Consumer complaint received 2018-11-28
Company: JPMORGAN CHASE & CO.
State: SC
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
This is complaint is about a property purchased in XXXX and foreclosed in XXXX. 
In XX/XX/XXXX I, XXXX XXXX XXXX, took out a mortgage with XXXX XXXX for XXXX XXXX XXXX XXXX, XXXX XXXX, NV XXXX with approximate closing cost of {$46000.00}. 

XXXX XXXX  sold the mortgage to XXXX : NEW loan # XXXX. 

This home Mortgage loan turned out to be a Predatory Loan with payments that ballooned to an astronomical cost because the interest rate increased tremendously and the principal payments were added to the payment at the end of the initial period. The original payment was approximately {$1400.00} which ballooned to over {$2800.00} per month. 

I requested a loan modification three times via mail to XXXX XXXX and spoke to them on the phone many times and only met with hostility. They found all kinds of reasons why they would not modify this loan. See formal loan modification submitted by XXXX XXXX to XXXX mortgage by mail : ( Formal loan modification attached to this complaint attachment # 1 dated XX/XX/XXXX ). 

Financial and business setback issues, with credit card debt, and other issues made any additional payments unmanageable. 

The loan was finally assumed by JP Morgan Chase Bank : New loan # XXXX. 

I sent various letters to Chase bank and called them, but they were unwilling to make any loan modification on this Predatory Loan. 

I employed a loan modification company ( XXXX XXXX, XXXX ) they contact the mortgage company but nothing was accomplished. 

On XX/XX/XXXX, I composed a letter to Chase Bank and stated I could no longer make payments since they would not modify my loan. I realized this was the only way they would take any action ; stop paying. Chase verbally stated they would modify the loan but then refused to take any action. ( Letter attached to this complaint attachment # 2 ) In addition this not being able to modify the predatory loan, caused me to be late and/or default on other loans. 

On XX/XX/XXXX I received a Default Notice from Chase Bank. Still Chase would not modify the loan on XXXX XXXX XXXX XXXX, XXXX XXXX, NV. ( See notice of default attached to this complaint attachment # 3 ). 

I contacted a real Estate Company, XXXX XXXX XXXX XXXX, XXXX XXXX XXXX XXXX, XXXX XXXX, NV about listing the property on a short sail. 

Chase finally agreed to the short sale at less than the mortgage balance, since the value of the property dropped over {$150000.00}. The property was sold on short sale. 

XXXX XXXX incurred the following losses : A. The down payment of approximately ( {$46000.00} ) on the purchase of XXXX XXXX XXXX XXXX, XXXX XXXX. If the loan had been modified, I could have retained the property which is now worth more than I paid for it XX/XX/XXXX. 

B. The cost of the purchase price of approximately {$340000.00} compared to the current value of {$400000.00}, a loss of ( {$57000.00} ). If the loan had been modified, I could have retained the property which is now worth more than I paid for it XX/XX/XXXX A. Also I was not able to pay other loans during the time the time I asked for a loan modification because of the required high payment on the mortgage and other financial constraints. 

B. In addition, Chase shows on my credit report : 120 days late for this mortgage # XXXX, and sold for less than value ( see attached copy of credit report attachment # 4 ). 

This caused me to have credit accounts closed, and to pay very heavily for loans or not being able to obtain Mortgage and other loans. A major cost to me, psychotically and financially.

Company response to consumer: Closed with explanation