Consumer complaint received 2015-08-04
Company: JPMORGAN CHASE & CO.
State: FL
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
Re : J.P. Morgan Chase/formerly Washington Mutual Loan No. : XXXX Property Address : XXXX XXXX XXXX XXXX, XXXX, FL XXXX 've had a mortgage loan on a rental property with Chase/WAMU since XX/XX/XXXXChase unreasonably delayed the modification to take advantage of the fact the property had equity in order to continuously charge late fees and gain additional interest that accrued during the delay. 
I quickly provided all documentation requested and quickly responded to all phone calls. However, from the beginning to the end to the process, Chase took more than a year to make a decision. To justify the delays, the underwriters would repeatedly ask for documents that I had already provided and repeatedly asked for explanations of matters previously explained, to justify giving itself another 30 day period to decide. Still I cooperated. I sent letter after letter providing duplicative documentation and duplicative explanations and advising them of so in writing. When it looked like a decision could not be avoided, the underwriter would state that the appraisal on the home expired, and they would have to get a new appraisal and then update other documentation. Then they would again ask for documents they already had, repeatedly, in order to give themselves another 30 days. This happened repeatedly during the process. Finally, in XX/XX/XXXX, they denied the modification. Coincidently, they failed to properly address its letter to me so that when I actually demanded and received a copy of it, I had little time to appeal. I appealed nonetheless. Chase denied the appeal. They recommended that I reapply with updated financial situation. 
I reapplied in XX/XX/XXXX. I quickly resubmitted all the documentation and explanations. Again, Chase would repeatedly ask for clarification on matter previously clarified and documents previously submitted. They continued to delay a decision until XX/XX/XXXX. Incredibly, Chase again mails me the denial letter improperly addressed, assuring it can not be delivered. When it finally resends it to me by email, upon my request, I have only few days to file an appeal. Worse, the representative essentially states to me that " the investor '' does not modify rental property. If this is the case, why did Chase not advise me of that fact immediately upon filing either request for modification? Now the arrears are too large to manage. Chase will not spread it out during the remaining terms of the note. But, because the property has equity, it assures that even in a foreclosure, they will have earned additional interest and almost two years of monthly late fees that could have been avoided but/for its delay. The practices employed here by Chase are deceptive, unfair, unreasonable, in bad faith, and aimed to have people waste their time, loose their property, while Chase benefits financially by its conduct and its unreasonable delay. It has no problem properly addressing letter asking for payment of all fees, requesting deed in lieu of foreclosure, etc. If you agency needs a representative to bring further action against Chase for similar misconduct, you can count on my full cooperation.

Company response to consumer: Closed with explanation