Comments on: Dealing with Chase Home Finance Recovery Department

By: Teresa

Teresa — Sun, 04 Dec 2011 04:05:56 +0000

I just settled off my second loan with Chase. They took $40,000 for $212,000..approx 20%. I am now waiting to get something in writing stating they received my $40,000 and that they are forgive the difference(as they stated they would).
Has anyone else settled with Chase? How long did it take you to get the settlment letter after you paid them? Wells Fargo was better and easier to settle with… at least for me on one of my houses. It could have been that I was in big trouble on that house and had 4 loans on the house. Wells was 3rd and 4th postion and Wells took $32,000 for $255,000, even a better deal.
Keep on negotiating…don’t lose heart. It is tough work to settle but worth it when it’s over!

By: Jen Casey

Jen Casey — Wed, 21 Sep 2011 15:14:47 +0000

My experience had Chase approve the short sale however Chase Recovery is collecting the deficiency and they did not issue a 1099. I am not sure though if they will still issue a 1099 once a settlement is reached.

By: Jen Casey

Jen Casey — Wed, 21 Sep 2011 15:03:41 +0000

Please forgive me for this stupid question: Who is Chase Recovery? Is it a division of Chase Home Mortgage or a Collection Agency? If your debt is with Chase Recovery, did Chase Home Mortgage sell it to them?

By: Jon

Jon — Thu, 09 Jun 2011 23:19:40 +0000

Just looking for advice. Mar 2008 my 2nd held by Chase was charged off but I didn’t find out until I filed my 2010 tax return. I was told that Realtime Resolutions was now handling that loan and the Chase rep said Chase would no longer seek to recover any part of the 2nd. When I contacted Realtime they stated that if I wanted to negotiate a settlement that I would have to contact Chase. Upon doing so Chase stated that they had pulled the loan back from Realtime and moved it to Chase recovery. Through my BK I have paid $12000+ at zero interest on an original amount of $65k. Do you think Chase will take that into consideration when I try and settle for 20%-23% of the $65K. My other option is to try to get a lien strip due to more income being lost since the original BK filing which I intend on notifying my Chase negotiator of.

By: florida

florida — Wed, 06 Apr 2011 03:59:02 +0000

i have an approval for a short sale in a first lien by chase. the approval explained that i will have a deficiency of 158k. can they go after me even it is my primary home? the negociator explaned that they will send the deficiency to the recovery department but they will not do a 1099? can they do that for a first mortgage in a primary home? i tried to do a short sale and avoid a foreclosure but at the end it is the same

By: Dedra

Dedra — Mon, 07 Feb 2011 17:37:36 +0000

We ended up settling for 16.5% of our $59,000 debt on the home equity loan. This was after $5,000 was paid from the 1st to release the lien in order for the home to be sold as a short sale. PRS was the collections agency and they are ruthless there. I had to complain to Chase because they kept refusing to submit my settlement offers. Once I got Chase involved my offer was finally accepted. Although as a side note Chase did tell me that legally they could not talk to me because they signed a contract with PRS to collect on the debt.

By: Cindi Wolf

Cindi Wolf — Wed, 25 Aug 2010 19:33:25 +0000

I also have the same issue. B of A is incompetent and does not care to hurry or even communicate with myself(the Realtor) or even the seller which is their customer. B of A will only pay $3K per Freddie Mac guidelines and no matter what the offer is, will only allow Chase the $3K, period.

Any other contributions must be approved by B of A, who says they will not approve it and now I am dealing with Christine H. who gives me a fax number that is always busy, but never returns phone calls.

Long story short, any additional monies to Chase is not allowed. Seller will file BK if this is not resolved, since Chase has turned it into a personal loan, not just a collateralized loan secured by home.

Is the deal dead??

Thanks

By: Ruby

Ruby — Wed, 02 Jun 2010 18:40:32 +0000

Help! I have a WAMU original HELOC, then Chase and know with ‘AWA’ collection agency. The seller is in a Short Sale and the 1st lien holder BoA has decided to credit a max of 3K to release the lien. The outstanding balance on the 2nd lien is almost 210 thousand and that includes late fees and other fees. The negotiator tells us He will only present the offer to the lien holder if he gets a minimum of 10% which would be 21K. Has anyone been able to negotiate with this company and offer less than 10% of outstanding balance? If yes, please help.

By: Pat

Pat — Thu, 25 Mar 2010 17:08:53 +0000

I’m SO glad I found your post. We’ve been dealing with Chase’s recovery department, and you’re right – they’re belligerent SOBs.

The 2nd is charged off, just dropped out of bankruptcy, and they have no recourse. However, they still hold a lien on the house. they won’t let go for less than $32,000, and they’ve been rude and pretty ignorant of the foreclosure process.

They literally told us the first is going to have to take a BIG hit before they’ll negotiate!

Anyway, would it do any good to contact the Ombudsman for Chase and escalate, or offer them 15-20% of the note value? We had an offer in for almost 10%, which they ignored.

Help!

By: Bob Lachance

Bob Lachance — Tue, 16 Mar 2010 15:44:07 +0000

Would it be “Amanda B…” by any chance?(I can’t post her full last name).. They typically seek 20% at closing, and a payment arrangement for the rest, anything other than that and they probably won’t take it. However..if enough time goes by, they may consider it, so it’s always worth fighting for it.