I see the list of underwriters on the internet. It is hard to say what they actually do. We started the process of the loan modification approximately five and one half years ago. In our original application we were told by Chase that we didn't qualify for the loan mod unless we were more than three months past due. I worried to that person that we would be in jeopardy of losing our home. I was told "We have people over a year behind and they are still in their homes so don't worry." A year or so later and four applications later we were sent notification that our house was going to be foreclosed upon. We promptly went to an attorney and filed for bankruptcy. One our house was safe our attorney told us to reapply for the loan mod. We are three years into that process. We were just told by Chase underwriters that our application is again outdated and we need to reapply yet again for the third time this go around. I seriously doubt that we will ever get a loan modification. Chase claims they do not want to be in real estate. I disbelieve. Our intrest rate is too high for them to give it up. Our location is prime. Despite their protestations I disbelieve that statement also. We have been told that we changed jobs so that makes it difficult to approve us, but that made no difference for the two years at one job before changing to one that paid better. They come up with one excuse after another. the truth is they are not going to hand out loan modifications. They got the money from the government for loan mods and they intend to keep it. The truth is Chase Underwriters care only for their personal bottom lines and do not care about reasonable business practices or even legality. They feel safe and insulated from legal consequences.
age. They did not ask for proof of my age or explain why they even needed her age. I think underwriters just dream up these ridiculous requests to justify their fee. Silly me I thought my credit score of 840 would be more important than my wife's age!!
In todays world having a 700 FICO doesnt mean the bank owes you a loan anymore. This is the worlds largest financial meltdown and times have changed....with that said, for fannie/freddie loans you have to verify where your DP came from if it hasnt been in your account for less than 60 days.
This is to combat mortgage fraud where people were getting large cash gifts and payments to buy homes and split profits with 3rd parties. Now that the money has likely been in your account for close to 60 days, a lender should be able to get this done for you, you are welcome to contact me if you want help with this - I believe I can get this done for you.
Monthly expenses are 20% of my salary and my employement with same employer has been 25 years.
They turned me down on a home loan because they said my documentation for large deposits to my account for the down payment were unverfiable. I provided all the statements showing when I withdrew the money and stopped investing in the banks due to the threat of all banks ending up like IndyMac last year. I am going to sue them for the money I am out now since the seller is tired of the games played. Oh I forgot to add that Chase didn't even try to make it a 30-day escrow. They waited until 50-days to decline me.
Please spread the word that Chase bank is not the bank to go with for home loans. We need to get this bank out of business, they are horrible. No wonder they have had money problems!
I wrote a letter to Mr. Dimon, Chase President, and faxed it directly to his office at 212-270-1121. I waited 5 hours then called to make sure they received it. His secretary told me she had it but it was too soon for anything to be done with it. She told me someone would be contacting me but no one has. My question to Mr. Dimon was how his underwriters thought they were above the law by asking for falsified documents and violating HIPAA laws. Stay away from Chase.