Consumer complaint received 2020-12-15
Company: JPMORGAN CHASE & CO.
State: TX
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
XXXXXX/XX/XXXX has been trying to resolve this since XX/XX/XXXX. I was contacted via email and I called to discuss the problem. Since I had paid the property tax out of my proceeds through escrow I saw no issue for me to deal with. Today i was contacted by phone about this and got the contact details for chase bank payoff. It was a futile attempt to get it resolved so I turn to you for help. 
Here is my issue. I requested a payoff on XX/XX/XXXX which was good through XX/XX/XXXX asper the payoff sent to me by chase bank. The sale closed on XX/XX/XXXX and all monies were wired. All liensreleased and a new loan was put in place by the buyer. On the XXXX of XXXX the title company that handled the transaction was contacted by XXXX ( chase employee ) and was told there was a shortage of {$1900.00} in my escrow/ impound account due to a property tax payment made by chase . She ( XXXX ) was given a copy of the tax payment receipt via email from XXXX XXXX XXXX XXXX of XXXX XXXX XX/XX/XXXX company from the XXXX tax assessors office paid out of escrow by my funds. The title company was told if the shortage was not paid/ receivedby mondayXX/XX/XXXX all monies would be returned. in other words the loan was not closed. The title company refuses to accept funds as they paid what chase had given them/ me as a full payoff amount good until XX/XX/2020 so back to chase the fundsgo. Now when I ask for a payoff amount the {$1900.00} is included. Chase was informed on XX/XX/XXXX when the payoff was requested that the loan was to close on XX/XX/XXXX. I requested the payoff to include interest up to XX/XX/XXXX incase there was a hiccup. No where was there any mention to not pay the property taxes in the payoff statement. No wherein the payoff statement was there any mention that the taxes would to be sent on XX/XX/XXXX by chase. Normal procedure is the taxes get paid out of escrow and the mortgage company refunds impound overages UNLESS otherwise instructed differently. No such instructions were given. I have been told by chase tax payment department that they paid the taxes on XX/XX/XXXX. In checking with the XXXX tax assessors office the money has NOT arrived yet. How can this be if it was wired? Snail mail is faster than that. So now I am still unfairly being charged interest, late charges ect. and being told it could take up to 90 days to resolve/ get the banks money back all the while my impound excess funds are being charged. Strange thing is the bank never notified me of a shortage but was quite happy to pay the property taxes knowing there was a shortage. Now that the issue has been uncovered the bank refuses to close the loan with the amount paid that was generated by the bank. Instead the bank expects me now to trust it by sending additional funds and hope to see the money I am due. Sure sounds like a 1 way street. The bank fails to communicateand I get XX/XX/XXXX. I am owed {$2000.00} in excess escrow/ impound funds and 4 days prepaid loan interest money. The banks disclosure and communications practices need serious work. I have a copy of the paid tax receipt. 
The amount of unnecessarystress and grief this whole new loan and payoff process has been very unnecessary and unprofessional. As a consumerwho relied on a professional financial institution to openly communicate, resolve and above all to be fair chase has failed in flying colors.

Company response to consumer: Closed with explanation