Consumer complaint received 2015-08-19
Company: JPMORGAN CHASE & CO.
State: NJ
Product: Mortgage
Sub-product: Home equity loan or line of credit
Issue: Loan modification,collection,foreclosure

Complaint:
In XX/XX/XXXX I received a home equity loan from JP Morgan Chase for {$150000.00} ( later reduced by them in XX/XX/XXXX to {$100000.00}. For 9 years I paid {$30000.00} in loan payments and in XX/XX/XXXX with the ongoing financial hardship caused by the Great Recession ( and in my industry, the collapse of Borders ), I submitted documentation for a loan modification to my interest-only loan. I was paying {$270.00} a month that was primarily an interest payment. For 10 months I diligently submitted over XXXX pages of documentation ( tax returns, financial worksheets, profit & loss statements ) and was assured by XXXX Chase specialists that all of my documentation was complete ( per their own Status Report ) and my modification was " virtually automatic '' since I had already received a modification from my primary lender XXXX XXXX just before starting the process with Chase. XX/XX/XXXX I wasinformed that " due to a processing error '' my modification. was now in the " loss mitigation '' group. My calls for an explanation were not returned until I received a call on XXXX XXXX ( XXXX XXXX XXXX and XXXX XXXX XXXX of the " loss mitigation '' group and they proposed " a better deal '' i.e. if I paid {$45000.00} then Chase would release the lien and cancel the outstanding balance. XXXX XXXX suggested I " make a few calls '' over the XXXX XXXX weekend and get back to him. I have never in all of my adult/consumer life experienced such a " shakedown '' and tone by Chase ( or any bank/lender ) that I was a criminal. Since then I have been negotiating with Chase over a settlement not a modification. I would not have applied for a modification if I had a lump-sum payment for Chase. The current amount they are demanding is {$16000.00} or {$19000.00} over a three year period with monthly payments of over {$500.00}. But here 's the real 'kicker ', XXXX XXXX has acknowledged that Chase has " already charged off my loan ''! and I can not go back to modification. XXXX XXXX calls with demands that I get ready to sell your home ''. I 'm XXXX years old. I 've raised my sons ( now XXXX and XXXX years old ) in my home. Chase has caused extreme XXXX and XXXX due to their mishandling of the modification - which I now feel has been entirely intentional and deceptive. Chase never intended to modify my loan. Instead, they wanted to draw out the process to the point of my exhaustion/frustration so they could " charge-off ' the loan and writ-off the loss which is their corporate strategy. All of this is very well documented - all the dates, names of Chase employees, all the letters/status reports showing I had submitted everything ( sometimes up to 3-4 times ). Now Chase is demanding a settlement by XXXX XXXX of at least {$16000.00}. I have proposed a settlement of {$10000.00} over a three or five year period. 

Chase loan # XXXX. XXXX XXXX XXXX # XXXX XXXX ; supervisor XXXX XXXX XXXX and the signator on the latest offer to " settle and let 's work together to find a repayment plan that 's right for you '' is XXXX XXXX XXXXI have a complete summary of all of my calls/timeline/documentation that I submitted to Chase on XXXX XXXX ... it is attached with the follow-up reports/counter offers to settle based on my modification documentation. XXXX XXXX however refuses to access these documents. They responded however by lowering the settlement from $ XXXX to the current $ XXXX 

I love my home and have taken great care of it for over 14 years. It is my 'retirement ' home and also the home-office of my company which I started to be at home to raise my sons. 
I have never in all my adult years experienced the virtual " shakedowns '' from a company that had described me as " an excellent customer '' with " an excellent credit history '' which has now been significantly compromised by Chase/the never-ending modification process which they never intended to be complete.

Company response to consumer: Closed with explanation