In Mar/Apr 2013, my mortgage loan with Wells Fargo was bought/transferred to JPMorgan Chase Bank. Later that same month, I received a special delivery package from Chase saying I was being "awarded" 1/2 point off my interest rate For being a consistetly payee. I contacted them and received additional paperwork, I noted the paperwork stated this was a new loan under "HARP." When the notary came for me to sign the documents, I turned her away. I was subsequently recontacted and recontacted to accept my "reward." I felt there had to be some catch. They were urging me to accept my "reward" to the point that although, I was not returning vocals and blowing through the deadlines for submitting documents, they were still eager for me to accept. I was going through a hardship with my husband not working for over seven months, so although the 1/2 point looked good, I could do better under HARP or even refinancing traditionly if I could. Then the interest rate was 3.35%. When the loan officer finaly reached me, I finally spoke with my lending specialist, I informed (both lending and closing specialist why I turned the notary away without signing for the 1/2 point off. I said im going through hardship and if this was HARP why wasnt I receiving the current interest rate? I explained, my husband has not worked in over six months and I was living off credit cards and the end of my savings. I was told they would remove HARP and that way I can utilize the program in the future. The notary arrived and HARP was not listed on the papers. I signed. In Aug 2013, I initiated paperwork to modify my loan based on my husband still not working and a decision for him to utilize the veteran's training program which will train him for marketable employment therefore no substantiak income for a while. Approximately, two weeks later, I was contacted and told I was not qualified for HARP due to my loan being refinanced in Jun 2013, I was now outside the required deadline. The reason being that was considered a refinance and now my loan origination date was pass the expiration point. I now strenuously believe that was the purpose of the 1/2 point off "award." I was told they would have to look at in-house programs. I was subsequently called and denied. So, the way it appears is when Chase didn't think I needed helyour hey helped me by "blessing" me with 1/2 point off, but when I demonstrate that I do need help, Chase bank says no. Chase has created an additional hardship for me, if I would have financed) told to finance under HARP and not accept this "award" HARP it would have been a big assistance. I would have never refinanced at above current rates or have taken that loan if I knew it would disqualify me for HARP. I think this is a deception, to ensure people can not utilize these government loan program offers. Banks are in the business of making money, not giving it away. I knew there was some catch. I believe that my inability to utilize HARP/HAMP in the future should have been disclosed to me, especially since I expressed my interest in utilizing the program in the future.
Wordcto the wise: Be cautious of those bearing "gifts." This reward of lowering interest rates are done, so that you cannot seek assistance through the government sponsored programs and be at the mercy of the bank. The pont of this scam was giving a tiny bite of the apple, so you can't get your fair share later.
i really believe the government should look into this. Banks are about making money and rewarding people for paying as they agreed. There is always something behind it to make it financially beneficial to them