I recently had a simple insurance claim due to a hailstorm. The loss included the entire roof, all the guttering, my garage doors, and the west side windows. I called my insurance company and made arrangements to get an inspector out, two days later an inspector showed up and completed his inspection. Five days later an agreed check appeared in the mail. It was written to my wife, Chase Mortgage, my mortgage holder now and myself (not my original mortgage holder, as I would NEVER use Chase Mortgage for any loan. EVER). I endorsed the check and forwarded it to Chase Loss Draft Department. After two weeks and all of the repairs were done, Chase has still not contacted me. When contacted Chase notified me that they had just received the check and that it would take 7 business days to process, then another 5-7 business days to get a partial check sent to cover the "Up Front Costs". I explained that the check had gone next day delivery and they were just bold face liars and that I had the signature of the Chase employee that signed for it. All to no avail. Now that all of the contractors are done, they want to get paid. Each is now charging a higher price, due to the fact that their bid was for payment upon completion.
As of today December 24th, Chase does not yet have a date of when the "Partial Check" will not be written nor do they have a date of when it will be issued. They have yet to send out their required "inspector" and thus no time line on the final check. This reeks in every way of a "legal fraud".
I only have two more years of payment, and I plan on burning a copy of the mortgage on the front steps of my local main Chase bank steps. On a side note, I read a note from a previous Chase customer who had issues with their poorly run escrow department. I separated my taxes and insurance away fro Chase so that I knew that they were paid on time to the insurance company that I chose and not they’re internal over priced programs.
I make it a habit to tell at least 5 people a week about how poorly Chase Bank runs its entire operation, yet every six months they seem to add another location in my city. P.T. Barnum put it best "a fool is born every minute".