Consumer complaint received 2015-12-14
Company: JPMORGAN CHASE & CO.
State: CA
Product: Mortgage
Sub-product: Other mortgage
Issue: Loan servicing, payments, escrow account

Complaint:
In XXXX, I obtained a negative-amortization loan from Wamu and paid my property tax and insurance separately. In XXXX, I had fallen behind on property taxes, and my property value had also decreased approximately 40 % due to the housing market collapse. I filed an Appeal with the County Assessor to reduce my taxes in XXXX XXXX, and while awaiting a hearing date, fell even farther behind. I was finally notified of a tax hearing date set for XXXX XXXX, XXXX. 
In XXXX XXXX I was notified by Chase that due to my property tax arrears, they were establishing an escrow account for me. However, their calculation took my entire arrears of {$11000.00} and gave me only 12 months in which to pay it back. 
I had been in communication with Chase already, requesting they let me resolve this with the County Assessor at my upcoming hearing. The XXXX assessor 's office permits a FIVE year payback of property tax arrears, causing my mortgage payment to only increase by an affordable {$200.00} per month. 
However, Chase ignored my recalculation requests demanding the 12 month payoff, causing my mortgage payment of {$1400.00} to more than double. With the arrears and new escrow calculations, my payment skyrocketed to {$3100.00}. per month. I made several phonecalls to Chase attempting to resolve this and continued to receive late notices on my mortgage, at which time I was forced to look into a loan modification, or lose my house to foreclosure. 
I paid my XXXX XXXX mortgage payment of {$1400.00}, and hoped to resolve the tax matter during my Appeals hearing in XXXX. Chase personnel had initially told me they were going to research this situation, but never did. They even refused to accept my XXXX mortgage payment, placing those funds instead into a suspense account. 
The tax hearing was initially to request a reduction in property taxes reflecting the actual reduced property values, after a 40 % decline in our area. My annual tax in XXXX was {$7200.00}, and in XXXX was still grossly overstated. At my hearing I received an additional small assessment reduction, but within XXXX month also received a complete " NEW '' assessment from the county reducing my property value to {$370000.00} from {$570000.00}. The additional problem with Chase 's escrow account calculation is that they were still using the HIGHER outdated annual tax value from XXXX to compute my monthly escrow payment. Once the property value was reassessed to {$370000.00}, my annual tax amount fell to only {$4800.00} annually instead of {$7200.00}. This is a significant reduction which Chase should have recomputed. However, in violation of RESPA, Chase has continued to compute my escrow amount based on XXXX taxes to this day. 
I have subsequently attempted to obtain a loan modification twice during the past six years. I am still experiencing dual tracking in violation of XXXX, and am attempting to obtain a loan modification, while the monthly bank statements sent to me from Chase include the EXACT same erroneously calculated amount due of {$590.00} per month for my property taxes, still based on XXXX tax values. 
Despite sending nearly a dozen Certified letters to Chase Executive offices and escalation managers, and XXXX XXXX himself regarding this matter, including the XXXX new XXXX 's, and XXXX escalation managers, NO ONE at Chase will address or fix this error. 
Most significantly, when I purchased my home I put {$230000.00} down on a {$570000.00} purchase price - approximately 40 %. Until the property tax problem, I had never missed XXXX single mortgage payment. 
Currently I am awaiting a response to a QWR letter I sent Chase on XXXX XXXX, XXXX. They have sent me XXXX extension request letters since then, and still have received nothing back. 
Thank you so much for providing this invaluable assistance. I have extensive documentation supporting my statements as well, and can provide this information upon request.

Company response to consumer: Closed with explanation