Consumer complaint received 2019-03-16
Company: JPMORGAN CHASE & CO.
State: GA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
I bought my property in XXXX XXXX. The originator of the loan was XXXX XXXX XXXX and the loan was provided by XXXX XXXX XXXX. The loan was broken into two 80/20. The loan officer at the time illustrated to me that i was getting into a 30year mortgage with no prepayment penalty after 3years of no delinquent payments. My prime concern then was to be able to make accelerated payments when possible.The loan was then distributed to two different sevicers : XXXX XXXX who later transfered it to chase and XXXX XXXX.Chase took over the 20 % part of the loan and forwarded to me a welcome letter in which they failed to mention the maturity date and also continue to not mention it in any of my billing statements for 14and half years ; it was not until last XXXX they conveniently sent me a reminder of the balloon payment and maturity date. The servicer of the 80 % loan always included the maturity date on every bill which continue to reinforce to me that i was in a 30 year mortgage. Mind you i had no reason to believe that one lender could package one loan with different maturity dates without explicitly stating so to the borrower and there was no addendum to the contract.This reminder caught me by surprise as i had no reason to initially believe that a loan been provided by one bank with emphasis on 30-year maturity date will end up been just for the 80 % portion of the loan and the 20 % term was of a different date. The front cover of the loan clearly stated 360-months, this cover also included the 20-percent portion of the loan and there is no where on that form where the 20 % was designated to be a 180-months loan, and throughout the term of the 15-years period i was not reminded of the balloon payments due in XX/XX/XXXX. I was reminded of this in XXXX of last year that my balloon payment is becoming due in may.Upon closer observation of the contract I detected in fine-print the 15-year maturity date which only appears twice in the whole 40 something page contract. And ever since i have been getting different information from representatives of Chase bank about the maturity date of my loan because on their system the front part of the loan is what is displayed, i was even sent an amortization papers stating XXXX as the maturity date, which is whats on the front cover of both loans. So if their own representative can be confused about the maturity date, you can see why i was too. 
I have been paying my monthly payments on time for the last 15 years. I personnaly feel this is a predatory lending practice. Up to date i have paid close to 60,000 dollars from the initial borrowings of XXXX.And the only principal deducted was a little less than 4,000 dollars bringing my balloon payments to XXXX. This might as well be an interest only loan. 
I sincerely hope your input and service will able to iron out a reasonable resolution to this complaint. I will upload supporting documentation to help you make a judicious advocacy on my behalf.

Company response to consumer: Closed with explanation