My husband and I bought our house having Mellon Mortgage Company as our mortgage company, 10 years ago and after a short while they sold it to Chase Mortgage Company.
We kept getting little refunds throughout the year,saying we had too much in escrow. Our statements saying the insurance was paid and taxes too.
We have NEVER been LATE on paying our mortgage with the PITI,(principle,interests, taxes, and insurances), included in one payment.
After a few months we got a letter from them stating that we had NO HOUSE INSURANCE listed with them. THEY were supposed to be the ONES PAYING it. We contacted the insurance company we had chosen when we closed on the house and found out they had CANCELED us for NON payment!!! No Letters from ANYONE on this BEFORE!!! We had such trouble finding someone to insure our house as it had been without insurance for a long time! When we finally did find someone to insure us it went from less than $800 dollars a year to over $2500!
We then decided to refinance our house and looking for a NEW mortgage company Chase Bank reported us being LATE on our payment! After we stopped looking they reneged on it and took off the late payment on our credit report!
Our son graduated from high school and wanted to go to a private school, being our 3rd child, we applied for a home equity loan from a different bank and they called us to tell us the TAXES WERE IN ARREARS, and they couldn’t do the loan until they were paid! We went down to the local county courthouse and found out they were never paid, and in less than a month our house was going on the auction block! We paid them immediately! Then waited for Chase Bank to pay us back a few months later just like the insurance deal!
After Katrina our insurance has jumped from under $3,000 a year to over $6,000. It is very hard to get insurance down here, even harder since we live in the country and have only a local volunteer fire dept., although we are WAY above sea level and it has NEVER flooded here. It is NOT swampy by any means!
Our insurance is due March 31st each year. AFTER ALL THIS, We always CALL our insurance company several times to see that it is paid and the tax office too. This year we called and left messages with them and our local agency too. We didn’t receive any calls back, but we did receive a copy of the Wind & Hail policy, but not the Hazard Insurance policy. We thought they were just slow at mailing it,as usual,since one had been paid. Then 1 1/2 month later past the due date, we get a letter from Chase Manhattan Bank stating for the SECOND time we have no HAZARD INSURANCE on there records, although we have had the same company now for years,and they demand we show them proof, and if not within a short time they will issue a policy at a VERY PREMIUM price! I then called the local agency and they said since it was on there site it looked like it had been paid. I asked them to check on it for sure and call me back. Also to call Chase IF it WAS paid to verify it to them. A short while later we found out it wasn’t paid. The insurance company would only issue a HAZARD policy effective from that date, 2 months later! CHASE DEMANDED us to pay them over $1300 for the 2 months, for the time it wasn’t in effect, even though the time was already past! So our insurance and taxes this year are over $8,000, which is MORE THAN OUR HOUSE PAYMENT! Our taxes being only $850!
Chase Bank is saying they called the insurance company and the agency and left messages, to call them back before the due date as they received no bill! They claim to never receive back a reply from either so they take no responsibility in this! When I asked them if they had the right number they told me 604 area code while it is 601 where it is, then said that is what they dialed! I asked her to please call again, they said there was no answer but when I called someone answered. It seems they just wanted the extra free $1300+ dollars!
My husband and I are currently fixing up our house to put on the market as we can no longer afford it with these costs. Hopefully in this market we can sell it. We won’t sell it to anyone who wants Chase as their mortgage company, as we WON’T do an assumption!