Consumer complaint received 2018-03-09
Company: JPMORGAN CHASE & CO.
State: CA
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Trouble during payment process

Complaint:
I am filing another complaint against Chase for the way my home equity loan is being serviced. I entered into a repayment plan for my home equity loan on XX/XX/XXXX ( see attached ) and was to make an initial payment of {$6000.00} and monthly payments of {$970.00} thru XX/XX/XXXX and as the agreement states once this agreement has been completed the regular monthly payment going forward would be {$330.00} period. I completed the agreement as agreed and was making the {$330.00} payment and then started to get notices and multiple phone calls from Chase stating my account was past due and that my regular payment was not covering the amount due. I tried calling Chase but each call left me more frustrated then the previous as no one could properly tell me why, that is when I first filed a complaint with the CFPB on XXXX ( XXXX ) and as a result of that complaint I received a letter from Chase Executive office dated XX/XX/XXXX XXXX attached ) that stated that I was correct and I quote once the agreement was completed your account should have been current along with the monthly payment being {$330.00}, in addition they went on to say Based on our evaluation, we inadvertently did not bring your account current, after the evaluation we decided to reinstate the agreement and bring your account current At this point I thought my account was now in good standing and the terms of the agreement were back in place but I was wrong shortly after theXX/XX/XXXX letter I started to get phone calls and notices that I was late on my payment and had a past due amount at this point I contacted a lawyer who engaged Chase and we received a letter dated XX/XX/XXXXand this one stated we recently discovered that we miscalculated the repayment plan for your home equity account, which left your payments short when you finished your repayment period. To correct this, weve credited your account by the amount we didnt include in the calculation and corrected any late fees charged to your account because of this error. Again I thought we were back to a good standing and continued to make the scheduled payment of {$330.00} but once again I started to get the annoying phone calls that I was past due on the account and again each person who called had no information about any of previous dealings. I did receive a letter datedXX/XX/XXXX ( attached ) that attempted to explain the discrepancy on the payment stating that they didnt find any instances of misrepresentations or intentions to deceive or mislead which is absolutely untrue. Chase again referred back to the original agreement dated XX/XX/XXXX and apologized for any misunderstanding this may have caused, I didnt feel this was just a simple misunderstanding so I was forced to file another CFPB complaint on XX/XX/XXXX ( XXXX ) to seek help. Chase did respond with a letter dated XX/XX/XXXX reiterating the XX/XX/XXXX letter referring back to the original repayment agreement but not acknowledging the actual verbiage of that agreement that specifically states what that payment would be at the completion of the agreement. Nowhere in the original agreement or in the letter dated XX/XX/XXXXdoes it ever say anything about the payment being anything different than the {$330.00}, in fact the original agreement states quite clearly under section 1 of the agreement Validity of Loan Document all requirements of the note and Mortgage, Deed of Trust or other security agreement securing the loan dated XX/XX/XXXX remain in full force and effect EXCEPT as conveyed in this agreement and under the next section of the agreement titled Your Obligations ( b ) Monthly payments it specifically states Once this agreement has been completed, the regular monthly payment will be {$330.00}. To then say that was a misunderstanding is completely wrong and unfortunately feel it is the big bank against the little guy. And while I still dont agree with Chase assessment of the situation my biggest complaint now is that during this recent dispute Chase has reported the account late to the credit bureaus preventing me from pursuing a refinance of the loan and improving my financial situation. I have completed the original agreement as agreed and have never been late on the payments I assumed were accurate ever since. All other credit obligations are paid as agreed in fact my first mortgage is with Chase and I also have 2 additional credit cards with Chase all paid as agreed this reporting of the equity line is the only negative account on my reports and it is has lowered my credit score to a level that prevents me from refinancing. My request is to have Chase amend the negative reporting.

Company response to consumer: Closed with explanation