Consumer complaint received 2019-11-27
Company: JPMORGAN CHASE & CO.
State: GA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
I was referred to this agency by XXXX   where I had filed a complaint against Chase Bank complaining about their cheating me. This was my original complaint to XXXX. 

I got a 20 % home mortgage via Chase bank in XXXX. My monthly payments started at {$310.00} a month with a killer interest rate of 9.5 and only {$19.00} was going to principle. I did not know all of this because Chase just asked me what I can afford. This was around the time when banks were cheating people out of their money in XXXX. Well about 13 years ago, I went through the modification process. My interest rate went down to 5.5, still a little high, and my payments went down to XXXX a month with {$20.00} going to my principle. My loan officer at the time of modification told me the terms of my loan will also change. About six months ago, I got a letter stating a payment of {$33000.00} was due in XXXX of XXXX. I thought this was a joke. I called to find out what the issue was and the rude rep told me my maturity date ends in XXXX and the total amount of the loan is due. I asked how when the loan modification changed the term of my loan. In addition, I ask why a large amount is due and what kind of loan is this. I told her someone must have messed up in underwriting because it is not right. She rudely said no it wasnt and if you can't pay, sell your house. I continued to make payments hoping someone will catch the mistake but I just received the final notice that it needs to be paid in full. I called and a rep told me I have a balloon loan. I told her I was not aware of that and why will someone take a balloon loan out on a home. I called other banks and they told me too that was odd because balloon loans are usually for commercial properties and no bank should have approved that. They told me even with a fixed loan, my payments should have only {$370.00} with that 9.5 rate. So payments of XXXX a month is not saving me any money. Basically, someone messed up at underwriting. Now talking to Chase,  they want me to give them my main loan, which is in good standing, so I can refinance with them. I don't want that because look at what happen with my 20 % loan with them. Also I explained that my modification loan officer said my loan terms have changed and just because he forgot to change the maturity should I have to suffer. I know I have to read what I sign but I trusted Chase. 

" By the above I have 165 years to pay the lawn off ''. 

This is the addendum I sent to XXXX. 

Thank you for another opportunity in regards to my issue with Chase regarding Residence Mortgage, loan number XXXX, this is a 20 % loan mortgage loan. 
Just 2 days after I filed my initial complain with XXXX, an Executive with Chase named, Mr. XXXX XXXX, phone number XXXX, Ext XXXX ( office hours XXXX to XXXX EST ). I explained my issue to him. He was apologetic and explained that Chase does not do business like that and do not treat their customers the way I was treated. I unequivocally told them I will not do another modification because I just did a modification in XXXX and by XXXX Chase is asking for full payment. He took possible dates of my previous conversations with Chase officials and promised to investigate it. He never called me back until the day I received your first letter, before I read the letter, informing me that Chase did not respond. Mr. XXXX then offered me to do modification again as one of the best options which I, again, turned down and told him I prefer to go to court and make it a public case so the public and judge would see Chase for the practices. This was after he apologized that he could not find any of my phone calls transcript, ( these calls are supposed to be recorded ).  So I asked him if it means they can not provide the call records if they are subpoenaed, he had no answer for me. Let me explain why I rejected the modification and I why wanted this case to continue. 
After all the misrepresentation from Chase when I took this 20 % mortgage loan in XXXX ( loan number XXXX ), paying interest rate of 8.9 %, by XXXX I could not pay the {$310.00} I pay a month and most money was going to Chase interest. I was told that the interest rate would reduce, the maturity date would be extended. When the contract was signed, the interest rate reduced to 4.8 % but the maturity date was not extended. I did not know this because I trusted Chase and signed all papers without reading thoroughly. My monthly payment became XXXX and only {$20.00} was going to my principle. Again, I never noticed this, Chase is really taking advantage of people. Many people pay their bill with combing it trusting the companies, I was one of those and Chase is not a Company to trust. I then started a long process loan modification which ended in XXXX of XXXX. In XX/XX/XXXX, to my greatest surprise, Chase contacted me to inform me that by XXXX I have to pay the loan balance of {$33000.00}. When I called to get information I was advised to sell my home if I can not pay the money. ( I later found out that since XXXX when I took the loan only {$19.00} was going to my principle. For 15 years, I paid up to {$50000.00} on a loan of {$38000.00} and still owe {$33000.00} ). In XX/XX/XXXX, Chase contacted me again expecting me to pay the balance of {$33000.00} by XX/XX/XXXX. Following my subsequent call and inquiry to different Chase personnel, it was made clear to me that I had a balloon loan. Balloon loans are for businesses, they pay low interest rate and generate money to pay off the loan off in a small amount of time. I was also informed that on a loan of {$38000.00} I have paid up to {$50000.00} but only a little less than {$5000.00} went to my principle. The loan is paid off if you ask me but no one asked me. Currently, at {$20.00} a month going to my principle, it means I will pay for this loan for the rest of my life, 165 years and to be exact. My loan, for a residential home, had a high interest and is ballooned, very unethical and part I hate the most is the exploitation and misrepresentation Chase gave me. Chase did not keep the terms of the maturity date change as I was told they would during my XXXX modification. I trusted them that was why I signed everything they gave me with limitedly reading it. So I felt that doing another modification is a way to maneuver me again. Chase is not the lien holder of this loan, I did 80/20 and Chase got the 20 %. I have demanded to know why only {$20.00} was being paid into my principle, why I paid {$50000.00} to Chase and still owe {$33000.00}. What is their plan to have this loan paid off? At {$20.00} a month on a {$33000.00} loan it means it would take 165 years to pay this loan off. This is unethical in all ways and I have asked Chase to write off this loan because they got more than enough money from me. They still went ahead to send the modification papers which I have called Mr. XXXX to say I would not accept. I hope to get help from you and expose Chase if possible. If they did this to me they are doing it to many. I am willing to release any information you need, I will attach, fax or mail documents to you. Unlike Chase I have nothing to hide. I can authorize them to release all my documents to you, I do not want any privacy with Chase. They can not be trusted. Thank you. 
XXXX XXXX, XXXX, XXXX.

Company response to consumer: Closed with explanation