• Report: #504427

Complaint Review: Chase Mortgage Company - chase Home Finance

Thank You

Read how Ripoff Report saves consumers millions.

  • Submitted: Mon, October 05, 2009
  • Updated: Fri, December 04, 2009

  • Reported By: Sharyn — Elkins Park Pennsylvania USA
Chase Mortgage Company - chase Home Finance
3415 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

What's this?
What's this?
What's this?
Is this
Ripoff Report
About you?
Ripoff Report
A business' first
line of defense
on the Internet.
If your business is
willing to make a
commitment to
customer satisfaction
Click here now..

Does your business have a bad reputation?
Fix it the right way.
Corporate Advocacy Program™

SEO Reputation Management at its best!

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.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.

Click Here to read other Ripoff Reports on Chase Mortgage Company - chase Home Finance

Search for additional reports

If you would like to see more Rip-off Reports on this company/individual, search here:

Search Tips
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?
REBUTTALS & REPLIES:
0Author 1Consumer 0Employee/Owner
Updates & Rebuttals

#1 General Comment

The law

AUTHOR: Sps - (U.S.A.)

The current laws allow them to hold a maximum of 1/6th of your total yearly escrow account as a cushion to cover any possible increases in your taxes and insurance.  It is not a rip off by any means.
Respond to this report!
What's this?
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?

Advertisers above have met our
strict standards for business conduct.