Loan servicing, payments, escrow account

Posted on Posted in Complaints, Mortgage

review

CHASE took over servicing my mortgage loan from XXXX in XXXX 2015. I originally set up the drafting of my payment for the XXXX of the month when I refinanced with XXXX, authorized by me on XXXX of XXXX ‘s loan closing papers. There were no problems with XXXX servicing of my loan. When CHASE took over in XXXX 2015, it drafted my payment on the XXXX of XXXX and XXXX ; and, according to CHASE, this was done based on XXXX records that CHASE had. I asked CHASE if it was looking at the document I executed as part of my loan closing papers ; and, CHASE said no, that it was looking at XXXX account record of drafts. I believe that XXXX is a ” secondary bank, ” ( similar to federal credit unions ) and that in order for it to receive my payment on the XXXX or thereafter, it would draft it on the XXXX of the month – which would not be get to my bank to be deducted until no earlier than the XXXX. CHASE is not a ” secondary bank ” and when it drafts the funds on the XXXX ; it is taken from my account on the XXXX, same day. This is significant because my pension hits on the XXXX of every month ; and, the funds to make the mortgage payment are not in my account until then – so it bounced the last two months. CHASE admitted it is not looking at the document ( actual or copy ) that I executed ; only XXXX account history. I have spent many hours on the phone with CHASE and XXXX XXXX ( my bank ) in conference calls and CHASE has yet to get it correct. Now CHASE says it ” can not ” draft the funds from my account unless I sign one of its forms and submit to them. I asked them then how is it that CHASE drafted the payments from my account in XXXX and XXXX ; to which they did not have an answer. I now have to make my payment via phone every month because CHASE refuses to honor the original documentation they say they do n’t have from XXXX. Gee, what documents does CHASE have regarding my loan? I am totally frustrated with CHASE and its refusal to get it corrected, putting the burden on me to fix it. CHASE and XXXX XXXX have removed all fees regarding this snafu because both banks acknowledge the errors were not my fault. Yet I still have had to spend hours on the phone explaining the same situation to more than XXXX people ; and, I still have to make the payments via phone every month from now on because CHASE refuses to honor the original document I executed. I did not switch services ; XXXX and CHASE did and I am paying the price. Please help!
P.S. Prior to CHASE taking over my loan servicing, it never asked or told me that I would have to execute any new document attributable to its taking over servicing XXXX mortgages.

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