06-06-2011 01:18 PM
Anyone have any experience working with Chase for their Mortgage? How solid is their conditional approval? I am a nervous wreck here because our file has been sent to the UW today and they expect the turnaround to be 48 hours.
06-07-2011 04:02 AM
If you have a conditional approval then those are the underwriters conditions for your final loan approval, and so that is the "map" in order to get there.
If it's anything but underwriter's conditions, then it's just a checklist of items that was required in order to submit your loan to the underwriter.
06-07-2011 07:17 AM
Chase acquired our mortgage in the rash of mortgage selling prior to the crash, so I am not sure of their intial process, HOWEVER! I am very familar with their inability to properly service their mortgages once you have it. We never missed a payment, my ex traded me in for a different model, since I was the larger bread winner I tried to refi the house of the marriage. Chase offered a loan modification, which I paid and was current on for nearly 2 years. Suddenly a real estate agent came and annouced that the new owner (Fannie Mae) did not allow squatting and when was I moving? My first thought was to tell him to put the crack pipe down! But, he handed me papers showing that Chase had foreclosed on my home about 10-11 months prior (meaning the six month redemption period was up). I called Chase; long story short, they basically said too bad, I was paying on the loan mod and not the mortgage. I filed a complaint with the Office of Comptroller of Currency and Chase bought the house back from Fannie Mae, you guess at what the new payment terms were!
A co-worker of mine says she lived at an Extended Stay for nearly 3 months before Chase finally approved her pre-approval and cleared everything to close. She has reported no further problems with them.
06-07-2011 07:22 AM
Wow paradox that sucks and it really looks like the left hand didn't know what the right was doing. I hope you are able to work that out.
We have received a conditional approval. Provided letters of explanation for everything, W-2s, stubs, etc. They have everything they need. I just became alittle worried because our LO seems to be a yes man where as our Loan Processor is alittle more real and to the point. I'm hoping we get some answers this week, just so I can have peace of mind and stop binging on junk food
06-08-2011 05:07 AM
Is there more to the story that isn't being told? I am not understanding how you can be approved for a loan modification (meaning changing some of the terms of your current mortgage while making it more affordable). And after all payments are made your are thrown out of your home???? I am oh so confused on this one.
06-10-2011 06:58 AM - edited 06-10-2011 07:01 AM
It is true. I have the cancelled the checks. I have them in a firebox, along with the original loan modification paperwork, and the foreclosure, and the second loan modification they presented after I complained to the US Attorney about them robo foreclosing, (they bought house back, but included all the foreclosure fees and overage they had to pay to get it back.) I paid $170,000 back in 2004, and the max value in 2006 was about $192000, Chase wanted the NEW loan modification to be for a total of $217000 (in a neighborhood where the homes were selling for about $100000, so hence the short sale.) However if I had known all the hard work wasn't going to count for anything anywhere (they refuse to report to the credit bureau the on time payments for either the trial loan mod or the loan mod) I would just walked away when the hubby traded me in for a new one instead of trying to save the house. If I had done that I would not be haunting Chase at every blog I can get my hands on. Along with pursing a law suit, and Office of Comptroller of Currency complaint! They ripped my house away from me, and KEPT the property tax overage! I have also sent information to my legislators, both State and National. The banks cannot continue to do business like this, and they know it! They themselves even voluntarily stopped foreclosures for a period because they knew their own left hand didn't know what the right was doing! (you may remember those headlines.)