- Report: #239443
Complaint Review: Chase Bank
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| Chase Bank 6400 Grand Avenue
Gurnee, Illinois U.S.A. |
|
Chase Bank/Bank One Predatory Lending, inflated real estate appraisals Gurnee Illinois
*Consumer Suggestion: 3 possibilities
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Fix it the right way.
Corporate Advocacy Program™
CM
Park City, Illinois
U.S.A.
This report was posted on Ripoff Report on 03/17/2007 12:13 PM and is a permanent record located here: http://www.ripoffreport.com/r/Chase-Bank/Gurnee-Illinois-60031/Chase-BankBank-One-Predatory-Lending-inflated-real-estate-appraisals-Gurnee-Illinois-239443. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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Search Tips#1 Consumer Suggestion
3 possibilities
AUTHOR: Jay - (U.S.A.)
SUBMITTED: Thursday, May 31, 2007
POSTED: Thursday, May 31, 2007They inflated the value, and you have a legitimate case against them. Go to your state agency that handles that immediately.
The second is that property values dropped.
The 3rd: ARMs are almost always a bad deal. My guess is you bit off more than you could chew with the house, i.e., it was too expensive but not with the low interest rate the ARM had. Depending on the financing, you could have had a lot of fees rolled in to the loan so that the value was not inflated, but 2 years paying interest is not going to touch principal and the higher amount reflects the rolled in expenses of the loan.
Check the paperwork and find out exactly what is going on. Get your own appraisal and compare it to what Chase gave you.
