4 ms·

Funny that they are always quick to close your accounts and credit cards but if it's about mortgages/loans they leave those open. If they write you off as a cl

by wdb 6y ago

Funny that they are always quick to close your accounts and credit cards but if it's about mortgages/loans they leave those open. If they write you off as a client for accounts/credit cards, why not also for the mortgage/loans?

colejohnson66 6y ago
Bigger write off amount for a mortgage (possibly a million plus) vs credit cards (most likely a few thousand)
- flerchin 6y ago
  You would still owe on the credit card.
ic4l 6y ago
I'm sure they would send a Debt Collector after me if I had any balances on my credit cards. Back when this originally happened they gave me 60 days for the credit cards, and 30 days for the checking/savings account.
- joshjje 6y ago
  Ouch, that's rough. Did that impact your credit score a lot?
refurb 6y ago
I'm guessing because they sell off the mortgages and loans they originate? So they are only acting as a processor and there are no other processors to send you to (or it would be a massive hassle to do it).
- 0xffff2 6y ago
  I'm pretty sure they do not. I'm currently working on a refi for my house and I considered Chase solely because I already have one account with them and it would simplify things if my mortgage was there too. I asked and was told that they do not sell their loans.
  - refurb 6y ago
    I would be absolutely shocked if Chase held all of their mortgages on their own books. They are one of the biggest originators in the US. They’d have trillions of mortgage debt on their books if they didn't offload it. A quick google search shows at least some of the mortgages have em sold by Chase. https://www.reddit.com/r/personalfinance/comments/2h0al2/chase_just_sold_my_loan_to_carrington_mortgage/ https://www.reddit.com/r/personalfinance/comments/2h0al2/cha... That said, Chase may not sell mortgages like the one you got. I know non-conforming mortgages are sometimes held on the banks books.
    - 0xffff2 6y ago
      I haven't actually gotten a mortgage with them yet, still shopping. So it's always possible they're just lying to me too. I think it might be more likely that they split along the lines of current customers. I.e., if you don't have other accounts with Chase they may sell the loan.
      - refurb 6y ago
        I honestly don’t know, but my limited understanding was that the banks sell off pretty much all their mortgages except for the one off that they can’t. Maybe Chase is different? Or maybe your type of mortgage is held on the books? Interesting either way!
astura 6y ago
You can't close a loan like you can close a revolving line of credit or bank account. Closing a credit card just disallows new purchases, you still need to pay the minimum payment every month until the balance is zero. Bank account they just give the money back

by wdb 6y ago

colejohnson66 6y ago

Bigger write off amount for a mortgage (possibly a million plus) vs credit cards (most likely a few thousand)

flerchin 6y ago
You would still owe on the credit card.

ic4l 6y ago

I'm sure they would send a Debt Collector after me if I had any balances on my credit cards. Back when this originally happened they gave me 60 days for the credit cards, and 30 days for the checking/savings account.

joshjje 6y ago
Ouch, that's rough. Did that impact your credit score a lot?

refurb 6y ago

I'm guessing because they sell off the mortgages and loans they originate? So they are only acting as a processor and there are no other processors to send you to (or it would be a massive hassle to do it).

0xffff2 6y ago
I'm pretty sure they do not. I'm currently working on a refi for my house and I considered Chase solely because I already have one account with them and it would simplify things if my mortgage was there too. I asked and was told that they do not sell their loans.
- refurb 6y ago
  I would be absolutely shocked if Chase held all of their mortgages on their own books. They are one of the biggest originators in the US. They’d have trillions of mortgage debt on their books if they didn't offload it. A quick google search shows at least some of the mortgages have em sold by Chase. https://www.reddit.com/r/personalfinance/comments/2h0al2/chase_just_sold_my_loan_to_carrington_mortgage/ https://www.reddit.com/r/personalfinance/comments/2h0al2/cha... That said, Chase may not sell mortgages like the one you got. I know non-conforming mortgages are sometimes held on the banks books.
  - 0xffff2 6y ago
    I haven't actually gotten a mortgage with them yet, still shopping. So it's always possible they're just lying to me too. I think it might be more likely that they split along the lines of current customers. I.e., if you don't have other accounts with Chase they may sell the loan.
    - refurb 6y ago
      I honestly don’t know, but my limited understanding was that the banks sell off pretty much all their mortgages except for the one off that they can’t. Maybe Chase is different? Or maybe your type of mortgage is held on the books? Interesting either way!

astura 6y ago

You can't close a loan like you can close a revolving line of credit or bank account. Closing a credit card just disallows new purchases, you still need to pay the minimum payment every month until the balance is zero. Bank account they just give the money back