Chase bank recently sent out a letter to certain mortgage customers indicating that those customers were eligible for a “special mortgage modification program.”
This program, as outlined in the letter, offered customers with an excellent mortgage payment history a chance to lock in a low monthly principal and interest payment. It would give these clients a new, low, fixed interest rate for the life of their loan. In the letter, Chase also states that there is no cost to the client:
“You’ll never have to worry about your loan’s interest rate or payment adjusting again….there’s absolutely no cost to you—no closing costs, no appraisal fee, no points—nothing.”
However, the letter fails to disclose that customers joining the program would be reported to credit agencies in a way that would hurt their credit score. This could make getting credit more expensive or even impossible.
The consumer lawyers at Arias, Ozzello & Gignac are currently looking for others who have received such a letter from Chase. If you or someone you know has received a letter from Chase like this one and has suffered adverse consequences as a result, call our experienced attorneys today for a free consultation. You may be entitled to compensation for your damages.