Behind on a Mortgage Loan: An Experience with Chase
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Update
Called Chase today to make my final third consecutive loan payment to qualify for the extension. They changed their offer and will now only give me a one month extension instead of two. Well at least the collection calls will stop.
It was the day before the end of the grace period for paying the mortgage. I didn’t have the money. I wanted to know my options, so I called Chase. I started to speak with someone who talked so fast, with an accent, and a ton of background noise. I asked her to repeat things so I made sure I understood what she was telling me to do. At the end of the conversation, I was told to call another number Monday morning to start the loan modification process.
Monday morning, I called Chase (a different number). I spoke with a very nice, easy to understand gentleman who started to walk through the process with me and told me where to download the forms and “what NOT to do”. I started the paperwork and getting all the needed information together for loan modification. As I was filling out the forms and collecting all the information, then I realized that the forms were not sufficient enough to show all of the necessary information requested… they asked for items, but provided no where to itemize them.
The following month was upon us and, with some divine-intervention; I had that month’s payment. I made another call to Chase to find out my options. I spoke with a second very nice, easy to understand gentleman who explained to me that at this time... loan modification was NOT the way to go. He explained that I could get a 2 month loan extension. I was so relieved and excited. We went through the necessary questions (an hours worth) to make this option a reality. He told me that the final approval would take a few days and that he would call me. Well a call came 5 minutes later…
Since I had missed a payment, I was NOT eligible for the extension until I made 3 consecutive payments. I was PISSED. I asked him why I wasn’t given this option when I called Chase before I missed the first payment. He did not have an answer for me and apologized. He explained what I would need to do to qualify for the 2 month extension which included NOT starting the loan modification process. I said I understood. I asked him to put in my record that I was not given this option when I called the first time. I gave him my information to make that month’s payment starting the 3 consecutive payments. I prayed that I can make the next 2 payments on time to qualify.
As the month was nearing to the end, I received a bombardment of calls from Chase collections. I answered the first few times only to find out that their records do not mingle with the loan advisor records. I politely told them that I could not answer all their questions during working hours and that I was working with a Chase loan advisor, gave them his name and extension, said that he has all my information that took me over an hour to provide, and hung up. They called 20 more times.
Divine-intervention and a few weekend job opportunities, allowed me to pay this last month's payment... one more to go until I qualify. I went online to pay but the loan account did not show up on my profile. I called… and tried to get the last loan advisor that helped me and I ended up in loan modification. It was obvious to me that I am not in the right department, so they send me to another operator so I can make an over the phone payment. I ask if the loan account could be added back online so I could monitor the payment. They send me to online services where I get a recorded message that they can not help me with this account at this time.
What I learned…
- Chase is not going to make this easy. By routing you from department to department... who don’t know what another has told you, or your history, they make you confused and frustrated.
- Try to talk to one person at Chase. If you find someone who you understand and can answer your questions, get their department and extension number.
- When you call make sure you know what department you are in. I have called the same number and have ended up in 3 different departments.
- Understand that the different departments are not sharing their information.
- DO NOT CALL OFF HOURS OR ON THE WEEKEND. I think this is why I didn’t get the appropriate information because the unintelligible lady was not in the US.
- Keep good notes with names, numbers, and a brief description of what was said. It will help you remember who told you what, when and what your next steps should be.
Good Luck!
And that’s Just About It
