Received My Making Home Affordable Modification Agreement From Chase Bank

by Doug
(Verdemont, Ca. USA)

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Received My Making Home Affordable Modification Agreement From Chase Bank

In the Loan Modification Agreement contract it states that Chase Bank has nominated a private company to monitor and collect my personal information (account balances & activity). It is not specific in time.

Is this legal and are you familiar with this practice? Do not fully understand.

Chase Mortgage Loan Modification Answer:

by Chase Mortgage Loan Modification Expert - Dan North

That is a new one on me. If Chase Bank is collecting account balance and activity data it is not part of the Making Home Affordable Program.

The only personal information collected that is not relevant to your mortgage is collection of data on the race, ethnicity, and sex of borrowers involved in potential loan modifications under the HAMP (Government Monitoring Data). This data you can decline to provide but Chase Bank is required to make a best guess at the data.

If the data being collected is actual account balances and activity it is likely being collected anonymously but you can ask for a privacy statement that will give the details on the data collected. You can also elect to not have that data collected.

You can decline to have your information collected by either crossing out that portion of the agreement and initial and date the deletion or ask that a new agreement be sent with out the data collection included.

Is It Legal To collect Such
Personal Information?

It is legal if you sign the agreement giving Chase Bank permission to collect that data. It is not legal for the Chase Bank to give out that data without your permission. Chase Bank obviously has that data if your bank accounts are with them.

There is data that they can legally give out or there would be no credit reports. Account balances and activity is not part of that data given out. Privacy Laws protect such information, so consent is required from you first.


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