Consumer complaint received 2017-11-30
Company: JPMORGAN CHASE & CO.
State: MI
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Trouble during payment process

Complaint:
I have a home equity account ( re-modification ) that was established with Chase in XX/XX/XXXX. Chase has not been able to apply my payments correctly since this account initiated. I was told that something was coded incorrectly at the inception of this loan and that everything went to fees instead of principal, interest and escrow. This was suppose to be corrected, but was not since the issue continues. I had a contact that would re-apply my payments, that were always posted to interest manually for years. He is no longer in his position. Recently Chase upgraded their system. Now my payments are getting posted to fees. I have contacted Chase Customer Service many times. They are telling me Fees are actually escrow and agree something should go to principal and interest. When they reapply my payments everything is now being applied to escrow ( fees ) and interest, nothing is going to principal. I have made my payments on time. Chase pulls my payments online out of my Chase checking account. My principal has not went down for the past three months and now that I lost my Chase contact Customer Service escalates the issue and I receive a standard letter advising me how interest and principal is calculated. I suspected there may have been a shortage in escrow, last year there was an overage however my payments should have been adjusted per my loan agreement. I set up an appointment XX/XX/XXXX and met with the Branch Manager for Chase XXXX XXXX ( my branch ) who took the information however refused to make a phone call to get resolution because I told her my next option would be to contact the Attorney Generals Office. I worked with the Chase Executive office over a year ago with no resolution. I have been working with XXXX XXXX from Chase Executive Office since XX/XX/XXXX who requested until XX/XX/XXXX to investigate and correct. I received a letter in XX/XX/XXXX requesting an additional week to investigate and correct. I spoke to XXXX on XX/XX/XXXX who advised me that the specialists looked at the account and the payments are posted correctly. I asked her how could they be applied correctly if nothing was applied to principal. Only {$360.00} out of a payment in the amount of {$910.00} was applied to interest, nothing to principal, in other months only XXXX cents was applied to principle ( screen prints attached ). She insisted it was correct. I insisted on speaking to her boss, I expect a call from her boss XXXX XXXX within 24 hours. The Executive office told me they are as high as I can go, but have not resolved the issue. Chase is a big company. How many other senior citizens are they misapplying payments? I would like to sell my house in the near future however am not confident that I will have an accurate pay off balance. This needs to be investigated, addressed and corrected. I have attached the screen prints of how the payments were applied. I did pay {$30.00} additional towards principle, that was the only change in the balance. Please see screen prints attached. There was a correction of XXXX on XX/XX/XXXX to correct prior mistakes. I can be contacted via email at XXXXXXXXXXXX or phone XXXX XXXX. Thank you for your time.

Company response to consumer: Closed with explanation