Consumer complaint received 2017-08-10
Company: JPMORGAN CHASE & CO.
State: NJ
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Trouble during payment process

Complaint:
This is a follow up to my previous complaints to JPM on my home mortgage loan. Last claim # XXXX I have received JPM response which as indicated on my feedback on the before mentioned complaint, does not address my questions/concerns : I do not need JPM to keep on sending me duplicate documentation as they do not add anything to their response nor answer the questions raised. The issues are as follows : Per XXXX : ( 1 ) Harp loans are the only refinance program that enables eligible borrowers with little to no equity in their homes to take advantage of low interest rates and other refinancing benefits. -- -- I had approx. 65 % LTV. Chase increased this percentage upon loan processing. My refinance was to reduce debt only - NO CASH OUT. My mortgage was never under water nor I ever defaulted on my loans. 2 ) The mortgage must have been sold to XXXX XXXX or XXXX XXXX on or before XX/XX/XXXXXXXX -- -- - As mentioned before, I had a conventional loan prior to XXXX. Chase deliberately changed my loan to the HARP program thru XXXX XXXX in XXXX. 3 ) Your home value has decreased. - Although due to market conditions the home value had decreased, my home value did not suffer as much because I bought my house in XXXX. By XXXX I had already refinanced my mortgage 2 times. I never asked cash out. I had enough built in equity. The question then becomes : " Why did Chase convert my conventional loan to a HARP loan without disclosing the pros and cons or the program itself ( While it is true that documents do indicate that Chase gave me a HARP loan and I ended up signing for it, as stated multiple times, they never indicated that the type of loan they were giving me was going to be under a different program nor did they explain the reason for the change ) Furthermore, based on the HARP requirements, technically my loan DID NOT qualify for the HARP program. Then again, WHY DID CHASE OPTED TO CHANGE MY LOAN, thus limiting my options and INCREASING THE OVERALL DEBT. 4 ) If my LTV was approx 65 %, how is that Chase determined that I did not qualify for the lower rate???????? 5 ) What does Chase classify as predatory/discriminatory lending practice. With regard to the credit card debt : My question was did Chase use the incorrect report issued by their credit card department to determine the rate they gave me? Chase states that because they paid the vendor, I was liable ; however, my comment was that CHASE TOOK IT UPON THEMSELVES to submit payment to XXXX without letting me know as THEY DID NOT APPROVE my balance transfer when I applied for it. Someone was to call me. THEY NEVER SENT me a letter nor I received a phone call nor a credit card. All I received was a statement indicating that I owed them $ XXXX. CHASE refused to retrieve the funds back from XXXX even when they confirmed that the account had been fully paid by another credit card company. CHASE INCORRECTLY placed my account on collection for interest I did not owe them as it was their mistake to send the funds without notifying me. All the funds were returned to them.

Company response to consumer: Closed with explanation