- Report: #504427
Report - Rebuttal - Arbitrate
Complaint Review: Chase Mortgage Company - chase Home Finance
Chase Mortgage Company - chase Home Finance3415 Vision Drive Columbus, Ohio United States of America
Chase Mortgage Company - chase Home Finance WaMu Washington Mutual Chase Chase Bank Chase is holding 14 months of escrows per year. Columbus, Ohio
*General Comment: The law
Our mortage company had been Washington Mutual (WaMu) since its' inception in January 2003. Upon their recent collaspe they were bought by Chase Home Finance, LLC a subsidiary of JPMorgan Chase Bank (Chase).
When Chase took over they immediately reassessed our mortgage with escrows and charged us 14 monthly escrow payments for the 2009-2010 fiscal year. At $750.00 per month in escrows, this increases our monthly payment by $125.00 This also allows Chase to keep an extra $1500. in a non-interest bearing (at least for me) escrow account.
I have asked Chase several times to not do this. During several phone calls to them I have been told by their customer service representatives:
1-By law (Real Estate Settlement Procedures act or RESPA) they have to hold onto this extra money or they will be breaking the law. This is untrue, see www.hud.gov/offices/hsg/sfh/res/respafaq.cfm
2-They aren't holding onto any extra money. This is untrue, they have $1500.00.
3-They have always held onto this extra money. This is untrue, this started August 2009 and I have all the documentation to prove it.
I am at my wits end. I feel that big business is squeezing the juice out of good paying customers because we are small, weak and scare easy. Is anyone else going through this and is there a class action that I can join (or start)?
This report was posted on Ripoff Report on 10/05/2009 08:11 AM and is a permanent record located here: http://www.ripoffreport.com/r/Chase-Mortgage-Company-chase-Home-Finance/Columbus-Ohio-43219-6009/Chase-Mortgage-Company-chase-Home-Finance-WaMu-Washington-Mutual-Chase-Chase-Bank-Chase-504427. 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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