Wrongful Foreclosures Against Military Service Members - More Evidence That CHASE Bank Sucks
The writer of the post is on a rant against the big banks. But who isn't. She makes some very valid points and something you should consider before doing business with any of them.
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Wrongful Foreclosures Against Military Service Members - More Evidence That CHASE Bank Sucks
Did you need more evidence that CHASE sucks? Probably not. Those that know me know CHASE is high up there on my hit list. Given that all the major banks left standing after the financial crisis came hat in hand for government welfare checks when the time was right, I tend to think those same banks should be participating fully in the recovery. Call me crazy. In my opinion and experience, CHASE stands out as one of the worst in terms of timelines on short sales and greed. Their actions leave their distressed borrowers in an almost paralyzing financial position. My experience with CHASE is that they are especially bad at short sale processing. Bank of America used to be right up there with them, if not worse - but, I must (relunctantly) admit that they've cleaned up their act quite a bit.
Not CHASE though, they're still at the "Unnecessary Delay Party" when it comes to short sales, even though the lights are off and the music has stopped playing. In my experience, it typically takes CHASE five months to get to work on an "ordinary" file. After all, I shouldn't have to call a government agency every time I want someone to look at a file, right? Also, when CHASE holds a second position in a short sale they are also particularly unreasonable to deal with, especially once a file reaches the CHASE Loss Recovery Department, aka, the "Lost Recovery" Department.
In my experience, when in the second lien holder position, CHASE routinely demands sums far in excess of what they would allow if they were in the 1st lien holder's position, and they will try to tank a short sale if they don't get it. Hypocrisy you say? No, that's just a day in the life of CHASE. In fact, they were among a short list of lenders identified in an expose of lenders allegedly engaging in fraudulent short sale practices. There are, of course, reports of widespread foreclosure fraud by CHASE as well. And, recently a CHASE Loss Mitigation Specialist was convicted of taking bribes in connection with information he discovered and improperly disclosed while in the employ of CHASE Bank. Maybe he caught the bug.
So, this new report is not surprising to me. CHASE recently admitted to wrongly foreclosing on military families. Under the Servicemembers Civil Relief Act, CHASE was supposed to charge no more than 6% interest on loans to active duty service members. Remember your buddy the government CHASE? The one you turned to in the time of need? Well these are the folks we all turn to in our time of need - military service members. These are the people that are serving our country. You know, the same country that bailed you out?
What stands out most to me, is that one of the people that took them to task over it had to fight CHASE for 5 years. Five years fighting with an almost impenetrable bureaucracy. I'm quite familiar with what it is like to do battle against CHASE; I do it every day for my clients. I can't imagine adding to that the stress of an active duty or deployed family member to the mix. When you persist in a course of action for five years, one can hardly call it a mistake. In my view, it is a typical CHASE move. They had to be sued to be held accountable. I could never in good conscience send anyone through the doors of CHASE Bank for a loan knowing how they have treated their consumers in distress and on active duty.
Copyright © 2011 Tni LeBlanc *Wrongful Foreclosures Against Deployed Service Members - More Evidence That CHASE Bank Sucks*
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