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Problems with Chase Manhattan


saltydog
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Having had my mobile home destroyed by Hurricane Charley I am now having to deal with Chase Manhattan and am going around in circles.

My insurance company sent checks made out to us and Chase. These were sent in to Chase. We asked to have the amount of $44,000 applied to our loan and not put into escrow. This would leaving a $12,000 balance owing on 5 acres and numerrus outbuildings. The checks were put into escrow which we asked that they not be and now they are saying we have no recourse but to leave the money in escrow and keep making the regular payment. They are claiming that once in escrow the funds cannot be withdrawn from escrow. We are in the process of deciding whether to replace with a mobile home or rebuild with comventional housing. All we wanted chase to do was apply the insurance checks to our balance. Why can't this be done. After going through all the trials and tribulations of 3 hurricanes in 6 weeks we are not fully equipped either mentally or physically to deal with all this. Do we have any recourse here?? Would appreciate any and all info. Thanks.

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Sounds like Chase is in an administrative bind, dealing with hundreds of others in your situation .

Pardon the pun, but you need to rattle the trees. Memorialize your plight and write Gov Bush, your state rep, your congress member, your state banking agency. Also complain about Chase and what they are doing to the Office of the Comptroller ot the Currency ( occ. gov) . Be specific about the problem and be specific as to what you want done, and impose a reasonable deadline ( 30 days).

Get a copy of your security documents and insurance policy. See what specific provisions are there for application of payments, natural disasters, etc. Then, go see a decent lawyer in case you have to sue Chase for breaching the security agreement or policy. Ask your insurance agent if you have any recourse through the company, as they would not be happy Chase is holding on to money instead of extinquishing the debt.

The squeaky wheel will prevail here

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Thanks for the response and the info.

Will be filing a formal complaint with the OCC today. Cannot deal with Chase. Was basically told today to keep making regular payments and when balance is paid off escrow funds will be released. Obviously this is not acceptable. Checked my contract and it would seem that they are wrong. They hung up on me this morning. They are unbelievably rude and I hope that others are not having to go through this.

Once again....thanks for the info.

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Thanks for the response and the info.

Will be filing a formal complaint with the OCC today. Cannot deal with Chase. Was basically told today to keep making regular payments and when balance is paid off escrow funds will be released. Obviously this is not acceptable. Checked my contract and it would seem that they are wrong. They hung up on me this morning. They are unbelievably rude and I hope that others are not having to go through this.

Once again....thanks for the info.

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