Consumer complaint received 2022-09-20
Company: JPMORGAN CHASE & CO.
State: NY
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
On XX/XX/XXXX I spoke to XXXX XXXX regarding possible refinance of both my home in NY and Florida. I also asked about a cash-out refinance. We spoke the next day about refinancing the home Florida for a cash-out as I needed to pay for my daughters college tuition and do some renovations on the property. On XX/XX/XXXX we spoke and she explained the chase Home XXXX portal where we would begin uploading documents to do the refinance and cash-out on the property in Florida. We began the process of sending documentation around XX/XX/XXXX. Around the end of XXXX/beginning of XXXX I was contacted by a XXXX XXXX that she would be taking up my refinancing as XXXX was no longer with Chase. I explained to her that I would be away midXXXX and then again XX/XX/XXXX XXXX and since I had begun the process to refinance and take cash out I needed it completed by XXXX as my daughters tuition was due. I was reassured that things would get done in a timely manner. 

As evident in email XXXX XXXX I keep asking about closing as I had started this process end of XXXX and beginning of XXXX. It was referenced that the person who I started with, XXXX was no longer with Chase as it had not worked out with her. I always referenced the need for cash at closing and was never told that this was just a refinance not a refinance with cash out. As I am not familiar with this as we have never done one prior, I assumed this was a new loan apart from the existing loan. Throughout the whole time I was told they would accommodate me and that the closing would be on XX/XX/XXXX. When we ended up having the closing, only a notary came with documents. No Chase representative was there to confirm this was a cash out refinance as I had been communicating through calls and emails to multiple Chase employees. All questions asked, I was told to contact my bank because she just represented the title company and had no answers. During the closing, I also ask called and emailed XXXX a question but no one was available. The following week, I contacted XXXX from the Sales Team via phone but she did not answer. 

On XX/XX/XXXX I begin receiving encrypted messages from a XXXX XXXX, someone I never dealt with. There were apparently issues with the XXXX not being properly signed. At no time directly after the closing was anyone in contact with me regarding the actual closing and my questions or expectations. I kept waiting on receiving the cash out deposited. 

On XX/XX/XXXX I contact XXXX to ask when my funding will be deposited. She states it was. I stated no, I expected the amount I closed on deposited. This is the XXXX day directly after the Monday closing when I am finally answered. When we realize that there has been a mistake in the type of loan I am told too late as I had 3 days to nullify it. Although I contacted the company within the three day period and would have nullified it if I got a response, no one answered. 

This gets escalated to a XXXX XXXX, Operations Team Manager who basically references that I should know what I was signing. When I stated no one was there to be specific about the loan and expected cash out, he said I should have known by the name of the loan what type of loan I was signing. I explained to him why they would think I would refinance a loan to pay almost {$200.00} more and for a .5 % difference? Why would I be asking when my money would be deposited because I needed to pay college tuition? Why would I do all that for a bigger payment and less than {$2000.00}? That didnt make sense. 
I then requested that they please send me all of my recordings as all conversations were recorded and was told that it was their property and they did not have to give it to me. I asked why they waited 4 days to outreach if I could have terminated the loan term due to their mistake in the first 3 days ( none of which was told to me during closing ). 
I feel as though I was fleeced out of my money by Chase Bank, a company I have been using for over 20 years. After I asked that they offer me a refinancing the way it was intended to be since my first interaction with XXXX XXXX, the blame was placed on me as the consumer for executing a loan that was the opposite of what I wanted. Several Chase employees should have clarified with me what kind of loan if they were unsure about, or at least communicate with me clearly to avoid any misunderstanding- especially one this big. Since the first specialist was no longer with the company, Chase should have established a new introductory meeting from the start so that the next person would understand the loan they were processing. I lost {$11000.00} total in closing costs, and end up owing more on my mortgage now.

Company response to consumer: Closed with explanation