Consumer complaint received 2018-07-23
Company: JPMORGAN CHASE & CO.
State: MN
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Struggling to pay mortgage

Complaint:
Attn : Chase- Escalation Management Services Investor : XXXX XXXX  XXXX XXXX as Trustee XXXX XXXX XXXX XXXX- Escalation Management Services QUALIFIED WRITTEN REQUEST BACKGROUND In letter dated, XX/XX/XXXX from Chase- Escalation Management Services ( attached ), it states that on XX/XX/XXXX, my retention review of this known NON-OWNER OCCUPIED property was complete, and no retention options could be extended to me on this ADJUSTABLE RATE MORTGAGE. However, I was conditionally approved for a Standard Short Sale or Deed- In- Lieu. At that time, I was advised that the actual investor- XXXX XXXX  XXXX XXXX as Trustee. 

I advised Chase, which they confirm, that I would be pursuing the Standard Short Sale option and made the necessary arrangements as 1 ) the adjustable rate mortgage was set to increasing again on XX/XX/XXXX and 2 ) the tenants had damaged the property to a degree that repair is cost preventative for me. The lease was not renewed with the tenants that had damaged the property and they moved out on XX/XX/XXXX. This property is no longer generating income and I have failed to make the mortgage payment dated XX/XX/XXXX and XX/XX/XXXX due to an income deficit. According to my calculations, I am coming up on 60 days delinquency with the Chase Mortgage. 

The property was listed on the Multiple Listing Service ( MLS ) on XX/XX/XXXX through my real estate agent who is authored to speak with Chase on the account : XXXX XXXX XXXX XXXX XXXX- XXXX XXXX XXXXXXXX XXXX XXXX XXXX , MN XXXX XXXX XXXX XXXX XXXX XXXX On XX/XX/XXXX, we accepted and offer for {$170000.00} and I successfully faxed Chase Relationship Manager XXXX XXXX XXXX that we had a Short Sale offer with the attached application and the necessary documents per the XX/XX/XXXX letter. 

I received the letter dated XX/XX/XXXX ( attached ) from Chase advising that we needed to provide Document Instructions, Real estate commissions and the Closing Disclosure Form. This information is being processed by the XXXX XXXX XXXX. In a separate letter dated XX/XX/XXXX, I was advised that my new Relationship Manager with Chase is XXXX XXXX XXXX. 

On XX/XX/XXXX, Realtor XXXX XXXX received telephone call from Chase RM XXXX XXXX XXXX advising that the Standard Short Sale is being denied because it is not owner occupied. This is a fact that has been known to Chase since I started the entire RETENTION & LIQUIDATION review. 

On XX/XX/XXXX, I spoke to Chase RM XXXX XXXX XXXX, he said that as the property was not owner occupied, they would not extend a Standard Short Sale and would not review me again till I am 121 day past due. I am assuming this means XX/XX/XXXX. Please confirm. 

Chase RM XXXX XXXX XXXX stated that I could dispute once I received the letter with the denial. I received that letter dated XX/XX/XXXX on Thursday XX/XX/XXXX via USPS. This is my dispute. 

QUALIFIED WRITTEN REQUEST The following needs to be answered by the actual investor- XXXXXXXX XXXX XXXXXXXX XXXX as Trustee. Chase Mortgage needs to confirm this information as well with the investor and Second Lien Holder XXXX XXXX/ XXXX XXXX. 

1 ) XXXXXXXX XXXX XXXXXXXX XXXX as Trustee - Have you actually reviewed this specific Short Sale? 
In my telephone conversation with Chase RM XXXX XXXX XXXX, he stated that the Investor Guidelines state that a Non-Owner Occupied Short Sale needs to be 121 days delinquent. He stated that he was unable to review the guidelines further to advised me that a short sale would even be possible if I waited to be the 121 days delinquent, which I assume is XX/XX/XXXX. Please confirm what date the 121 days delinquency occurs. 

2 ) Please confirm that this Investor Guideline may be reviewed for exception to be a NON-OWNER OCCUPIED Property. If so, please outline what needs to be provided to complete this review. If not, please specifically outline why a NON-OWNER OCCUPIED property needs to be treated differently than an OWNER OCCUPIED property in regards to your liquidation options. 

3 ) We had numerous showings but only three offers before this current offer was accepted. One offer for {$100000.00} ; a second offer for {$120000.00} and the one we accepted for {$170000.00}. The Buyer is working with us to purchase this property, and they advised they need bank approval by XX/XX/XXXX with closing within 30 days. They stated that on XX/XX/XXXX they would offer me an additional 30 days on XX/XX/XXXX to get bank approval if necessary. That will make it 121 days delinquent as of XX/XX/XXXX. Therefore, if we go to 121 days on my end, I need to know that the Short Sale will be considered for the NON-OWNER OCCUPIED property. This needs to be explicitly confirmed that the NON-OWNER OCCUPIED STATUS WILL NOT PREVENT ME FROM SHORT SALE REVIEW AND OFFER. 


4 ) What other potential Investor Guidelines will prevent this Short Sale and what do I need to do to explicitly address so that there are no additional surprises and that this Short Sale will be successful?

5 ) The Broker Price Opinion from XX/XX/XXXX is between {$160000.00} and {$170000.00}. This accepted offer {$170000.00}. What else will potentially prevent this Liquidation option and force me into Foreclosure? 


6 ) Chase- Escalation Management Services advised in the XX/XX/XXXX letter that they do not review with the Second Lien Holder XXXXXXXX XXXX/ XXXXXXXX XXXX in regards to the Short Sale. In my conversation with XXXX XXXX at XXXX XXXX XXXX XXXX  , they advise that they work with directly the Chase Liquidation group for the Short Sale finalization. Please explicitly outline this process and what needs to be done by me and what needs to be done by Chase and or XXXX XXXX XXXX XXXX.

Company response to consumer: Closed with explanation