This is the introductory thread...tell us why you're here
By 209004332
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".
By unhappybusinessowner
Just to let you know the contractors cannot charge you a higher price due to non mayment upon completion if a contract was signed to do the work for the agreed amount. A finance fee or a late fee may be charged by the contractor but this has to be outlined on the contract or the original invoice so you are away of the possible fees which could be incurred. It varies state to state (I am in NJ) but check with your state.
By avoka
Based on my experience,Chase Loss Draft provides misinformation and innaccurate information. They even insinuated that I was delinquent in my account. I have never even been late. All in an attempt to delay, delay, delay disbursement of funds. It is really counter productive--if they wanted to protect their investment they would look for ways to facilitate disbursement instead of delay it. My roof continues to leak--threatening CHASE investment-yet they dither. I send everything by FEDEX--which they then find an excuse to delay. By the way CHASE and WAMU are one company--yet they insist on two separate endorsements. Why--it creates more delays. I will refinance to get away from Chase.
By Daily-Protest
It is really sad that when a home is damaged, the homeowner is not trusted with the check. I can understand how some people might cash the check and just leave, but most homeowners want to stay in their home and treating other institutions as being more trustworthy than the homeowner is insulting to say the least.

What is even worse is when the check has to be sent out of state. What a horrible feeling it is to not even know the person on the other end and they control so much of your situation even though WE ARE THE ONES making the insurance payments on the house.
By cinandrew
My experience with the Chase Loss dept has been the same. I sent things in via UPS and faxed things in, but it did not matter. Everything was always 7 to 10 days delay. They lost a check that I sent, which meant that I had to have my insurer reissue the check. I believe that Chase has engaged in a tactic (at least in Texas, which is where I am from) to delay payment so that they can incur the interest on the proceeds for as long as possible. If I find strong evidence of this, my intent is to sue them for this practice. Is there anyone who is from Texas?
By grumpyolman
DO NOT ENDORSE THE CHECK! I sent mine in with a note for Chase to endorse it and return. They want you to endorse it first so they can keep the money if you are past due (according to a friendly Chase operator). Since I was not past due, they endorsed it and returned it with a note telling me to endorse it first next time. Next time is here and I have no intention of giving them access to these funds so I will NOT endorse. We'll see what happens. Of course they want the "float" and will hang on to your money as long as they can - they're loaning it to someone else! If you don't endorse it, they can't deposit the check and use your money. If they resist I will go to small claims court ($45 filing fee which they will have to pay). It's not worth it for them to hire a local lawyer.
The funds are not intended for Chase so there is no reason to surrender the money to them. It is informative only since they have a lien on the house. Just because they tell you to endorse the stop loss draft doesn't mean they have any legal right to demand it. Stick it to 'em!
By Frustrated
On August 21st my house was hit by a microburst with 80 mph winds. Part of my roof was ripped off causing a leak inside a room inside my house. The total cost to repair all the damage was $25,000.00 which was paid in full by insurance company (not without some arguments). Upon receiving our inital ins. check it had Chase Mortgage as a payee. I contacted Chase and was advised that I had to forward the check to them for endorsement and that the first $16,000 was a non-monitored claim and the checks would be returned promptly (lie #1). After waiting 2 wks for the check to be returned and numerous phone calls later I had the insurance carrier stop-pay and reissue. Chase advised that I could take the reissued payment to a local branch for signature. The day before I got the new check from the ins. carrier a Chase rep. called to say the initial check had come back to their office. Apparently they mailed it to the wrong address and it had been returned. Upon taking the new check to the local branch they advised they had to speak to the Loss Draft dept to get permission to endorse at which point the Loss Draft dept said that I had to mail it back to them...when I refused they told the local manager that if she thought I was not "lying" about it being a reissue they could endorse. The Loss Draft rep also told the local manager that it was my fault the check was mailed incorrectly because I did not provide an address to mail it back to!! I pointed out that they have my address because my monthly mortgage statement comes to me, the ins. check had my address and the cover letter had the address!! Chase advised what paperwork would be needed to complete my claim as well as a home inspection at 90% completion. Their rep advised that my home was at 90% and they would send an inspector, which they did. However, the inspector gave them a report stating 80%. When the work was completed on my house I provided all necessary paperwork and the final check. Chase told me that the check would be returned in a few days. Needless to say it took over a month to get the money back due to Chase's numerous mistakes. The second home inspection, paperwork they said was complete which they then turned around and changed their minds about, etc, etc, etc. In the end it was the most miserable experience I have ever had. My husband and I are currently looking into changing our mortgage company as soon as possible. I recommend to anyone out there dealing with the Loss Draft Department to prepare themselves for the worst experience of your life.
By Kate
I was hit by a tornado this summer...Chase pulled the same story...holding the money. A lot of companies won't do the work without at least 1/2 down and the rest when completed. My house had 50,000 in damage. The said they would give me 10,000 till it was 1/2 done then I would have to get an inspector to prove it was 50% then do it all again at 90%.....yeah Chase it doesn't work that way in the real world...I am still waiting for the balance.
I asked them if they were paying me interest on the money they were holding....well of course not....
nice....this has been the worst experience...and you can bet when its all said and done with I will be going to another bank for my needs....Chase does suck huge.....

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