August 7, 2009
Chase is my current lender on my home. In March of this year, I contacted Chase, regarding refinancing at todays current rates. I was told for $750, they would do a streamline, no doc loan, and reduce my current interest amount (4.75%). Bear in mind, I was not asking for additional funds...just the lower interest rate. I have at times been up to 3 payments ahead with Chase, have stellar credit, never missed a payment or been late with Chase. I was told this process would take about 30 days. Now, 6 months later (and of course the interest rates are higher), I was declined on this loan. They said they could resubmit it and get me approved under the new programs, but of course at a higher interest than what I locked into in March (almost 5.5% now). I have been promised "the loan will close next week", or "in a couple days" Their appraiser, under appraised my house by nearly 100k, but I still had plent of equity to close this loan. I have been tap danced, and lied to for 6 months, to now have this end up that I will not be able to probably ever have the rate promised to me. Chase in my experience, is a very dishonest lender, and i recommend avoding them at all costs. I now have to start the process over, and will close with another company, but now at a higher interest rate. I will be seeking legal damages for the difference of what i will be losing on the loan now. If any attorney cares to hear my case, please contact me!

If everyone hates the bank so much, why not just pay off your mortgage, cut up your credit cards, and use cash for everything? Oh wait... you can't. Yet somehow the bad guys are the ones who loan the money to help you finance your lifestyle? No one twists your arm to open a mortgage or buy things on credit. Quit bitching or quit borrowing. You can't have it both ways.