Enough is Enough!!! Our Letter to Jamie Dimon

By
Services for Real Estate Pros with Topkins & Bevans-etopkins@topbev.com

There comes a time when you cannot take it anymore. You have tried as hard as you can to assist your client with a mortgage modification, but if you hear one more time that the person you are working with has been re-assigned, or that a document you have faxed to the Lender four times is unable to be located, you will scream.

 In my case, my associate counsel, Sarah Dulong {also an Active Rain member} and I have been working with a couple for almost a year trying to get them back on track after they sustained some family crises that made them fall behind on their mortgage. These were people who previously had never had a problem paying their mortgage. A loss of job and family illness changed their financial picture. On the brighter side, however, things have recently stabilized. They retained my law firm to assist them in getting a modification of their mortgage which would get them back on track.

 One of the reasons we were retained was to try to keep the Lender (Chase Mortgage) focused on the modification. Our client reasoned that if professional counsel were in the picture, we would command respect and merit a good stream of communication. That has not proven to be the case, and, lately, our clients have articulated their frustration with the lack of progress we have been making.

 In the past, I have had success when dealing with a lack of movement in a large corporation by skipping the chain of command and going "right to the top" to see if I can make some progress. Today, Ms. Dulong drafted a letter to the Chase CEO, Jamie Dimon, to see whether he can help. I do not expect that Mr. Dimond will answer our complaint personally. What I am hoping for is for one of Mr. Dimon's lieutenants to look at the situation, and inject some order where there is now chaos.

 I will be interested to see whether any movement can be initiated by apprising the top person at Chase of inefficiencies at the lower end of his company. It has always been my belief that an organization is only as strong as its weakest link. Perhaps, Mr. Dimon (through his EA (or whomever takes care of his correspondence) will not be pleased with what they hear. Perhaps, they will authorize some decisive action which will get our clients the modification they are qualified for. Only time will tell. Certainly, we have not been able to develop progress in any other manner. I will let you know how it turns out. For some reason, I am optimistic!!!

Comments (34)

Doug Maas
RE/MAX of Great Falls - Great Falls, MT
Broker/Owner - REMAX Of Great Falls - MT Real Esta
Sadly you are the only one in this picture that has any respect for your clients. No one at the bank has any. From my experience with people in the loan mod, loss mitigation and short sale departments I see an attitude of "We are doing you a favor so you better put up or shut up". I bite my tongue a lot when having conversations with anyone in these departments. I "put up" with a lot because of my respect for my clients and a deep desire to help them.
Jul 12, 2011 06:02 PM
Cheryl Ritchie
RE/MAX Leading Edge www.GoldenResults.com - Huntingtown, MD
Southern Maryland 301-980-7566
It is interesting to read posts on Active Rain from attorneys, lenders, inspectors, staters etc to learn their perspective.
Jul 12, 2011 06:35 PM
Pamela Seley
West Coast Realty Division - Murrieta, CA
Residential Real Estate Agent serving SW RivCo CA

Best of luck for your client's sake. I agree with Sonny #7, you might want to put Chase, loan modification in your tags. The banks have people surfing the internet, blogs, twitter, facebook looking for negative press. I salvaged an Indymac short sale because of a blog post I wrote here on ActiveRain.

My thoughts on loan modifications are that there are none. The banks just say these things because they are given incentives by the govt to pretend they are helping homeowners stay in their homes. I do not know one homeowner who has received a HAMP modification or any other permanent loan modification so that they can continue paying their mortgage and save their home.

All of my short sale sellers (except for one) have all applied for loan modifications, some with their attorney's help, and nothing. Sorry to be so negative but IMO the rhetoric about loan mods needs to stop because it is giving false hope to homeowners who are struggling to keep up their mortgage payments. It's bad enough when homeowners fall behind on their payments, but to give the hope of a loan modification when there will be none is like rubbing salt in an already open wound.

Jul 12, 2011 06:43 PM
Maya Swamy
Funds Available - Long Beach, CA
Ph.D. Long Beach, CA - fundsavailable.com

The attitude of a company like Chase is set from the top. The top may respond because you are an attorney and they want to shut you up but the rest of us are just suckers to them

Jul 12, 2011 07:51 PM
Michelle Francis
Tim Francis Realty LLC - Atlanta, GA
Realtor, Buckhead Atlanta Homes for Sale & Lease

Elliott, 

The incredbile incompetance is so mind boggling.  Do you wonder why we keep any money in any of these places?

All the best, Michelle

Jul 12, 2011 09:19 PM
Laurie C. Bailey-Gates
Robert Paul Properties - Barnstable, MA
ABR, SFR

Hi Elliot,

Patience is a virtue and loan modifications may pay off if everyone can keep it together.  The good news is your clients have stabalized and should be able to hang in there for a few more months.  Good luck with it and stay positive.

Laurie

Jul 12, 2011 11:20 PM
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Hi Elliot - The problem is that you care and Chase doesn't.  Bad ending.

Jul 12, 2011 11:23 PM
Anne M. Costello
Weidel Realtors - Yardley, PA

Elliotee; good luck with this approach. Please keep us posted on the outcome.

Jul 13, 2011 12:41 AM
Roger Roberge
RR and Company Realty, LLC / www.rrandcompany.com - Wilbraham, MA
MA/CT Broker, e-Pro

If Dimon doesn't respond... blow up their social media outlets with this blog story.  Twitter and facebook, at a bare minimum.  You'll get better reponses.

Jul 13, 2011 01:13 AM
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Elliott, sometimes you have to go to the top to get results. Hope it works out for you and your client.

Jul 13, 2011 01:16 AM
Bryan Robertson
Los Altos, CA

I've been saying for a long time that banks need to be held accountable for their response in situations like this.  The fact that they offer to do a loan mod and then shuffle papers around is no accident.  They're trying to wear your clients down.

Jul 13, 2011 01:47 AM
Sherri Berry
Reliant Realty, Murfreesboro - Murfreesboro, TN
Murfreesboro TN Homes & Real Estate

Elliott, thanks for caring enough to take this issue to the top!  The banks are ridiculous in the way they are treating homeowners.  Its shameful and they just don't care!

Jul 13, 2011 01:56 AM
Mike Yeo
3:16 team REALTY - Frisco, TX

Good luck Elliott! Hope you have better luck than our client who was denied his mortgage a week before we were suppose to close and the loan officer were no where to be found for an update until the last minute. It is litterally chasing Chase.

Jul 13, 2011 02:18 AM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Chase, as far as I am concerned, is assistant to the prince of darkness known as B of A....with several other banks on the staff...Why cant settlement issues be handled without incompetence, mayhem, indifference, irresponsibility, and unecessary harrasment..? Elliot, stay the course, but have holy water ready to go

Jul 13, 2011 02:42 AM
Melissa Zavala
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County

Letters to Mr. Dimon may work. I've used that tactic before. Keep us posted.

Jul 13, 2011 03:44 AM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Elliott,  inefficiencies or absolute incompetence?  Persistence does pay off as does escalation. I look forward to reading about the outcome.

Jul 13, 2011 05:27 AM
Carl Schumacher
CIDM Real Estate - Grand Rapids, MI

Don't hold your breath . . .

Jul 13, 2011 08:33 AM
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

I wrote Mr. Dimon regarding a bad negotiator on a short sale earlier this year.

Within 24 hours, I had 2 'HANDLERS' assigned to me and my transaction.

I found out (via Short Sale Superstars, btw) that he DOES read his email and I can attest that he does respond.

Jul 13, 2011 11:46 AM
Virginia Gardner
Roy Wheeler Realty Co. - Charlottesville, VA
Realtor, Charlottesville, Serving Central Virginia

It's so incredibly sad to hear these stories.  Your client is obviously very lucky to have two professionals trying to help them.  Good luck!

Jul 13, 2011 01:16 PM
Larry Lawfer
YourStories Realty Group powered by Castles UnlimitedĀ® - Newton, MA
"I listen for a living." It's all about you.

Excellent post Elliott.  Feature is well deserved.  I was thrilled with the way you handled our closing this month. Great job!

Jul 20, 2011 08:08 AM