Consumer complaint received 2017-05-17
Company: JPMORGAN CHASE & CO.
State: IL
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Struggling to pay mortgage

Complaint:
In XXXX, XXXX we got a letter from Chase that our loan repayment was going to go up because we reached the cap. The monthly payments tripled -- from {$300.00} per month to over {$900.00}. per month. That plus our regular mortgage payment of {$1300.00}. is causing a hardship, especially since the size of the payment goes up each month and now its up to {$1000.00}. In XXXX my husband was in a car accident which caused a XXXX XXXX and XXXX. He could n't work for 3 years. This killed what credit we had. I 'm XXXX so since we had money in the home equity line of credit, I had to use it. We live on social security and my husband finally found a part time job. His earnings this week were {$370.00}. Not enough to cover the payments. So far we have kept paying each month. After making us jump through hoops all last summer, Chase denied the modification. They said it was because we had {$37000.00}. in XXXX XXXX XXXX. WE DO N'T HAVE ANY AVAILABLE CASH ... ANYWHERE. They are reading the XXXX bank statement incorrectly. Where it says balance it means what we owe, not what we have on hand. We have XXXX secured CD 's which we have borrowed against and we ca n't have the money ( {$10000.00}. each ) till we pay back our loan. I appealed twice and was denied twice. I went to our branch in XXXX to talk with a Chase manager. He called XXXX. They explained the statement and how to read it to him. He got on a XXXX way call adding a mortgage specialist from Chase and explained the situation. When they were all done, this manager said to me, '' We ca n't help you ; you have to tell XXXX to change how they write their statements. ". Really? We tried to do a refi at XXXX but surprise! Our credit was n't good enough and we have little income and no assets. Even when we have finished paying the CD 's it will be less than {$20000.00} which Chase allows ... and that wo n't be for two years. We have lived here for over 20 years. We have raised children here. We do n't want to move. Besides, since I 'm XXXX and he is XXXX, we really do n't have the strength either emotionally or physically. BUT WE SHOULD N'T HAVE TO. WE HAVE DONE NOTHING WRONG. IT IS CHASE WHO MADE A MISTAKE WHICH HAS ALREADY CAUSED A GREAT DEAL OF HARDSHIP AND I DO N'T KNOW IF WE CAN TAKE ANYMORE. This is how the issue should be resolved : We would like a mortgage modification. After torturing us for over a year, we want an underwriter at Chase who is willing and able to read a bank statement at a bank other than Chase bank. We already know we are eligible for the modification and have been since last XXXX when they told us we were allowed to have {$20000.00} but not {$37000.00}. Since the {$37000.00}. does n't exist and NEVER existed, we want a mortgage modification retroactive to last XXXX since we were eligible for XXXX but we did n't get XXXX due to Chase 's incompetence and unwillingness to help. In addition, we do n't even have the {$20000.00}. since we have not repaid the loan fully. My contact people at XXXX XXXX XXXX are : XXXX XXXX, XXXX XXXX XXXX XXXXXXXXXXXX and XXXX XXXX XXXX XXXX XXXX. They both know what happened and have tried to help. Chase wo n't listen to me. I was told to enclose pertinent documents. There ARE about XXXX inches of them but I will try to weed out what I can. Thank you for your consideration of this matter. I acted in good faith for five months only to have a " specialist '' laugh at me for applying since I have so much money. I really hope you can get through to them.

Company response to consumer: Closed with explanation