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Comment by wdb | Hacker News Reader

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?

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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.

Ouch, that's rough. Did that impact your credit score a lot?

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

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).

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.

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/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.

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.

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!

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

You would still owe on the credit card.

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