Friday, August 26, 2011

How Chase Ruined Lives of People Who Paid Off Their Mortgages « naked capitalism

Do you still think the banks don't steal homes? Do you still think the banks are there to help you???? ? This is no different than the hell people went through trying to achieve modifications that took over a year sometimes two years with failure, or those that modified only to have bank sell home (and whoops, its too late to fight a sale.)

How Chase Ruined Lives of People Who Paid Off Their Mortgages « naked capitalism: "n both cases, the house burned down, The borrowers both had homeowners’ insurance. In the case of the Barnetts, they promptly notified Chase, their servicer, and made one mortgage payment post the fire. Both the homeowners and the insurer, State Farm, called Chase to get a ten day payoff amount. They were told not to make the next payment, since it would be included in the payoff amount. State Farm sent as check as instructed, asked that the mortgage be paid off, and Chase cashed the check.

But Chase did not pay off the mortgage. It put the funds in a suspense account The Barnetts found out the mortgage had not been paid off on their own, and called Chase to get the matter corrected. Chase then proceeded to harass the Barnetts for payment, calling at home and at work. Chase then ‘fessed up that they had the money, and asked the wife, April, to send a fax instructing them to make the payoff. They didn’t, called to pressure her again, and claimed......" Keep reading by clicking on title link! Its worth it!

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