“Chase” Refinance Scam

[kcal09]

We received a flier by Chase to refinance our home in September 09 with attractive rates and contacted the office. Currently our loan is at 6.375%, a loan we had since June 2008 we contacted the office and locked in a 5.125% for 90 days. We paid a fee of $750. Our house was appraised one week later. As we have our current mortgage at Chase as well there is with the higher house value even less risk than last year. We submitted income and savings information, got from Chase a message that our credit rating was excellent and that the contract is in the underwriting department. We were told that closing should occur at the end of December 09. However, nothing happened at the end of December. In fact, they requested additional documents in February.Since then we have been waiting for a closing date, but haven’t gotten any progress. Numerous phone calls were not answered. Finally at the end of March I received an e-mail stating that 2 more documents are needed due the next day or my file would be closed.We immediately faxed those documents and nothing happened again for 3 weeks. Yesterday we got an e-mail that underwriting is reviewing the application again.We are wondering if Chase is stalling customers, as the mortgage rates have been going up steadily since we agreed on the locked in rate.We have done research online and found that Chase has done this to many other customers.
I would like to know what we can do as this appears to be a fraud.

[HLS]

KCAL,
It sounds like they are wasting your time.
Rates are actually a little lower today than mid Sept. Rates have not “been going up steadily”.
There is no advantage to them to stall.
You are correct that they have done this to many other customers. Amazing to me that people stick with them.

If a refi cannot be funded within 30 days, something is wrong. 90 day locks are usually at a premium cost, even if they don’t tell you that.
People remain foolish about their mortgage choices.

With the majority of loans, just because a bank services your current loan it doesn’t mean that they own it and you aren’t going to get any special service or favors just because you currently make your payments to them.
It doesn’t matter if you and 50 of your relatives have been banking with that bank for the last 200 years and have $500,000 deposited there. That doesn’t qualify you for a loan today.

A new loan is a new loan, sold off into a new pool of mortgage backed securities. The old loan is being paid off. They aren’t making an adjustment to an old loan. FNMA doesn’t care if you get a refi from the existing servicer.

Guidelines are stricter than they were last year, even if your property value went up. For qualified borrowers, conforming loans at 5.00% are available at almost no cost today, it changes a bit everyday.
Lower rates have a cost.

You didn’t mention your type of loan, loan amount, credit score or property value. Perhaps you don’t qualify for a refi today.
If you don’t qualify, it’s not fraud and the rate is meaningless. You made a bad choice. The appraiser doesn’t care if your loan goes through or not. They want to be paid for their work.

An appraisal done last Sept should no longer be valid. Have they told you that you have to pay for another one to compound your aggravation and get you funded ?

To add insult to injury, every month that you remain in a 6.375% loan you are wasting more money, most likely hundreds of dollars a month depending on your loan balance.

Sadly, many people make the same mistake that you did. An internet lender that gives the impression that they only charge $2000 as a broker fee overcharges on their rates and isn’t as cheap as they appear to be.Misleading but not fraud.
Lots of people with excellent credit don’t qualify for loans today.

If you would like to know the right rate and what you qualify for today, please contact me privately… HLS

[HLS]

KCAL,
It sounds like they are wasting your time.
Rates are actually a little lower today than mid Sept. Rates have not “been going up steadily”.
There is no advantage to them to stall.
You are correct that they have done this to many other customers. Amazing to me that people stick with them.

If a refi cannot be funded within 30 days, something is wrong. 90 day locks are usually at a premium cost, even if they don’t tell you that.
People remain foolish about their mortgage choices.

With the majority of loans, just because a bank services your current loan it doesn’t mean that they own it and you aren’t going to get any special service or favors just because you currently make your payments to them.
It doesn’t matter if you and 50 of your relatives have been banking with that bank for the last 200 years and have $500,000 deposited there. That doesn’t qualify you for a loan today.

A new loan is a new loan, sold off into a new pool of mortgage backed securities. The old loan is being paid off. They aren’t making an adjustment to an old loan. FNMA doesn’t care if you get a refi from the existing servicer.

Guidelines are stricter than they were last year, even if your property value went up. For qualified borrowers, conforming loans at 5.00% are available at almost no cost today, it changes a bit everyday.
Lower rates have a cost.

You didn’t mention your type of loan, loan amount, credit score or property value. Perhaps you don’t qualify for a refi today.
If you don’t qualify, it’s not fraud and the rate is meaningless. You made a bad choice. The appraiser doesn’t care if your loan goes through or not. They want to be paid for their work.

An appraisal done last Sept should no longer be valid. Have they told you that you have to pay for another one to compound your aggravation and get you funded ?

To add insult to injury, every month that you remain in a 6.375% loan you are wasting more money, most likely hundreds of dollars a month depending on your loan balance.

Sadly, many people make the same mistake that you did. An internet lender that gives the impression that they only charge $2000 as a broker fee overcharges on their rates and isn’t as cheap as they appear to be.Misleading but not fraud.
Lots of people with excellent credit don’t qualify for loans today.

If you would like to know the right rate and what you qualify for today, please contact me privately… HLS

[HLS]

KCAL,
It sounds like they are wasting your time.
Rates are actually a little lower today than mid Sept. Rates have not “been going up steadily”.
There is no advantage to them to stall.
You are correct that they have done this to many other customers. Amazing to me that people stick with them.

If a refi cannot be funded within 30 days, something is wrong. 90 day locks are usually at a premium cost, even if they don’t tell you that.
People remain foolish about their mortgage choices.

With the majority of loans, just because a bank services your current loan it doesn’t mean that they own it and you aren’t going to get any special service or favors just because you currently make your payments to them.
It doesn’t matter if you and 50 of your relatives have been banking with that bank for the last 200 years and have $500,000 deposited there. That doesn’t qualify you for a loan today.

A new loan is a new loan, sold off into a new pool of mortgage backed securities. The old loan is being paid off. They aren’t making an adjustment to an old loan. FNMA doesn’t care if you get a refi from the existing servicer.

Guidelines are stricter than they were last year, even if your property value went up. For qualified borrowers, conforming loans at 5.00% are available at almost no cost today, it changes a bit everyday.
Lower rates have a cost.

You didn’t mention your type of loan, loan amount, credit score or property value. Perhaps you don’t qualify for a refi today.
If you don’t qualify, it’s not fraud and the rate is meaningless. You made a bad choice. The appraiser doesn’t care if your loan goes through or not. They want to be paid for their work.

An appraisal done last Sept should no longer be valid. Have they told you that you have to pay for another one to compound your aggravation and get you funded ?

To add insult to injury, every month that you remain in a 6.375% loan you are wasting more money, most likely hundreds of dollars a month depending on your loan balance.

Sadly, many people make the same mistake that you did. An internet lender that gives the impression that they only charge $2000 as a broker fee overcharges on their rates and isn’t as cheap as they appear to be.Misleading but not fraud.
Lots of people with excellent credit don’t qualify for loans today.

If you would like to know the right rate and what you qualify for today, please contact me privately… HLS

[HLS]

KCAL,
It sounds like they are wasting your time.
Rates are actually a little lower today than mid Sept. Rates have not “been going up steadily”.
There is no advantage to them to stall.
You are correct that they have done this to many other customers. Amazing to me that people stick with them.

If a refi cannot be funded within 30 days, something is wrong. 90 day locks are usually at a premium cost, even if they don’t tell you that.
People remain foolish about their mortgage choices.

With the majority of loans, just because a bank services your current loan it doesn’t mean that they own it and you aren’t going to get any special service or favors just because you currently make your payments to them.
It doesn’t matter if you and 50 of your relatives have been banking with that bank for the last 200 years and have $500,000 deposited there. That doesn’t qualify you for a loan today.

A new loan is a new loan, sold off into a new pool of mortgage backed securities. The old loan is being paid off. They aren’t making an adjustment to an old loan. FNMA doesn’t care if you get a refi from the existing servicer.

Guidelines are stricter than they were last year, even if your property value went up. For qualified borrowers, conforming loans at 5.00% are available at almost no cost today, it changes a bit everyday.
Lower rates have a cost.

You didn’t mention your type of loan, loan amount, credit score or property value. Perhaps you don’t qualify for a refi today.
If you don’t qualify, it’s not fraud and the rate is meaningless. You made a bad choice. The appraiser doesn’t care if your loan goes through or not. They want to be paid for their work.

An appraisal done last Sept should no longer be valid. Have they told you that you have to pay for another one to compound your aggravation and get you funded ?

To add insult to injury, every month that you remain in a 6.375% loan you are wasting more money, most likely hundreds of dollars a month depending on your loan balance.

Sadly, many people make the same mistake that you did. An internet lender that gives the impression that they only charge $2000 as a broker fee overcharges on their rates and isn’t as cheap as they appear to be.Misleading but not fraud.
Lots of people with excellent credit don’t qualify for loans today.

If you would like to know the right rate and what you qualify for today, please contact me privately… HLS

[HLS]

KCAL,
It sounds like they are wasting your time.
Rates are actually a little lower today than mid Sept. Rates have not “been going up steadily”.
There is no advantage to them to stall.
You are correct that they have done this to many other customers. Amazing to me that people stick with them.

If a refi cannot be funded within 30 days, something is wrong. 90 day locks are usually at a premium cost, even if they don’t tell you that.
People remain foolish about their mortgage choices.

With the majority of loans, just because a bank services your current loan it doesn’t mean that they own it and you aren’t going to get any special service or favors just because you currently make your payments to them.
It doesn’t matter if you and 50 of your relatives have been banking with that bank for the last 200 years and have $500,000 deposited there. That doesn’t qualify you for a loan today.

A new loan is a new loan, sold off into a new pool of mortgage backed securities. The old loan is being paid off. They aren’t making an adjustment to an old loan. FNMA doesn’t care if you get a refi from the existing servicer.

Guidelines are stricter than they were last year, even if your property value went up. For qualified borrowers, conforming loans at 5.00% are available at almost no cost today, it changes a bit everyday.
Lower rates have a cost.

You didn’t mention your type of loan, loan amount, credit score or property value. Perhaps you don’t qualify for a refi today.
If you don’t qualify, it’s not fraud and the rate is meaningless. You made a bad choice. The appraiser doesn’t care if your loan goes through or not. They want to be paid for their work.

An appraisal done last Sept should no longer be valid. Have they told you that you have to pay for another one to compound your aggravation and get you funded ?

To add insult to injury, every month that you remain in a 6.375% loan you are wasting more money, most likely hundreds of dollars a month depending on your loan balance.

Sadly, many people make the same mistake that you did. An internet lender that gives the impression that they only charge $2000 as a broker fee overcharges on their rates and isn’t as cheap as they appear to be.Misleading but not fraud.
Lots of people with excellent credit don’t qualify for loans today.

If you would like to know the right rate and what you qualify for today, please contact me privately… HLS

[UCGal]

I have been disgusted with Chase, overall, since they took over WaMu. We’re in the process of moving our accounts – since Chase seems so “fee happy” compared to Wamu. They’re giving us grief on some of my husband’s IRAs…

We’ll keep one account there – it’s the closest bank to our house – so it’s nice to have something walking distance… but Chase is doing a good job of alienating long term former WaMu customers.

[UCGal]

I have been disgusted with Chase, overall, since they took over WaMu. We’re in the process of moving our accounts – since Chase seems so “fee happy” compared to Wamu. They’re giving us grief on some of my husband’s IRAs…

We’ll keep one account there – it’s the closest bank to our house – so it’s nice to have something walking distance… but Chase is doing a good job of alienating long term former WaMu customers.

[UCGal]

I have been disgusted with Chase, overall, since they took over WaMu. We’re in the process of moving our accounts – since Chase seems so “fee happy” compared to Wamu. They’re giving us grief on some of my husband’s IRAs…

We’ll keep one account there – it’s the closest bank to our house – so it’s nice to have something walking distance… but Chase is doing a good job of alienating long term former WaMu customers.

[UCGal]

I have been disgusted with Chase, overall, since they took over WaMu. We’re in the process of moving our accounts – since Chase seems so “fee happy” compared to Wamu. They’re giving us grief on some of my husband’s IRAs…

We’ll keep one account there – it’s the closest bank to our house – so it’s nice to have something walking distance… but Chase is doing a good job of alienating long term former WaMu customers.

[UCGal]

I have been disgusted with Chase, overall, since they took over WaMu. We’re in the process of moving our accounts – since Chase seems so “fee happy” compared to Wamu. They’re giving us grief on some of my husband’s IRAs…

We’ll keep one account there – it’s the closest bank to our house – so it’s nice to have something walking distance… but Chase is doing a good job of alienating long term former WaMu customers.

[kcal09]

[quote=HLS]KCAL,
It sounds like they are wasting your time.
Rates are actually a little lower today than mid Sept. Rates have not “been going up steadily”.
There is no advantage to them to stall.
You are correct that they have done this to many other customers. Amazing to me that people stick with them.

If a refi cannot be funded within 30 days, something is wrong. 90 day locks are usually at a premium cost, even if they don’t tell you that.
People remain foolish about their mortgage choices.

With the majority of loans, just because a bank services your current loan it doesn’t mean that they own it and you aren’t going to get any special service or favors just because you currently make your payments to them.
It doesn’t matter if you and 50 of your relatives have been banking with that bank for the last 200 years and have $500,000 deposited there. That doesn’t qualify you for a loan today.

A new loan is a new loan, sold off into a new pool of mortgage backed securities. The old loan is being paid off. They aren’t making an adjustment to an old loan. FNMA doesn’t care if you get a refi from the existing servicer.

Guidelines are stricter than they were last year, even if your property value went up. For qualified borrowers, conforming loans at 5.00% are available at almost no cost today, it changes a bit everyday.
Lower rates have a cost.

You didn’t mention your type of loan, loan amount, credit score or property value. Perhaps you don’t qualify for a refi today.
If you don’t qualify, it’s not fraud and the rate is meaningless. You made a bad choice. The appraiser doesn’t care if your loan goes through or not. They want to be paid for their work.

An appraisal done last Sept should no longer be valid. Have they told you that you have to pay for another one to compound your aggravation and get you funded ?

To add insult to injury, every month that you remain in a 6.375% loan you are wasting more money, most likely hundreds of dollars a month depending on your loan balance.

Sadly, many people make the same mistake that you did. An internet lender that gives the impression that they only charge $2000 as a broker fee overcharges on their rates and isn’t as cheap as they appear to be.Misleading but not fraud.
Lots of people with excellent credit don’t qualify for loans today.

If you would like to know the right rate and what you qualify for today, please contact me privately… HLS[/quote]

Thank you, are you a mortgage broker?

[kcal09]

[quote=HLS]KCAL,
It sounds like they are wasting your time.
Rates are actually a little lower today than mid Sept. Rates have not “been going up steadily”.
There is no advantage to them to stall.
You are correct that they have done this to many other customers. Amazing to me that people stick with them.

If a refi cannot be funded within 30 days, something is wrong. 90 day locks are usually at a premium cost, even if they don’t tell you that.
People remain foolish about their mortgage choices.

With the majority of loans, just because a bank services your current loan it doesn’t mean that they own it and you aren’t going to get any special service or favors just because you currently make your payments to them.
It doesn’t matter if you and 50 of your relatives have been banking with that bank for the last 200 years and have $500,000 deposited there. That doesn’t qualify you for a loan today.

A new loan is a new loan, sold off into a new pool of mortgage backed securities. The old loan is being paid off. They aren’t making an adjustment to an old loan. FNMA doesn’t care if you get a refi from the existing servicer.

Guidelines are stricter than they were last year, even if your property value went up. For qualified borrowers, conforming loans at 5.00% are available at almost no cost today, it changes a bit everyday.
Lower rates have a cost.

You didn’t mention your type of loan, loan amount, credit score or property value. Perhaps you don’t qualify for a refi today.
If you don’t qualify, it’s not fraud and the rate is meaningless. You made a bad choice. The appraiser doesn’t care if your loan goes through or not. They want to be paid for their work.

An appraisal done last Sept should no longer be valid. Have they told you that you have to pay for another one to compound your aggravation and get you funded ?

To add insult to injury, every month that you remain in a 6.375% loan you are wasting more money, most likely hundreds of dollars a month depending on your loan balance.

Sadly, many people make the same mistake that you did. An internet lender that gives the impression that they only charge $2000 as a broker fee overcharges on their rates and isn’t as cheap as they appear to be.Misleading but not fraud.
Lots of people with excellent credit don’t qualify for loans today.

If you would like to know the right rate and what you qualify for today, please contact me privately… HLS[/quote]

Thank you, are you a mortgage broker?

[kcal09]

[quote=HLS]KCAL,
It sounds like they are wasting your time.
Rates are actually a little lower today than mid Sept. Rates have not “been going up steadily”.
There is no advantage to them to stall.
You are correct that they have done this to many other customers. Amazing to me that people stick with them.

If a refi cannot be funded within 30 days, something is wrong. 90 day locks are usually at a premium cost, even if they don’t tell you that.
People remain foolish about their mortgage choices.

With the majority of loans, just because a bank services your current loan it doesn’t mean that they own it and you aren’t going to get any special service or favors just because you currently make your payments to them.
It doesn’t matter if you and 50 of your relatives have been banking with that bank for the last 200 years and have $500,000 deposited there. That doesn’t qualify you for a loan today.

A new loan is a new loan, sold off into a new pool of mortgage backed securities. The old loan is being paid off. They aren’t making an adjustment to an old loan. FNMA doesn’t care if you get a refi from the existing servicer.

Guidelines are stricter than they were last year, even if your property value went up. For qualified borrowers, conforming loans at 5.00% are available at almost no cost today, it changes a bit everyday.
Lower rates have a cost.

You didn’t mention your type of loan, loan amount, credit score or property value. Perhaps you don’t qualify for a refi today.
If you don’t qualify, it’s not fraud and the rate is meaningless. You made a bad choice. The appraiser doesn’t care if your loan goes through or not. They want to be paid for their work.

An appraisal done last Sept should no longer be valid. Have they told you that you have to pay for another one to compound your aggravation and get you funded ?

To add insult to injury, every month that you remain in a 6.375% loan you are wasting more money, most likely hundreds of dollars a month depending on your loan balance.

Sadly, many people make the same mistake that you did. An internet lender that gives the impression that they only charge $2000 as a broker fee overcharges on their rates and isn’t as cheap as they appear to be.Misleading but not fraud.
Lots of people with excellent credit don’t qualify for loans today.

If you would like to know the right rate and what you qualify for today, please contact me privately… HLS[/quote]

Thank you, are you a mortgage broker?

[kcal09]

[quote=HLS]KCAL,
It sounds like they are wasting your time.
Rates are actually a little lower today than mid Sept. Rates have not “been going up steadily”.
There is no advantage to them to stall.
You are correct that they have done this to many other customers. Amazing to me that people stick with them.

If a refi cannot be funded within 30 days, something is wrong. 90 day locks are usually at a premium cost, even if they don’t tell you that.
People remain foolish about their mortgage choices.

With the majority of loans, just because a bank services your current loan it doesn’t mean that they own it and you aren’t going to get any special service or favors just because you currently make your payments to them.
It doesn’t matter if you and 50 of your relatives have been banking with that bank for the last 200 years and have $500,000 deposited there. That doesn’t qualify you for a loan today.

A new loan is a new loan, sold off into a new pool of mortgage backed securities. The old loan is being paid off. They aren’t making an adjustment to an old loan. FNMA doesn’t care if you get a refi from the existing servicer.

Guidelines are stricter than they were last year, even if your property value went up. For qualified borrowers, conforming loans at 5.00% are available at almost no cost today, it changes a bit everyday.
Lower rates have a cost.

You didn’t mention your type of loan, loan amount, credit score or property value. Perhaps you don’t qualify for a refi today.
If you don’t qualify, it’s not fraud and the rate is meaningless. You made a bad choice. The appraiser doesn’t care if your loan goes through or not. They want to be paid for their work.

An appraisal done last Sept should no longer be valid. Have they told you that you have to pay for another one to compound your aggravation and get you funded ?

To add insult to injury, every month that you remain in a 6.375% loan you are wasting more money, most likely hundreds of dollars a month depending on your loan balance.

Sadly, many people make the same mistake that you did. An internet lender that gives the impression that they only charge $2000 as a broker fee overcharges on their rates and isn’t as cheap as they appear to be.Misleading but not fraud.
Lots of people with excellent credit don’t qualify for loans today.

If you would like to know the right rate and what you qualify for today, please contact me privately… HLS[/quote]

Thank you, are you a mortgage broker?

[Author]

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