Consumer complaint received 2017-04-21
Company: JPMORGAN CHASE & CO.
State: AL
Product: Mortgage
Sub-product: Other mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
We requested a short sale from Chase. Received a pre-approval and submitted an offer on  XX/XX/XXXX  through  XXXX . On  XX/XX/XXXX  we requested an update on the offer status. Requested a status update again on  XX/XX/XXXX . Received a response on  XX/XX/XXXX . At that time Chase requested additional documents. Some of the documents were submitted on   XX/XX/XXXX  . We asked if e-signatures would be ok on the additional requested items. We did not receive a response. On  XX/XX/XXXX  we received a response from Chase about the documents submitted, but still no answer to the question of e-signatures. We submitted the documents with e-signatures in order to get things moving on the file and then received a response on  XX/XX/XXXX  that e-signatures are not acceptable. We submitted the remaining documents and received no response. On  XX/XX/XXXX  we asked for an update. On  XX/XX/XXXX  we were told that the offer was too low to be accepted. On  XX/XX/XXXX  we responded that as far as we could tell, the offer was high enough to meet USDA guidelines. After pointing this out, the processor agreed to move forward on review of the offer. On  XXXX   XXXX  we were asking to revise the HUD-1 with buyer closing costs. The revised HUD-1 was submitted on  XXXX   XXXX  ( we were waiting on the buyer 's lender to provide a good faith estimate of buyer 's closing costs  ).  On  XXXX   XXXX  we were contacted by a new processor and additional documents/changes to documents were requested. Some of the requests were requests that could not be complied with as they did not adhere to our local  XXXX  procedures. This was explained to the processor on  XXXX   XXXX . But then on  XXXX   XXXX  we were asked for the same documents that we had already explained we were unable to provide. We explained this again to the processor on  XXXX   XXXX . On  XXXX   XXXX  I was informed that there was a foreclosure date set on the property. On  XXXX   XXXX  we learned that the buyer had walked due to delays in reviewing the offer. At that point it had been approximately 4 months since the offer had been submitted. We let the processor know that the offer was rescinded, but that we had a back-up offer. The processor said that she would have to decline the previous offer before being able to move forward on the new offer. The new offer was submitted on  XXXX   XXXX . A correction was requested on the HUD-1 on  XXXX   XXXX . The revision was submitted on  XXXX   XXXX . Another revision was request on  XXXX   XXXX . The revision was submitted on  XXXX . On  XXXX  an HOA payoff was requested. Note that we had mentioned that there was an HOA fee  that needed to be included on the HUD-1, but that we were having a hard time getting a statement from the HOA. The processor said to take the HOA off of the HUD-1 in order to get approval on the short sale since there was a foreclosure d ate pending. She said that we could add  the HOA on the final closing HUD-1. The rev ision that was requested on  XXXX  was a request to add t he HOA to the HUD-1. The HOA s tatement was requested on  XXXX  and was submitted to Chase on  XXXX . The HOA invoice was for {$100.00}. However there was a late fee after  XXXX . Therefore, we included the late fee on the HUD-1. On  XXXX  we were told to reduce the  HOA fee on the HUD-1 t o {$100.00} as that is what the invoice stated. We responded on  XXXX  stating that there is a late fee as well. The processor stated that the late fee needs to be included on the invoice. The invoice states that a late fee will apply after  XXXX , but the invoice bottom line only shows {$100.00}. We called the processor on her direct line, but spoke with someone else who stated that late fees will not be paid by Chase on behalf of USDA. I took off the late fee an re-submitted the HUD-1 on  XXXX . The borrower should not be penalized with foreclosure for the fact that Chase does not have an efficient system for reviewing offers. There is no reason that a foreclosure should occur when an offer has been in place since  XX/XX/XXXX .

Company response to consumer: Closed with explanation