Report: #1018459

Complaint Review: Chase Bank

  • Submitted: Fri, February 22, 2013
  • Updated: Fri, February 22, 2013
  • Reported By: hates Chase — Eugene Oregon United States of America
  • Chase Bank

    Internet
    United States of America

Chase Bank Chase refused loan mod - sign petition to sue Chase Internet

*Consumer Comment: Loan Mods.

*Consumer Comment: Where?

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Chase Bank repeatedly refused to even consider giving me a loan modification over a period of several months.   They came up with a list of fraudulent excuses.

I've been told that they refuse all but a very small percentage of applications, and that the whole loan modification business is just a political scam.

Whether you've sued Chase before or not, you can finally get justice in this multi-trillion dollar lawsuit, and yes, they can afford it.   It's listed at legal parasites net.

Other lawsuits only get a couple hundred dollars for the victims, but this one gives them huge payoffs because one thing is different:   No attorney fees.

e Chase, there won't be legal fees that take most of the settlement.

I have no hope of getting a loan modification, so I'm fighting back because it was all a banking scam.
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This report was posted on Ripoff Report on 02/22/2013 02:57 AM and is a permanent record located here: http://www.ripoffreport.com/reports/chase-bank/internet/chase-bank-chase-refused-loan-mod-sign-petition-to-sue-chase-internet-1018459. 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. READ: Foreign websites steal our content

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#1 Consumer Comment

Loan Mods.

AUTHOR: Flynrider - (USA)

"  I've been told that they refuse all but a very small percentage of applications, and that the whole loan modification business is just a political scam. "

   If you listened to politicians, yes, you might be led to believe that borrowers have some sort of right to obtain a modification of their mortgage.    In real life, that's not the case.   A loan mod is when a borrower renegotiates the terms of their mortgage with the owner of the mortgage.   Nine times out of ten, the owner of the mortgage is NOT the bank that services the loan.  It's usually several institutional investors who bought a giant package of loans as an investment.   In order to get a loan mod, these investors have to be contacted and agree to changes in the mortgage (i.e. they have to agree to take a loss).    The reasons that someone actually obtaining a loan mod is rare is because it's virtually impossible to get all of the investors that have an interest in the loan to agree to changes.  

  Bottom line, you have no "right" to renegotiate the terms of your mortgage and loan servicers (like Chase) are not obligated by any laws to modify your terms.  

"  Other lawsuits only get a couple hundred dollars for the victims, but this one gives them huge payoffs because one thing is different:   No attorney fees. e Chase, there won't be legal fees that take most of the settlement. "

   Sounds like you're drinking the kool aid again.   There's no such thing as a class action law suit that doesn't generate millions for the attorneys and peanuts for the class.     That site you mentioned looks like it's run by a conspiracy nut.

  By the way, I have to mention (because it was hilarious) that the website that supposedly is going to solve the issue with Chase is hosting paid ads for Chase mortgages?  Right at the top of the page I was invited to click a link to open a new mortgage with Chase Bank.   

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#2 Consumer Comment

Where?

AUTHOR: Jim - (USA)

Where in your mortgage contract does it say Chase will agree to a loan mod?  Notice, I said "will agree" and I didn't say "might agree".
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