Banks just do not get it. They may sit on all the big corporate media boards and fill political coffers in turn to pull the strings of our Senators, but they cannot control social media sites.
Their failure to do what is right is being exposed daily by homeowners and banking clients like the one below. I am warning these banks that social media will be the your downfall.
{ 8 comments… read them below or add one }
The banks seem to be under estimating the power of the internet and word of mouth. These sites seem to be giving consumers the upper hand in the battle against heartless banks. For the first time people can spread their horror stories about their banks online, and a snowball effect often takes place. They soon learn that their situation was not isolated at all as thousands of people with identical situations start to chime in and comment on their posts. Without these social websites none of this could have been possible
This is great and so true. I started my website because Chase does not even answer the phone. They tell the media all they are doing but it is a lie.
Chase Loan Modification..I have been going through this ridiculously long process since the beginning of the year and this matter needs to be resolved. I have sent 2 pay stubs (twice), a 4506-T form so they can pull my last 3 years tax returns (twice), a hardship affidavit, the signed trial period plan, proof that I live in my home (twice) and everything else that has been asked of me. I have made my new trial payment consistently since June as I have been instructed. I was originally told that my loan would be brought current after three payments which was obviously the August payment. I am about to send my November payment and my loan is still being reported as past due, even though I have done everything I have been asked to, which is ruining my credit. I called earlier in response to yet another message and was eventually transferred to your litigation department. The representative told me I need bank statements and refused to believe me when I told her that these forms state that I only need pay stubs. I have been extremely patient with Chase these past 7+ months and I am now prepared to take this matter further if something is not resolved. I would very much like to get this matter resolved and go on with my life, but Chase has made it extremely hard to do that for way too long.
I too have an issue with Jamie Dimon & Chase. Here is my brief story as was written to The Huffington Post, which I later learned here is owned by Chase.
Hello,
I am writing you to see if you would be interested in a follow-up story regarding certain comments made by JP Morgan Chase CEO, Jamie Dimon. In an interview with The Huffington Post’s Marcus Baran in February 2009, Mr. Dimon said “I don’t think just because someone’s underwater they say I don’t have to stay there. But they’re supposed to pay the mortgage, and we should teach the American people, you’re supposed to meet your obligations, not run from them. Because you have a mortgage doesn’t mean you should run away as it goes down.”
Well, it seems as if Mr. Dimon’s bank does not follow such principles. Unfortunately, I am one of the many unemployed in this country, despite all efforts to find employment, yet have still managed to pay my bills on time, including my mortage payments. Thank God for my family, who have helped us through these trying times. Despite family assistance, I am going further into debt as there simply is not enough money at the end of the month to support my family, but I deem this to be the lesser of two evils at this time as I wish to keep my good credit rating. So, that’s my situation in a nutshell.
The issue I have with Mr. Dimon pertains to how his comments made to The Huffington Post conflict with the policies of Chase, my mortgage holder. I have been trying for almost seven months to get a simple forbearance from Chase only to be shuffled around from dept. to dept. always resulting in the same negative response. I have spent countless hours submitting and resubmitting documents that were already submitted. I have spent many hours on the phone with various members of Chase only to be continuously turned down for forbearance and remodifications, for various reasons. I have spent the past six weeks or so dealing with Jamie Dimon’s assistants and the Executive Response Group only to receive the same response, “we cannot help you unless your situation changes”. Ah, what needs to change you may be wondering. Well, Chases’ Loss Mitigation Dept. will assist me if I do not pay my mortgage. That’s right, Chase will help me providing that I refuse to pay my mortgage but as long as my mortgage remains current, there is nothing that Chase will do. Herein lies my issue and again, it’s not that I can afford my mortgage it’s just that I am going further into debt to pay it.
Mr. Dimon said “But they’re supposed to pay the mortgage, and we should teach the American people, you’re supposed to meet your obligations, not run from them.” yet his bank is telling me that if I do not pay my mortgage I can get assistance. Now, I am not looking for something for nothing but only a forbearance, to be paid at a later date or loan remodification of some sort, as has been made available to many to help through these trying times. I have tried to get Mr. Dimon on the phone yet he will not take my call. I am told that he knows of my situation yet he will not explain the inconsistency between his statements and his banks’ policies.
I want to know why I am being penalized for paying my morgage on time when the CEO of the company says that “we should teach the American people, you’re supposed to meet your obligations, not run from them”, yet by meeting my obligations. I am being refused a forbearance. I would like to be able to pay my bills on time, as suggested by Mr. Dimon, so as to maintain my credit scores and still receive some basic assistance available from Chase. Or, I would like to see Mr. Dimon amend his statement to that which represents the policies of his bank. Something to the affect of “Although we should teach the American people, you’re supposed to meet your obligations, not run from them, we at Chase will only help you if you do not meet your obligations and under no circumstance will we offer you any of our readiliy available assistance if you pay your bills to us on time.”
This to me would be much more accurate. But that’s just my humble opinion. So, to put it plainly, would you be interested in helping me by calling out Mr. Jamie Dimon?
Thank you and I look forward to your response.
Regards,
Alan
Chase Bank does not help homeowners who actually need help, period. Their process and communication royally sucks and after 6 months of waiting and continuously providing more information than what the IRS has on me, they say my ongoing expenses derived from my 2 children is only temporary. Boy! That’s a relief! I thought I had to actually raise them! Anyone who has children knows that your costs don’t go down for kids, as they get older. What a #&$^# joke! I can’t wait to get out of this God#&#^ loan. We should have tied some strings to the money that they received from the government and have to use it or lose it then get booted out of the program publicly if they don’t. A message to the world…”Don’t bank with Chase.”
Well here’s my true story: My mortgage was taken over from the original lender by chase home finance, like many people my wife unfortunately lost her employment and the bills fell behind and so on… I contacted chase directly for assistance in the form af an adjustment/modification, they entered me in the infamous “making home afordable trial modification plan”, my payments were lowered from $1800.00 to $1023.00 monthly, I thought Ok! I can handle that, and so I’ve been paying on time every month, the first of the month since June 2009. It is now the end of November 2009 and I just recieved an evelope from CHF with docs stating that I’m being placed on the same trial modification again but with an increase of $642 monthly?! Apparently someone in the “underwriting department” felt that I could absorb this income based on my gross income. Thankfully I’m employed full time but my income hasn’t changed at all, and I definitely cannot handle this increase, also, notice how this is being done just before the holidays? I mean really what planet are theses people from?! It’s amazing that after six months of continuously submiting the exact same documents over and over, mean while I’ve been paying the amount they set on time every month that this is what they respond with. This is the best chase can do? This example is just one of many which is a testament to the incompetence, disorganization, and lack of responsibility by these banks which greatly added to our countrys poor economic situation. All I can say is – there are plenty of good places in my area that are offer rent at low rates, we can always pick up and go but is this the way it’s supposed to work? What I really want is to keep my family in our home in peace and quiet and pay my mortgage and live my life like every other normal american… it seems that banks like chase have no concern for those who are really trying, these banks exhibit filthy greed mixed with a “we don’t answer to anyone attitude” but they will surely also be held accountable one day by GOD, you can bank on that.
I too must agree that we are facing a totally evil behemoth which ultimately has no interest in modifying loans for individual borrowers. They sometimes pretend to modify only with the intent to find incriminating evidence which they can use against the borrower down the road. BEWARE OF THAT!! I have been forewarned by my atty. “they are not your friend”. Tonight they told me to sell my property on “short sale” even though with a tenant and a mod I could work it out. I am told I cannot afford it,
hmmm interesting as in other times I have carried vacancies for 6 months and more and always pulled through. I promise you they are truely one world government new world order monsters. Please do not mourn the loss of your homes as these evil doers intend to ultimately destroy our beloved country, and down the road us as well….take care and stay close to your Lord….look up and repent.., Revelations is at our doorstep… God Bless you all!!!
Thanks for a place to vent. I began dealing with WAMU 1 year ago this past July trying to arrange a work out of some kind or modification. I have been passed around so much, I feel like nobody cares about the reality homeowners are facing. It is simple, my home is not worth anywhere near what I owe on it and my income has dropped drastically. Either adjust the terms or take back the house. Instead, they drag their feet, pass you around and do nothing. I have sent a full set of docs 4 times, and they are asking for a 5th. 2 times they admitted that the docs got lost! Now Chase likes to call me daily and remind me that I have a forbearance agreement and that I will be required to send new documents. I have paid my forbearance amounts, yet they still have morons calling and telling me that I need to pay every month. Duh. This thing has to be making a lot of people sick, Chase deserves a big fall and I hope it comes their way. They truly do SUCK.