The bad news is the Home Loan Modification is for a higher mortgage amount than what Barbara was previously paying before she applied for a Home Loan Modification! Barbara's Mortgage payment increased by six dollars and 25 cents!
Friday, October 1, 2010
Breaking News, Chase Bank Approves Home Loan Modification for a higher amount than homeowner was already paying, and stands by their work!
Parallel Foreclosure dot com is breaking this story FIRST before anyone else. The homeowner has asked for a modicum of privacy so their last name is not being used. Please link back to this story if you chose to use it in an article. Thanks!
When Barbara from the Bay Area applied for the Home Loan Modification program through Chase Bank, she hoped the reduction in home mortgage payment would be a difference maker in making ends meet.
Although Barbara had recently lost her job, she then found another one, but for less pay.
Among various groups of homeowners who should be handled with respect when it comes to home loan modifications, those who lose their job, but then take another one in their same field of expertise, even if it is for less money, should be included. What her employer could not provide in equivalent income was balanced by giving Barbara access to one of their in house attorneys for the modest sum of $2,500 to help guide Barbara through the home loan modification process.
Seven months later and Barbara's attorney quit, saying it was obvious that CHASE BANK was simply using stalling tactics when it came to approving a new home loan modification for Barbara. Strangely enough, it was not until Barbara FINALLY decided to not make a home mortgage payment this past August that her home loan modification was approved.
The good news....Barbara was approved for a Home Loan Modification.
How did Chase Bank work their magic and actually INCREASE Barbara's Home Loan Mod to a higher amount than it was before she applied for this money saving government program? Chase Bank selected the one month out of the year in which Barbara received her largest monthly income because of bonuses and commisions and multiplied that one month by 12.
Chase Bank Shenanigans may force this homeowner to sell a home she has lived in for the past 5 years. Even with the recent announcement that Chase Bank is suspending foreclosures for the time being, should Barbara believe Chase Bank, or should Barbara consider a short sale before Chase Bank smothers her, a home owner who deserves better.
I still can't comprehend how a media icon like Oprah Winfrey refuses to step in and save her own viewers from the vice grip of bankster groups like Chase Bank, especially since Oprah's Magazine has created contests in the past that offer financial consulting "prizes" from none other than "Chase Bank". Yes, Oprah and Jamie Dimon are from Chicago, for that matter, so is Barack Obama, and yet, the tease of home loan mods that never come to fruition, are coming to fruition.
As Oprah Winfrey does her final, "television victory tour" this year, ask yourself how many millions of people she actually could have saved from the clutches of unfair banking practices by actually using her television show to help her own viewers; and then instead watch her promote her celebrity friends on Oprah's victory tour and the many ways YOU CAN IMPROVE YOU.
Before you vote either republican or democrat this fall, ask yourself just how many politicians from either party have actually come down hard against companies like Chase Bank and their home foreclosure shenanigans, and then maybe you should consider voting for the independent candidate on the ballot.