- Report: #74738
Complaint Review: Chase Manhattan Mortgage - Columbus Ohio
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Chase Manhattan Mortgage
3415 Vision Drive Columbus, 43219-6009 Ohio, U.S.A.
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800-848-9136
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Chase Manhattan Mortgage Corp ripoff by overcharging interest & not applying payments correctly Columbus Ohio
Unfortunately, my wife and I were unable to put 20% down on the purchase of our house, so our mortgage company charged us Mortgage Insurance Premium (MIP). Over time, Chase Manhattan purchased our loan. I managed to pay additional principal on the loan and managed to pay the mortgage down to less than 80% of the original loan. I contacted Chase, but they insisted that we refinance instead of just dropping the MIP charge.
Refinance Problem #1-Our problems began when we went to a mortgage broker to refinance our loan. We signed our loan papers on January 28th. Chase Manhattan received our payoff from the closing agent on February 4th, but charged us interest to February 28th.
Meanwhile, the new company we refinanced with immediately sold the loan to ... you guessed it ...Chase Manhattan. So not only did we pay Chase Manhattan interest on our old loan from February 4th through February 28th, but we also paid Chase Manhattan interest on the new loan from January 28th through February 28th. The overlapping interest charges for the period from February 4th through February 28th are outrageous.
When I contacted the Chase Manhattan "Customer Care" Department (yeah right), I certainly discovered that "The right relationship is [NOT] everything." They would not cooperate in any way to refund the overcharged interest.
Refinance Problem #2-After making several payments on my new mortgage - and seething everytime I cut a check to these bloodsuckers, I decided to refinance with a company that would not sell my loan to Chase Manhattan. My refinance date was for some day in June, so I knew I should send Chase my June payment. I made the June principal and interest payment, but did not include any escrow money. It seemed logical that since the escrow money was mine anyway, I should not send Chase the money just to have them return it to me. I made a notation on the remitance form that I was refinancing and that I was paying "principal and interest only."
On June 4th, I received a statement from Chase Manhattan stating that they had received the money and that they did not know what to do with it. This seemed odd as I had written "principal and interest only" on the check and on the remitance, so I ignored their request. Mid-June, I received a penalty notice from Chase Manhattan for not making my payment. This really made me furious as they had been sitting on the principal and interest that they had received June 4th. I talked to the same wall, oops, I mean the "customer care" department and was equally unsatisfied with their lack of service.
Chase manhattan had the principal payment, but did not apply it to the loan and thus I once again paid too much interest and a penalty.
I am soo glad that I never will have to do business with Chase Manhattan. I encourage anyone that supposedly is experiencing that "right relationship" with Chase Manhattan to refinance as soon a possible with a company that won't sell the loan.
Eugene
Roanoke, Virginia
U.S.A.
Refinance Problem #1-Our problems began when we went to a mortgage broker to refinance our loan. We signed our loan papers on January 28th. Chase Manhattan received our payoff from the closing agent on February 4th, but charged us interest to February 28th.
Meanwhile, the new company we refinanced with immediately sold the loan to ... you guessed it ...Chase Manhattan. So not only did we pay Chase Manhattan interest on our old loan from February 4th through February 28th, but we also paid Chase Manhattan interest on the new loan from January 28th through February 28th. The overlapping interest charges for the period from February 4th through February 28th are outrageous.
When I contacted the Chase Manhattan "Customer Care" Department (yeah right), I certainly discovered that "The right relationship is [NOT] everything." They would not cooperate in any way to refund the overcharged interest.
Refinance Problem #2-After making several payments on my new mortgage - and seething everytime I cut a check to these bloodsuckers, I decided to refinance with a company that would not sell my loan to Chase Manhattan. My refinance date was for some day in June, so I knew I should send Chase my June payment. I made the June principal and interest payment, but did not include any escrow money. It seemed logical that since the escrow money was mine anyway, I should not send Chase the money just to have them return it to me. I made a notation on the remitance form that I was refinancing and that I was paying "principal and interest only."
On June 4th, I received a statement from Chase Manhattan stating that they had received the money and that they did not know what to do with it. This seemed odd as I had written "principal and interest only" on the check and on the remitance, so I ignored their request. Mid-June, I received a penalty notice from Chase Manhattan for not making my payment. This really made me furious as they had been sitting on the principal and interest that they had received June 4th. I talked to the same wall, oops, I mean the "customer care" department and was equally unsatisfied with their lack of service.
Chase manhattan had the principal payment, but did not apply it to the loan and thus I once again paid too much interest and a penalty.
I am soo glad that I never will have to do business with Chase Manhattan. I encourage anyone that supposedly is experiencing that "right relationship" with Chase Manhattan to refinance as soon a possible with a company that won't sell the loan.
Eugene
Roanoke, Virginia
U.S.A.
3 Updates & Rebuttals
David
Boaz,Alabama,
U.S.A.
Chase is not the monster finance company after all
#2Consumer Suggestion
Wed, January 21, 2004
I am sorry you had a problem with Chase but I have my mortgagae through them, and when my wife went on maternity leave I got behind on my mortgage payments and went default on the loan, I thought it was going to be forclosed for sure. But Chase contacted me and they have a program called homeowners assistance program where they dropped my interest rate .25% my wife went back to work we had to pay $2300.00 in back payments and interest, then they raised my payment 31.00 a month until I am current then it goes back down to normal payment again but interest rate stays the same for duration of loan. This is the best mortgagae company I have ever heard of, I wish you luck with your present lender, but I think I will stick with Chase and reccomend every one to.
Eugene
Roanoke,Virginia,
U.S.A.
I have a problem with any company charging overlapping interest because they can get away with it--legally
#3Consumer Comment
Thu, January 08, 2004
Michelle, Sounds like you are a mortgage industry insider. And, based on your city, you may even be a Chase employee. Thanks for the well wishes, but I have a problem with any company charging overlapping interest because they can get away with it--legally. Chase could have refunded the interest overcharged on my old loan (about $360), but the company chose to not do the right thing [FHA loan or not]. Secondly, I did make a "full" payment on the loan. I know I am contractually required to pay the principal and interest, and that is what I did. Many mortgage companies collect escrow funds from their clients, but I really have a problem with their holding these funds without paying their clients any interest. You and I both know that mortgage companies invest escrow money and make a healthy profit without having to pay their benefactors (mortgagees) any interest. My current mortgage company does not require me to pay any escrow (which Chase did). And yes, we have a money market fund that is earning US interest as we save for our escrow funding needs. I can make bi-weekly payments without a service charge (Chase charges fees for this service). And, because I make bi-weekly payments, my current mortgage company reduces the interest charged by 1/4 percent (Chase - Ha Ha). People may be better off if they can find a different mortgage company than one that is always sticking it to them--legally.
Michelle
Columbus,Ohio,
U.S.A.
You were not ripped off by Chase
#4Consumer Comment
Sun, January 04, 2004
Sorry to read here that you feel you were ripped off but what you need to understand is that the interest you were charged was most likely because you had and FHA mortgage. If you did then it is a requirement of FHA (which is a part of the United States Government) that interest is assessed by the month and not by the day. Had your payoff been received by your bank by February 1st then this would not have been a problem. Take this issue up with the closing attorney that you used on your refinance. Then your second complaint was that when you refinanced in June that you sent a payment for principle and interest only because you did not want to pay the escrow because they would return the funds to you when the loan was paid off. What bank is it that will accept partial payments because you feel like it? None that I know of. If the full payment is not recieved it can not be posted. Your idea was good but your logic is incorrect. Try asking the right questions when you call a bank. Don't assume anything. The problems you have presented are problems that you will have with any mortgage company. Good luck with your new bank, try these with them and see what may happen.
