Consumer complaint received 2021-10-22
Company: JPMORGAN CHASE & CO.
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
This is with CHASE bank mortgage. 
Due to the pandemic I have had little to no income from my XXXX business, most of which comes from XXXX & XXXX XXXX. These countries have been restricted to visit XXXX. 
I received a 1 page deferment letter from Chase to sign with very little background information. 
I did not know or understand what a deferment is or its implications. 
So I called the number on the letter & was eventually given a number & name that would be contacting me. 
XXXX XX/XX/2021 I was in XXXX with no means to be contacted as I was in a remote location. 
I received a call from someone in Chase that advised me to look at a loan modification as this may lower my payments before considering the deferment. I was told this would take several weeks to present the terms. I received 2 other calls from different people about the loan modification being readied. 
I was then contacted XX/XX/XXXX by another Chase loan manager who had seen the modification plan, but I had not received in the mail. There were 4 mailings, I had only 1 of them. 2 mailings for the mortgage, 2 for the equity loan. 
I could not make a decision until reading them. 
By XX/XX/XXXX I had received 4 multi-page proposals with rates & terms & a lot of legal issues. I did not fully understand what the implications would be by choosing one or the other. I asked a friend who was dealing with XXXX XXXX & had asked lots of questions.

She was warned that the loan modification would ruin my credit score. I was not aware of this. After talking with other people, they suggested that the deferment option would be the best solution if I wanted to refinance in the future combining the equity loan & the traditional mortgage. 
THIS concern of mine was made clear & stated to all officers of Chase, over & over again with them that I didn't want to do something that would negatively impact my future options.

I have had NO communication from Chase since XX/XX/2021 I then received a call from Chase on XX/XX/XXXX asking what I wanted to do. 
I said I wanted to go with deferment plan as that was the best option for the future. 
He said that was not possible as I hadn't made a payment by XX/XX/XXXX. 
I had no memory of this requirement although he said this was stated on XX/XX/XXXX. I have no memory of this. I am XXXX & was confused with all the legal terms & titles for all these loan offers. 
I said that I had no idea about the XX/XX/XXXX deadline, received no mail or call about it happening until this call on XX/XX/XXXX. I repeated that he could not tell or know the implications of either choices, even now. His response was talk to a credit bureau. 
He also said that he could not do anything about the deferment as these deadlines were set by the underwriters - I assume is XXXX XXXX ( who are they? ) Why XX/XX/XXXX?? 
I am being asked to make financial decisions without understanding what is best for my future not knowing how the Covid-19 situation will impact my XXXX  business. 
I have saved money to repay about 80 % of outstanding deferred payments but need a buffer for the next unknown 6 months future. My income maybe quite precarious & will need to look for other sources.

Company response to consumer: Closed with explanation