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Chase Bank's Loss Mitigation Department Sucks...In my opinion!

Here is my story...

I knew of a home that originally was 3.2 M and it was going into foreclosure. Since I knew the owner (builder) I asked him if I could get a short sale offer on his home. He gave me all of his financial information for both Chase bank and Countrywide since there was a first and second on the home.

I knew of a buyer that wanted to be in the area so I contacted him. He made a 1,825,000 offer. So I began contacting and contacting and contacting Chase bank. What a joke!

I supplied ever single bit of information that they wanted time and time again. The loss mitigation agent that they assigned me to got married during the time and then they claimed she was not receiving my faxes because her name changed!!! Emails bounced back, faxes were lost, I know they are busy with foreclosures but come on.

I called and called and called. Most times her voice mailbox was full but the rare times I spoke to her she would promise to call me back and never did. I asked to speak to supervisors and was told I had to speak directly with the person that they assigned me to.

One of the last times I spoke with her she said that if I wanted to get the short sale accepted, I had to contact Countrywide and get them to accept $1000. Yes, one thousand dollars only.

After two months my buyer got an idea. He just happened to be a banker. He restructured his offer where Chase got $1,725,000 and Countrywide would get $100,000. So the process began again.

In the meantime, I could not get ahold of anyone at Chase to stop the foreclosure. The stunning home was sold on the courthouse steps for $1,500,000! UGH. After all my work.

Then to add insult to injury about 3 days after the home was foreclosed on, a new agent from Chase called me to tell me that they would accept my $1,825,000 offer!

Posted by Tracy Soussi -Waterfront & Gated Community Specialist on 07/27/2008 07:15 PM

Comments (12)

foreclosure, bank, short sale

Post is included in group: North Carolina Real Estate
Post is included in group: Realtors®
Post is included in group: Posts to Localism
Post is included in group: Charlotte North Carolina Area

12 Comments on Chase Bank's Loss Mitigation Department Sucks...In my opinion!

JUL

Are you talking about Chase Home Finance??? I have a short sale listing & the sellers' loans (1st & 2nd) are with Chase Home Finance. We're at the point where we've received 3 offers, maybe one will be accepted by the sellers & sent to Chase.

This is why I will not handle short sales anymore. It is the same scenerio no matter what state we sell real estate.

In all honesty, most are like that, not just Chase.

If I ran my business the way banks run theirs, I would go bankrupt too.

JAN

I lost my job so I figure I will cut to the 'chase' and see if I can get my loan modified because I'm now on unemployment as is everybody else in the tri-state area. Now, I don't want to have to go through the trouble to modify it but I said what the heck, I've been in my house for 15 years and hate to see anything happen to this home. So, I called the State of NJ and worked with New Jersey Hope, an organization that assists homeowners with loan modifications. So we get all the paperwork, send it over to Chase within one day, call them to confirm, call them to confirm (repeat x 3) because nobody knows anything.....and then be told we still need this doc or that..not. I did everything they requested and had every piece of paper they wanted and that was confirmed by MMI (Money Mgmt. International) the group I"m working with off the State of NJ site. This went on for weeks and weeks..I called every week with my MMI rep to the Loss Mitigation department only to be told the same thing...'we don't see it here' or 'you need this doc still' or 'that person isn't here' or blah blah blah.....meanwhile, Chase is calling me about my monthly payment that I have now been trying to modify FOR THE LAST THREE MONTHS! So it's now January and I was just informed after everything I did that because I'm on unemployment they won't modify my loan. So, you go figure. Instead of receiving a payment from me that's guaranteed everymonth, they decide to screw me and jerk me around for three months with no progress, no nothing. So, I guess they get this house back with a total of $20,000 dollars worth of work that needs to be done. Mind you, if you let me pay the reduced amount I actually may be able to tackle a few of the things that need fixing. What a bunch of scum wads.

JAN

Hello Tracy, I belong to a group "Carpe Diem Partners, LLC". Carpe Diem offers a FREE negotiation service for your clients that are willing to entertain a "short sale". We market to Realtors in ALL 50 STATES and we are in the initial stages of compiling our database of Realtors for RECIPROCAL BUSINESS.

I AM LOOKING FOR AGENTS IN YOUR AREA TO REFER LISTINGS TO and I am also looking for Realtors to provide me with their short sale leads, so we can negotiate on behalf of the their clients FOR FREE. Once again this is a FREE SERVICE, there will never any upfront fees of any kind.

Carpe Diem is a buy and sell company, not buy and hold company. Carpe Diem is able to make CASH OFFERS to the bank, so we expedite the process rather effectively, this allows us to streamline the process as much as possible.

Carpe Diem has completed over 500 successful short sale transactions, and currently holds over $37M in escrow.

The process typically takes 60-120 days from front to back. All Realtors are still entitled to their 2.5% commissions on all of their listings.

Carpe Diem has the ability to MONOPOLIZE THE INDUSTRY with a proven system that avoids the title seasoning, so Carpe Diem can resell to an end buyer without any conflict from the lender's under writers.

This method is performed by their own title company and is 100% legitimate. The method has been introduced to Fannie Mae & Freddie Mac and is actively in motion, the strategic model has been proofed by attorneys and escrow agents in the state of Colorado and it can be implemented in ALL 50 STATES.

If you are interested, I would love to talk to you about getting started. I simply provide you with an informational lead sheet, (email me for one, josh@josh-david.com) and send it back w/a CMA and we will have an approval w/in 24-48 hrs.

As of next week, you will be able to track the short sale progression in its entirety online.

Peace, Love, and Happiness to a PROSPEROUS "09"

JAN

no question, Chase is one of the most difficult Banks to deal With. People have no respect, no simphaty and couldn't care less about anything. and to make things worse no one know what the hell is going on with nothing. but they are probably the first ones to have their hands out to get some of that GOVERNMENT MONEY AVAILABLE. THEY SHOULD BE ASHAMED AND ALL THAT PEOPLE THAT BANK WITH THEM SHOULD PILL THEIR MONEY OUT IMMEDIATLY.

APR

In that one story with the home at 1.8 million and sold on courthouse steps for 1.5M.. What a JOKE Chase bank is for that. It is all about one end not talking to the other end. That story made me sick, If that was my money that was lost (300K), I would be firing someone or anyone who had anything to do with it. I believe once you have a CASH offer or any offer, the banks need to make that a priority to recoup some of their money.

These Banks need to step up to the plate and maybe hire more people to expediate this part of the banking system, so homes can be sold and they can recoup their money. That story where it could have been sold for 300K more, it coming right from the bailout. CHASE Hire more people to take care of this part of your banking. All the Negative things about CHASE is just unbelievable.

APR

I am very familiar with CHASE! I Hate THEM! All of the workers, BAR NONE, display this "IDIOTS/MORONS MENTALITY" in their Orginazation AND are by far the worst business that I have ever come across in over 50 years of living and being a bill payer. There is not one A-- that answers the phone in any department that cares about helping you or how much time they keep you on hold or evr come back to the phone or does anyone have the brains to help you with anything : Your accounts, whether it be Banking, your Credit Cards or the Nightmare from Hell Home Loan. Last year we purchased a Mfg Home as a First time buyer from a place called New South Lending here in Las Vegas, Nevada where I have lived most of my life. They told us that the Interest Rate was fixed at 5.5% but that the monthly payments would go up every year for 3 years. They charged $200,000 for this 2006 home. Two months after purchased New South sold our loan to CHASE, THE COMPANY FROM HELL THAT WE HATE! Today I had THE HOME re-Appraised by the Original Appraiser and it is worth about $60,000. To make a long story short, we have always paid our bills and are CURRENT but IT IS ALL we can do to pay our bills and the loan went from $1123.oo per month to $1235.00 now and will go up to $1396.00 in Mar next year! THIS PLACE, THIS NEIGHBORHOOD, THIS LOAN IS NOT WORTH IT. and Chase!

When A loan of any kind is sold to CHASE you are in a hopeless situation. No one obviously regulates the way this bunch of ---'s treats their customers.

APR

No Wonder they need bailouts!!!! Who wouldn't if everyone ran their business this way???

JUN

Hello everyone. I put an offer in on a house that's a short sale over 3 weeks ago, and still have not heard anything. Two weeks after I put the offer in, the realtor called me and said she finally got a hold of someone at Chase. Another week went by and I called the realotr back for any updates, and she said Chase is still reviewing the situtation! What's there to review? Ethier counter offer, accept my offer, or decline! I just want an answer back at this point! Is there anything else I can do?

JUN

We did a refi and our loan was sold to Chase. No wonder our banking systems is in trouble. Many of you said it before, if we ran our business's this poorly, we would be completely out of business.

I contacted Chase, once a week, since April, trying to devise a plan to streamline our mortgage.

Each week, I was told a completely different "fairy tale" of how I might do this. I even went so far as to fax over an "application" for streamlining, hoping that time that I had secured some legitimate info. NOw a mediator says that they can get Chase to lower my rate for a fee? Does anyone know if these "mediator's are legit? Thx slm

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