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Chase Bank: You're Not Even Trying. . . (Part 1)

By Tni LeBlanc, Realtor®, J.D.

Real Estate Broker/Owner with Mint Properties, Lic. #01871795 Lic. #01871795

December 08, 2010 04:45 PM

Chase Bank: You're Not Even Trying. . . (Part 1)

Thank you Katerina Gasset for you post entitled: "Top Six Things You Can Do While On Hold With Chase Loss Mitigation." I needed a laugh after dealing with them the other day. It also inspired me to take CHASE to task today and to stay on hold as long as it took to get through.

Since I am a professional bank hater by trade, I was prepared. And since they kept me on hold 45 minutes yesterday, I knew it would take awhile. They gave me the wrong secret fax number yesterday, so apparently next time I call and they give me a fax number, I should tell the rep to hold on while I test it. Well I guess that's why I hate them. But hey, when getting a fax number costs 45 minutes of your day, you start to get a little bitter. So, I forwarded all my cell calls to my office number, called CHASE on my cell, and prepared for a wait. And, while I was on hold listening to the pre-recorded messages, it occurred to me that CHASE really isn't even trying. . .

While other banks have improved their short sale processing, with some notable or stand out exceptions along the way, CHASE is apparently sticking to their guns. Their short sale processing sucks and nobody, I mean nobody is apparently going to change that. With almost 3 years of a very active short sale market behind them, CHASE Bank still believes it is completely acceptable to take 5 - 6 months to process a short sale. It is as if they are playing by a completely different rule book: the one that says "stall ‘em out until they forget about the whole thing."

Frankly, when a bank is a stand out for bad performance among short sale lenders, well I think they've really done something quite remarkable. And CHASE has, and continues to do that. Though I would have been able to wax poetic about a year ago about the how much Bank of America sucked, they have cleaned up their act to a certain degree with Equator. So, it appears they just needed to get organized. Not CHASE though; they're old school. They believe that short sales should be long and painful. In my mind, I am envisioning rows and rows of manila file folders strewn across a barren office landscape, and apparently only one guy answering the phone.

Anyway, because of Katerina's blog, getting through became a sort of personal challenge today. And I honestly wondered, how long will it take for these people to actually pick up the phone? While I waited, I went online and finished a couple of blog posts, answered and made other calls, thought about what it would take to fix the national deficit, had a third and fourth cup of coffee, but mostly just waited.

Then after 2 hours and 3 minutes on hold, something FINALLY happened . . . . . . . . the call dropped. Damn AT&T Wireless. Oh well, that's another blog I guess, but still, CHASE you're not even trying. . .

Update 12/8/10 - I did get through to a CHASE "helper" today. And it was the same "helper" who gave me the wrong fax number on Monday. He must have had the day off yesterday when I was on hold for 2 hours. Today he was back with a vengeance and picked up the phone after a mere 56 minute hold time. I told him about the error, and he said "oh yeah let me get you the right fax number." He rattled off the number and before I could even utter a word, like "repeat that," or anything else, he decided to "transfer" me to the negotiator (whom I've already left a couple messages for). So, I waited and waited on the line until I finally heard "the time allotted for you to dial has been exceeded..." Beautiful. Thanks for trying...

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Comments(29)

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Lydie Ouellet Dickinson

Realty Executives Tri County, Bellingham MA - Bellingham, MA

Realtor

Everytime I wait on the phone for Chase to answer I think (like most of us), what if I delay my credit card payment? ...no. It doesn't work both ways. Bummer! 2 hours and 3 minutes... you are one patient woman. If I was a client, I would be so happy to have you as my Realtor!

Dec 08, 2010 03:15 AM

Jessica Leimback

Agave Homes & Investments - Mesa, AZ

Broker,SFR,CNE,CSSPE

Funny thing is everyone disliked Bank of America for awhile. Now they are the bank trying to shorten the process. US Bank should certainly get honorable mention in this post because they are silly with their negotiating. Example, they give their investor's bottom line net price. They say the investor agreed to 5% commission. So I say fine we will raise the offer and put the commission higher. They say doesn't matter they will keep the commission at 5%. Huh?

Dec 08, 2010 04:30 AM

Tni LeBlanc, Realtor®, J.D.

Mint Properties, Lic. #01871795 - Santa Maria, CA

Tenacious Tni (805) 878-9879

Chris Ann - Yes, a year or so ago admittedly Bank of America would have made CHASE look efficient. But while I think most banks have moved out of denial and gotten better (I know there will always be individual files that get bungled), CHASE does not appear to have made any strides. In my experience, when they are on the first mortgage they take about 5-6 months to process a file, when they are on a second and its been charged off you end up in CHASE LOSS RECOVERY where they make exorbitant and unrealistic demands. They are basically ripping agents off because they are stealing our time.

Lydie - Thanks. On hold again today. I will not be defeated. About to get on my CDPE website though and see if I can track down a fax number. The file rep hasn't called me back to give it to me and apparently no one picks up the phone in the department that is handling this file.

Jessica - I know Bank of America used to be the worst. But, in my opinion CHASE has taken over the top spot.

Dec 08, 2010 04:42 AM

Indera Coggins

Re/Max 100 - Dunkirk, MD

I had such a difficult time dealing with Chase on a short sale. Oh, they were the worst. Can you say "pulling teeth". I went to settlement and Chase is still calling me.

Dec 08, 2010 06:52 AM

Indera Coggins

Re/Max 100 - Dunkirk, MD

I had such a difficult time dealing with Chase on a short sale. Oh, they were the worst. Can you say "pulling teeth". I went to settlement and Chase is still calling me.

Dec 08, 2010 06:52 AM

Eileen Hsu

Douglas Elliman Real Estate - Manhattan, NY

LICENSED REAL ESTATE SALESPERSON

Sometimes I don't even know where to begin venting about the banks. It is always therapeutic to just write a post to share your upset-ness! So we'll be reading about your Part 2, Part 3, to Part 100s.

Dec 08, 2010 07:30 AM

Norma Toering Broker for Palos Verdes and Beach Cities

Charlemagne International Properties - Rancho Palos Verdes, CA

Palos Verdes Luxury Homes in L.A.

I can send you a wonderful yoga workout you can do while on hold--it is also good for your blood pressure and finding your Zen while on hold...remember, these are salary men and they makes the same amount of money whether they hustles or not.

Dec 08, 2010 07:46 AM

Stacey Smith

Keller Williams Realty - Aliso Viejo, CA

Your Orange County Beach Cities Realtor

Another great blog as always Tni. Negotiating a short sale is never easy and it is very time consuming and frustrating but these banks sure to know how to make it soo much more complicated than what it should be.

Dec 08, 2010 10:29 AM

Wayne B. Pruner

Oregon First - Tigard, OR

Tigard Oregon Homes for Sale, Realtor, GRI

These days Chase is the poster child of how big is not better.

Dec 08, 2010 01:29 PM

Jack Mossman - The Nines Team at Keller Williams in Lodi

The Nines Team at Keller Williams in Lodi - Lodi, CA

The Nines Team in Lodi

Tni ... Well if you haven't hear this new Chase line, get prepared ... I got it twice today ...

From Chase collections to the Seller: "(something like) ... you know it takes a really long time to get a short sale done and approved. Why don't we just do a deed in lieu? Then we could all done in a few weeks ..."

Then the seller calls me ... and says ... "The bank wants us to do deed in lieu thing ..." AND BTW, something they were not interested in doing UNTIL we had an offer in play!

If it's not one thing... then it's another!

Dec 08, 2010 03:01 PM

TODD PICCONI INLANDEMPIRE & SOUTH ORANGE COUNTY, CA

TODD PICCONI REAL ESTATE - Dana Point, CA

Personal Engagement,Precision, and Professionalism

Tni, You always crack me up...I enjoy reading how you write and appreciate that everyone is trying their best right now. Thanks for posting and CONGRATS on all the featured posts!

Dec 08, 2010 04:50 PM

Fred Griffin Florida Real Estate

Fred Griffin Real Estate - Tallahassee, FL

Licensed Florida Real Estate Broker

You know what is sad about all of this, Tni?

I walk into Chase, or Wachovia, or B of A to conduct some basic Business (checking, deposits, etc.)

And as I speak to the Tellers and Employees (some of whom have become Friends or Acquaintances over the years) --- I am thinking,

"Do you Realize you work for the most Satanic SOBs on Planet Earth?"

Bummer.

Dec 08, 2010 04:54 PM

Tni LeBlanc, Realtor®, J.D.

Mint Properties, Lic. #01871795 - Santa Maria, CA

Tenacious Tni (805) 878-9879

Indera - Tell them to talk to the hand!

Eileen - Thanks, but i hope not. The phone number they gave me keeps rejecting my fax so you are probably right. Dang CHASE!

Norma - I totally need that. Send away.

Stacey - Thanks and for sure they do.

Tigard - You got that right. We need to break these banks up!

Jack - They could have offered their borrower a DIL at any time. Why did they wait until a REALTOR got involved? Ridiculous. I wish you could send them a bill.

Todd - Thanks and glad you've enjoyed them. I've been having fun lately.

Dec 08, 2010 04:57 PM

Tni LeBlanc, Realtor®, J.D.

Mint Properties, Lic. #01871795 - Santa Maria, CA

Tenacious Tni (805) 878-9879

Fred - You are so right. I think we have an obligation to tell consumer on the front end about their practices. I never send buyers into CHASE Bank because I know how bad some of their consumers are being done on the back end. I respect our local reps but I can't in good conscience send a client in their for a loan.

Dec 08, 2010 04:59 PM

Phil Leng

Retired - Kirkland, WA

Phil Leng - Retired

Hi Tni,

I have a great track record with short sales.

3 listings. 2 buyers. Zero commissions, zero sales, zero closings.

So, I haven't done a short sale for 9 months.

And that suits me just fine...

Phil

Dec 08, 2010 05:12 PM

Marcy Moyer

eXp Realty of California Silicon Valley Probate, Trust, and Investment Sales - Mountain View, CA

Probate, Trust, and Investment Specialist

I have been pretty impressed with Chase's program List Assist, but they have been tough on price.

Dec 09, 2010 04:27 AM

Ruthmarie Hicks

Keller Williams NY Realty - 120 Bloomingdale Road #101, White Plains NY 10605 - White Plains, NY

This is great - is anyone sending this stuff to Elizabeth Warren? Perhaps we should.

Dec 09, 2010 04:35 AM

Susan Haughton

Long and Foster REALTORS (703) 470-4545 - Alexandria, VA

Susan & Mindy Team...Honesty. Integrity. Results.

Put on a headset and take a Pilates class.

Or play a round of "Bullsh$T" bingo (wait, that's better for long-winded corporate meetings)...

I bet if we put our minds to it, we can come up with some very practical uses of your time while you wait on hold.

I had a BOA short sale once where I call religiously every single Tuesday morning and got absolutely nowhere. Nothing. Nada. Zip. Then one Tuesday I had a crazy day and I didn't call until Wednesday morning, only to be told they had "closed the file" because I didn't call on Tuesday. LOL I had no clue we even HAD a file...they had been so nonresponsive. Who knew they were paying a bit of attention to when I had been calling? Long story, but it did eventually close after 7 months...I thought Keystone Cops was running BOA at the time.

Dec 09, 2010 02:22 PM

Carol Costanzo

Montague Miller and Company - Charlottesville, VA

GRI, SFR

Tni, while on hold with the bank we all multi-task. You are the Queen though 2 hours and 3 minutes-Wow! I can't tell you the number of times the system has kicked me out while on hold. I had no idea you could even get that kind of stickiness with the system. The banks system of dealing with short sales is so broken, and frustrating. I have closed many, and recently had full approval in only 3 weeks with AHMSI, a delightful reward for all the hours and hours on hold.

Dec 12, 2010 09:26 AM

Todd Clark - Retired

eXp Realty LLC - Tigard, OR

Principle Broker Oregon

I'm glad to find out I'm not the only one that hates Chase. I think they got that name because you feel like you are chasing your tale with them. You see it, but you can never catch it. They gave us an approval and then as we prepared the loan docs they sent over a second approval changing their minds saying they wanted the buyer to pay yet another $7500 after they had already brought their offer up $25,000 to meet their needs. (THEY JUST DON'T GET IT)

The government needs to stop giving them money for their loses, they need to work with owners!