• Report: #239443

Complaint Review: Chase Bank

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  • Submitted: Sat, March 17, 2007
  • Updated: Thu, May 31, 2007

  • Reported By:Park City Illinois
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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In 2005, I took out a home equity loan with Bank One (now Chase Bank). They over-inflated the appraisal on my home and I ultimately ended up owing more than the property is worth. I had a 2-year ARM on my first mortgage and when that expired, I was unable to refinance thanks to Chase Bank. I'm in foreclosure and bankruptcy thanks to this company. Beware of taking out any kind of mortgage loan with them. In order to close the deal, they will inflate the appraised value of your home and you could end up like me.

Park City, Illinois

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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#1 Consumer Suggestion

3 possibilities

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

There are 3 possibilities:

They 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.
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