is the worst company to deal with when you have an insurance claim. Date of my loss was 12/24/12. Insurance company informed me that they had to issue the check for the repairs in the names of my mortgage companies along with myself. My primary mortgage company endorsed the check with no problem, however chase sent me through the ringer. I had to send the endorsed check to them and they said they'd release 50% of the funds. I submitted the documentation to them 01/14/13 via express overnight mail (Included a return express mail return envelope in the package). They acknowledged receipt of the check and then told me that I needed to complete some sort of documentation before the 50% could be released. I completed the documentation and faxed it to them. Again, receipt of the documentation was acknowledged. Then they said that I had to have a 90% inspection done. The inspector came to my house on 02/19/13 to take pictures. Chase acknowledged receipt of the inspection as of 2/22/13. Yesterday, 2/26/13, I received a call informing me that they needed a letter from my primary mortgage company stating that they were ok with the release of the funds with no recourse (After my primary mortgage company had already endorsed the check) or they'd have to issue the check to both myself and my primary company. I told them to do just that. Today I called and the young lady informed me that corporate had to approve the release of the funds. I asked for the number to corporate but she could not give it to me. Here's a little more background: chase informed me that they had not received mortgage payment from me since september (I pay my bills through online bill pay). I contacted my financial institiution, they initiated an investigation only to be told by chase that they could not talk to them about the payment. Back to the insurance check: I told chase that if you believe I owe you past due amounts, please, just take the check as payment. To which they informed me that they could not do that. I had to contact corporate. Who in the hell is this 'corporate' they speak of? I just want this nightmare to be over. I am writing because I am growing more and more frustrated over this process; I plan to refinance as soon as possible and be rid of chase once and for all.
Chase has done the exact same thing to me. The total loss on my house was about $290, 000.00. Chase received a the first draft in the amount of approximately $123, 000.00. They then sent me about $60, 000.00 of it so that I could start my repairs. I received a second loss draft from the insurance company. I endorsed it and sent it to Chase, overnight with a signature request. Chase received the check on March 14, 2016, and I knew because I had the signature confirmation. They then lied to me and said that they hadn't received the check until March 18, 2016. When I requested 1/2 of the second check, which would bring me to having received approximately 50% of the total funds, so that I could bring my house to 50% completion for the first inspection, Chase refused to give me the money. So having received only $60, 000.00 of a total $290, 000.00 loss, Chase told me that I had to be at 50% before they would give me any more money! WTF?! You haven't even given me 50% of the total money, how am I supposed to have my house at 50% completion? Nobody there knows how to do math. Chase told me to work it out with my contractor. Why the hell would he float that kind of cash up front on a job? Better yet, why should he? Chase has a diminimus interest in my property compared to its overall net worth. I could burn my house down and they are more than covered just for the value of the land alone which is basically oceanfront property in California. Every time I call their Insurance Loss Draft Department, which is actually a company called Assurant Specialty Property, who Chase hires to administer their insurance loss proceeds. The people at Assurant lie all the time and claim that they are part of Chase Bank, but they are not. Why is it that Chase Bank Insurance Claims Department just happens to have the exact same address and phone number as Assurant Specialty Property in Duluth, Ga? When I got the results of my inspection, (remember, they still refuse to give me even 50% of the total amount of the loss funds to get my home to 50%, and by the way, the majority of the loss in my home is materials, not labor). So my first inspection came in at 35% completion, with Chase Bank having distributed to me only 25% total of the funds. When I requested more funds, Chase Bank told me that I had to have an inspection that said 38% completion. REALLY? Chase Bank is refusing to release funds because my inspection came in at 35% and not 38%! Every time I call up their call center, I get someone who lies to me. They lie all the time, constantly. But one thing is consistent. They tell me that I need to be at 50% before they will release any more funds, even though they refuse to release 50% of the funds. This is the most frustrating thing I have ever gone through. It doesn't help the fact that no one who answers the phone can even do basic math, they can't even figure out percentages. Their standard answer for everything is "that's our policy." When I requested additional funds before my inspection, they didn't even respond to my request by denying it, they just did nothing. After about a week I hadn't heard anything, so I called them again and they said that I needed an inspection. I asked them when were they going to have someone contact me? They weren't. It has gotten so bad with all their employees lying all the time, I finally sent them a notice that I will be electronically recording all my conversations with them from now on so that I can use them against them in legal proceedings if I have to. They are refusing to release MY OWN MONEY, so that I can fix MY OWN HOUSE. When you try to explain that you can't get to 50% completion without 50% of the money, they tell you "we don't care, that's not our policy." They claim there are some government regulations regulating the disbursement of insurance loss funds, but that is a total lie. I have never dealt with such horrible people in my life, they are constantly "axing" me something and just talk right over you, like the louder they say something, the more true it becomes. I have taken to detailing their conduct and memorializing it in writing and sending them letters advising them of their conduct. If they don't dispute what is contained in my letters, then it becomes a legal admission. What they are doing amounts to constructive fraud and bad faith. These people need to be stopped, I'm just not sure how, but maybe a lawsuit against Assurant Specialty Property will have to be the way. These people are straight up criminals.
I am going through the exact same thing. My house burnt Sept 20th of 2017. I have until Sept 20th of 2018 to be into my new home or my family will be basically homeless. I have gone through all the inspection stuff and they keep telling me they haven't received the inspection results. It's been almost 2 weeks. This is the second time they have done this to me and I'm sure they are going to argue with me on the results just like last time. I don't understand how they can prevent me from building my house but they are sure doing a good job trying. It is totally and completely frustrating and ridiculous! Took 6 weeks last time to finally get my money released. We are running out of time and they are being totally uncooperative!
We are now going through an awful time with insurance claims through chase. Our house burned in May of 2015 and the contractor we hired was paid by Chase Insurance Claims department for 91 percent completion but he took off after only 51 percent was completed. This contractor restorations and interiors inc have filed bankruptcy to avoid all his fraud lawsuits. There is no way at this time to recoup the money. We have since found a great contractor who is willing to repair what is needed and finish what the last contractor was paid for and did not finish. So the money left in insurance claims escrow needs to be dispersed to new contractor to get us in our home before foreclosure again.BUT insurance claims says the house has to be up tp 91 percent completion before any more money is dispersed. now how can we get our house to 91 percent if they wont disperse the money to do so.We are going to be out of a home our escrow and our leased apartment. how does this make any sense. if we had the money to finish it out of pocket we would have gotten a court order to get the funds. so chase will get our home our escrow and ruin our lives. what a way to legally screw folks.
God bless you. I feel your pain. I'm in the same situation minus your contractor nightmare. I'm afraid mine is going to walk all because of Chase Bank. Chase Bank sucks!
They ended up being very very good to us. They released after some debate but once the main man contacted me the funds were released to a new contractor who did a beautiful job fixing. I found out as well through my lawyer that insurance inspectors are sub contractors and can be paid off by scamming contractors like troy payne. When the chase mortgage tried to foreclose because of vacant house due of course to fire I was mad. we worked it all out. chase worked so well with us after all the bickering. I am grateful to God that chase ended up being the hero this time. They gave us a great modification. It was TROY PAYNE we had issues with right from beginning. florida has no protection against scammers like troy payne or he wouldn't still be doing it. call This guy who is in charge of disbursements his name is troy as well he is the man who is my hero in the end. tell him my story and he will help his name is Troy Foreen and his number is [protected] please if I can help Let me know. we are back in our house with a new mortgage modification as well. Good Luck call him .