Consumer complaint received 2016-12-29
Company: JPMORGAN CHASE & CO.
State: NJ
Product: Mortgage
Sub-product: Conventional adjustable mortgage (ARM)
Issue: Loan modification,collection,foreclosure

Complaint:
We have been unfairly denied a modification by Chase Bank. In XXXX we took a mortgage with Washington Mutual. In XXXX they dissolved and Chase contacted us stating they were the servicer, not the lender, and we should send payments to them. We did not receive any confirmation from WaMu or FDIC, but we accepted this paid Chase for years. Chase then offered a loan mod for no reason, not saying they held the note, by mail and we signed and returned the forms.Later, they began referring to themselves as the LENDER. We doubted this and asked for all documents pertaining to our loan. There was no claim of a lost note. We did n't believe they were the lender and fought with Chase for a year, including ceasing to pay the mortgage. The more info we found, the more we were convinced the assignment they were using to show standing was fraudulent. We never borrowed any money from Chase, and they never could produce proof they acquired our specific loan or note from WaMu via the FDIC. They began foreclosure and we responded. We lost in court as the judge was not interested in our findings. We decided to modify the loan, feeling hopeless in getting fair treatment from Chase or the judicial system. We sent in all requested documentation including pay stubs, forms, leases, etc. We were very careful to submit accurate and thorough docs and info as our property is very important to us. We submitted our app in XXXX XXXX XXXX. We fully expected to be paying a mortgage again by XXXX XXXX at the latest. This did n't happen. We kept in touch with the assigned specialist, and received confirmation that each item had been received as we went through the process. Then weeks into the process Chase claimed they were missing something we knew we had already submitted. They did this more than once and delayed the process, taking almost 5 months, and then denied us. They claimed we did n't qualify for ANY program without a specific reason or backup for any reason or decision. This helps them get to a foreclosure faster. There is significant equity in the property and we have no intention of letting it go. We have solid incomes, a stable amount of rental income. Re : credit, the only black mark we have is this foreclosure. Our utilities, credit card, car loans, etc., are all paid in full and on time each month. As the process dragged on, we be got scared as we read in our research that Chase does this to many consumers. They delay the process with repeat requests and then deny, adding months to the amount of time the consumer has not paid the mortgage, draining their equity, and then foreclose anyway. They assign a specialist, yet when you call, that person is not available and they say you can speak to anyone. We were told in early XXXX that this was complete and going to underwriting. 2 weeks later Chase called us re : a missing item saying it was not in underwriting yet and we needed to submit it. We resubmitted the item, & were told it would NOW go to underwriting and take XXXX40 days. I called on XXXX XXXX, XXXX to follow up, and was told there was a denial/decision on XXXX XXXX. We rec 'd a denial letter a week later. Must have been in underwriting for all of 1 week. Clearly this loan mod was not considered fairly, honestly, or per the Settlement Terms, and we will not accept this decision. Chase broke the law and the Settlement Terms signed on XXXX/XXXX/XXXX. Per Section XXXX, XXXX, they are OBLIGATED to facilitate modification due to a significant amount of equity in a property. They have only 10 days to let us know if any item is missing during the process, and must promptly provide loss mit options. They have to give specific reasons, calculations and factual info used in the decision. They did none of this. We wholeheartedly want to pay this mortgage and retain our property, and have the ability to do so. We should not be robbed of our house and equity by Chase.

Company response to consumer: Closed with explanation