- Report: #504427
Complaint Review: Chase Mortgage Company - chase Home Finance - Columbus Ohio
Reported By:
Sharyn -
Elkins Park, Pennsylvania, USA
Submitted:
Updated:
-
Author Not Confirmed
Why?
Chase Mortgage Company - chase Home Finance
3415 Vision Drive Columbus, 43219-6009 Ohio, United States of America
Phone:
866-926-89
Web:
N/A
Categories:
Business Rating:
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Chase Mortgage Company - chase Home Finance WaMu Washington Mutual Chase Chase Bank Chase is holding 14 months of escrows per year. Columbus, Ohio
Our mortage company had been Washington Mutual (WaMu) since its' inception in January 2003. Upon their recent collaspe they were bought by Chase Home Finance, LLC a subsidiary of JPMorgan Chase Bank (Chase).
When Chase took over they immediately reassessed our mortgage with escrows and charged us 14 monthly escrow payments for the 2009-2010 fiscal year. At $750.00 per month in escrows, this increases our monthly payment by $125.00 This also allows Chase to keep an extra $1500. in a non-interest bearing (at least for me) escrow account.
I have asked Chase several times to not do this. During several phone calls to them I have been told by their customer service representatives:
1-By law (Real Estate Settlement Procedures act or RESPA) they have to hold onto this extra money or they will be breaking the law. This is untrue, see www.hud.gov/offices/hsg/sfh/res/respafaq.cfm
2-They aren't holding onto any extra money. This is untrue, they have $1500.00.
3-They have always held onto this extra money. This is untrue, this started August 2009 and I have all the documentation to prove it.
I am at my wits end. I feel that big business is squeezing the juice out of good paying customers because we are small, weak and scare easy. Is anyone else going through this and is there a class action that I can join (or start)?
1 Updates & Rebuttals
Sps
Atlanta,Georgia,
U.S.A.
The law
#2General Comment
Fri, December 04, 2009
The current laws allow them to hold a maximum of 1/6th of your total yearly escrow account as a cushion to cover any possible increases in your taxes and insurance. It is not a rip off by any means.
