No Income? No Job? No Assets? Chase Offers No Doc Refis, Principal Reduction

“Chase is taking a proactive approach to helping homeowners. We are automatically reducing interest rates for eligible customers who are current on their mortgage payment, saving them hundreds of dollars each month,” a Chase spokeswoman said. “For many individuals and families who are struggling with their mortgage, we are lowering their payments by sending them pre-qualified modification offers, which may include principal forgiveness.”

~

Chase offers no doc refis, principal reduction

JPMorgan Chase went from fast-tracking foreclosures to rubber stamping and pre-approving some borrowers for refinances and even principal reduction.

The five largest mortgage servicers signed a $25 billion deal with federal prosecutors and 49 state attorneys general in March to settle foreclosure abuses and documentation problems in the past. Chase agreed to provide roughly $4.2 billion in relief to homeowners under the agreement, including principal write-downs, modifications and refinances for underwater borrowers.

Servicers receive more credit for granting the relief within one year, according to the terms of the settlement.

But since the foreclosure crisis first struck five years ago, borrowers have grown weary of the documentation black holes at the major banks. Many have spent hours in front of FAX machines, only to be asked for resubmissions or another piece of paperwork.

To provide relief more quickly under the settlement, Chase executives are addressing the borrower fatigue with a letter sent to borrowers notifying them that their loan was refinanced into a new mortgage with a lower interest rate. No documentation was needed. Chase owned the loan.

Rest here…

~

4closureFraud.org

Comments
13 Responses to “No Income? No Job? No Assets? Chase Offers No Doc Refis, Principal Reduction”
  1. Bobbi Swann says:

    Please, who is/was your attorney? What state are you in? I have one but he is dancing around the fire and not even tying to put it out!

  2. Sherri Lex says:

    I received a principal reduction and refi (mod). It was wonderful then Chase reversed it even though every payment had been made on time.

    They ignored my calls and sent me a letter saying the mod could not be completed after it was in place for over a year. I was on title and not in the loan. I was awarded the house so they honored my signature. They acknowledged by email, letter and confirmed copy that they signed off the mod in their exception dept. suddenly after a year they acknowledged they made a big error and as one employee said “screwed up big time” they covered up and I lost my house of 19 years after making every payment on time. Soneone please help! I’m a single mom paying more in rent than my modified house of 19 years! My son is recovering from a brain tumor and it’s the only house my kids have ever known. Even employees of chase have said go to the media. I’m just not sure how. I have all documentation and phone logs original confirmed copies, emails etc.. Someone please help!! This company is involved Ina big coverup of a huge mistake they admitted too. They even had a big meeting with 4-5 depts including legal to cover it up.

    • M.Campbell says:

      Did you ever resolve this issue? I am curious. I have just gone through a foreclosure trial in which I won. The Plaintiff issued a motion for voluntary dismissal after my lawyer got through with them. If you need a good attorney, I have one.

  3. Nana M says:

    About every 2 months I receive a letter saying they’ll answer in 30 days. This has been going on all year.
    There’s no documentation anywhere saying ANYONE has received any money from the $25B settlement.

  4. Joi says:

    PLEASE PLEASE PLEASE DON’T DO IT IT’S ANOTHER DECEITFUL LIE FROM THIS WICKED, DECEITFUL DEVIL OF A BANK. CHASE IS NOTHING BUT A SHEPHERD FOR THE DEVIL AND HAVE PROVEN THIS TIME AND TIME AGAIN. DON’T DO IT.

  5. jacob says:

    BULLSHIT BULLSHIT BULLSHIT. mY PARENTS HAVE A MORTGAGE WITH CHASE. THEY TRIED THE MODIFICATION ALL 10 TIMES THEY DID NOT RECEIVE AFFIDAVIT OR NEVER RECEIVED ANYTHING. I PERSONNALY FAXED PAPERS TO THEM FROM WORK EVERYDAY AND WHEN WE CALLED ***YES THAT IS THE FAX # BUT WE DID NOT RECEIVE THE DOCUMENTS**** EVERYTIME SOMEONE SUBMITS PAPER WORK THE BANKS PUSH IT THRU BECA– USE UNCLE SAM PAYS THE BANK 1000.00 FOR EVERY SIGNED APPLICATION THEY TURN IN.

  6. Mystify says:

    What chase is doing is trying to get the homeowner to sign on the dotted line and then you are stuck paying forever on a toxic mortgage and bk is out of the question. I say no do not do it!

  7. 1ofthemany says:

    yea right!!!!! I just called yesterday day (stated principle reduction on the notice…it is a lie marketing only)as I have a Chase Fraud loan bought one year from the original servicer bank or whatever they hell it was!! NO principle reduction but yes they will give a 2% interest rate and hike up what you owe on the loan and still do nothing But you will have to work your butt (send fax beg keep at it) off to get it. still nothing but an underwater house after 9 years of living here- got my 2%er in2008 or 9. So I will just have to continue to rent out every little nook and crannie to make it and pay them RENT, this is a pure exhibition of taking your life and doing what they want to keep you paying for their fraud and the usury the have done and who knows what else they have done and they also admitted to not having the original papers. Crapolie!!!. I told the little girl well I will either walk continue to rent it out on this Fraud loan yes I said Fraud loan to her and stated I would just go get another Fraud loan that was much cheaper..Now I am a damn landlord with even bigger issues. jeeze excuse me now as I have to go puke Again. Sorry but they are all Ba$tard$ of the devil. Too many good people out here suffering And I pulled a homeless man off the street so thank goodness he found a job albeit a small job, a home here. Jeeze.. Oh my dear creator what are they doing to us?!?!?!? Praying and waiting for the day they hang. Hope I have a front row seat, I have never wished any harm on anyone but this is different. Very Different.. I can ‘t even get my dang boot straps up and my life is at the end days this is a death trap.

  8. jp says:

    What is not mentioned is this article is why Chase bank is doing this now. It was mentioned in the article that the banks were incentivized to do it sooner rather than later. That is because of the upcoming election.

    The second reason was that the $25B bank ‘settlement’ was nothing more than another bank bailout. Provisions in the bill give the banks a tax credit for 50% of any principle reductions. Example; $60K princ reduction equals $30K less in taxes the bank has to pay. Does the govt then spend $30K less? Hell no! Well then who makes up the difference? One guess…you and me.

    BTW…great website Lisa….Keep up the great work and good luck in the clerk election.

  9. Sarah says:

    Principle reduction. Unthinkable, radical? Chase and others have made considerable efforts to make sure the very idea is suffocated. Chase is rewarded for failure, for predation, for usury, for fraud, for any number of violations that no captive agency even bothers to lift a finger to address. The individual homeowner is a cog in their profit machine, and if you are waking up to how you thought your home was a place to live you are sadly mistaken about what ‘they’ thought your home is. A method of entrapment perhaps?
    We have no voice, no politician is paying particular attention, the stakes are too high to worry about a minority (still in the many millions) who are being hurled to the street, in this election year. To the streets!

  10. JR says:

    Great I hope the other banks pay attention

  11. To Tell The Truth says:

    Well, this is just another tactic to try to create new notes that they never had the old ones to begin with and the WAMU take over has been a disaster…Chase still have on their books foreclosed homes as assets…they really dont know what they have so they are trying to also create an inventory that they know they own for sure why this offer…I do not discouraged the homeowners to do this but they need to be very careful that the real owner of the old notes/loans dont show its face….

  12. Bobbi Swann says:

    Right! NO INCOME NO JOB NO ASSETS….but NO FORECLOSURE either….this only helps those who have been paying all along so I guess they already have jobs (legal or not). This would help the drug dealers, pill pushers and any other illegal entity that has the money…just can’t trail where it came from! And still, no help for those who have fraudulent foreclosures going….sham….sham. They are just trying to cover up any other fraud should it arise on these loans. Stupid is as stupid does!!!

Leave a Reply