Consumer complaint received 2017-11-29
Company: JPMORGAN CHASE & CO.
State: AZ
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
This complaint is regarding a mortgage for a property I purchased in XXXX XXXX. I had several mortgage transfers during the life of the loan and all and gone smoothly until Chase Bank acquired my loan. XXXX XXXX XXXX XXXX. had owned my loan through XXXX XXXX. I had been set up with By weekly automatic payments of XXXX. The mortgage was for a property in Arizona and the statements were being mailed to my secondary address in XXXX TN as I was based in XXXX XXXX and had most of my mail transferred there for convenience. I had no delinquencies on the mortgage. Everything was automatic as far as the payments and escrow was concerned. 

My loan was transferred from XXXX XXXX XXXX to JPMorgan Chase Bank, N.A. on XXXX XXXX, XXXX unbeknownst to me and no effort was made to inform me of this transfer except by mail to the secondary address. Later, in XXXX, I was informed by XXXX, XXXX, via email, that they had taken over collections of my loan payments from Chase. This was the first I had heard that my loan was no longer with XXXX. I contacted XXXX and found out that in fact Chase had purchased my loan and had me shown as delinquent for three months. I immediately contacted Chase and asked why I had not been informed and why they had not taken reasonable effort to contact me about the loan transfer. XXXX obviously acquired my information from them and was able to contact me about my loan transfer. I was upset about the fact that Chase was unable to do the same! 

Chase reported late payments for the months of XXXX, XXXX XXXX and XXXX XXXX. They were, in fact, not received because I had no idea the loan had been transferred much less to whom. Chase had all of my contact information including email and phone number but made no attempt to reach me. XXXX did a great job informing me of the changes in my loan and therefore, I was able to bring my payments up to date as soon as the transfer happened. In light of this situation, I had contacted Chase Credit research department to investigate and to remove the report to the credit agencies as they were the ones who did not make reasonable effort to contact me about the changes to my loan. I had never been late for the term of the loan until it was purchased by Chase bank and the lack of communication by Chase was the underlying cause. I did not ask for my loan to be transferred and when a financial institution changes the terms of an individuals loan, they should make every effort to communicate those changes to the customer in order to avoid situations such as this. 

The loan was finally brought up to date with a payment draft of XXXX on XXXX/XXXX/XXXX. 

I submitted a request to investigate to Chase Bank 's Credit research dept. and they received it around XXXX XXXX, XXXX on XXXX XXXX they replied that they could not update their credit reporting on my behalf. I submitted another request in XXXX of XXXX and informed them of my intentions to file a complaint with this agency if they would not make the situation right by realizing their fault in the matter. In short, they took no action to correct the situation they they had ultimately caused. 

I had had this loan for around 15 years and had never been late! There was no way that I would have intentional let this loan payment be late because of the amount of equity I had built up in the property! ( I only owed around {$45000.00} on a house worth around {$300000.00} XXXX If I had left it up to Chase Bank, the property may have been foreclosed on without my knowing because of their inept communication practices. Again, they had my Phone number and email address ; which was used by XXXX, the organization that acquired the loan from them along with all of my information. 

I hope that Chase is called out for this poor business practice so that other customers are not in the same situation as me.

Company response to consumer: Closed with explanation