Consumer complaint received 2017-07-19
Company: JPMORGAN CHASE & CO.
State: NY
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
I entered into a permanent HAMP modification on XX/XX/XXXX ( see Exhibit A ). At that time, my loan was executed through XXXX XXXX XXXX ( phone # XXXX ; email : XXXX ) and his fee for services was {$3500.00}. He asked for permission from me to communicate on my behalf with Chase. He requested this authority from me for the purpose of " being able to get through the process quickly. '' I had numerous questions from the very inception which always resulted in him reassuring me that my concerns were unfounded & /or unnecessary. I have asked both XXXX and Chase for the amortization schedule while in the first 5 years of a fixed monthly loan payment. My requests were over the phone with both XXXX & with Chase. XXXX told me it would not be a problem to get the amortization schedule, and after numerous attempts through Chase, I never received what I asked for. On XX/XX/XXXX, I called Chase with my Housing Counselor, XXXX XXXX with XXXX XXXX XXXX of XXXX, a non-profit, HUD-certified agency, and spoke with XXXX XXXX in the Customer Care Department ( XXXX ) who told us that the amortization schedule does not work for this type of account because it is an ARM. We asked if we could receive the amortization schedule for the the 1st five years since it was fixed during this time and also inquired about the {$300000.00} balloon payment. XXXX said these types of loans always have a balloon payment, which my Counselor said is inaccurate based on her 9 years of experience doing foreclosure counseling. XXXX stated she would generate and send me the loan history which would include all transactions and incentives applied. She also stated that she would send confirmation that the balloon payment would not apply in a payoff of this loan modification should it be paid off prior to resetting the loan, at which time it would have exceeded the alleged 30-year loan term agreement. On the one an only occasion in 5 years that my request from Chase was granted, the date beingXX/XX/XXXX, I received the attached ( see Exhibit B ) contradictory document as it pertains to the length of the loan which my understanding is the year XXXX, not XXXX. The amortization schedule I was mailed starts XX/XX/XXXX and goes through XX/XX/XXXX, even though my modification officially beganXX/XX/XXXX and stated that the maturity date is XX/XX/XXXX, which is a 14-year difference, which would lead to a sizable monetary discrepancy. Therefore, I need clarification regarding the term of the loan and why my loan is not satisfied by year XX/XX/XXXX. In addition, the last note on the amortization schedule states the accuracy of these calculations are not guaranteed, which does not make any financial sense. Please justify why this disclaimer is attached to the schedule. According to our calculations ( see Exhibit C ), the new principal balance of {$480000.00}, which includes a 2nd non-interest bearing principal of {$87000.00} and {$390000.00} interest bearing principal, is {$14000.00} higher than the schedule on page 3 of the modification calculations totaling {$470000.00}. The difference appears to benefit Chase and I can not substantiate how Chase derived at calculating the {$300000.00} balloon payment. On XX/XX/XXXX, XXXX told us she would be sending a written explanation that the payoff amount was INCLUSIVE of the balloon payment, but we never received the stated document. We also requested the transaction history from XXXX, that was mailed ( see Exhibit D ), but do not see where the HAMP incentives were applied throughout the 5 year promised period of time, XX/XX/XXXX-XX/XX/XXXX. Furthermore, I am disputing the late charges throughout Chase 's detailed transaction history, and need clarification as to the various transaction suspense amounts, including escrow advance recovery, escrow advance ( & what is the difference between these 2 transactions ), restricted monetary adjustments, misapplication reversal, corporate advances, and property preservation disbursements, and why I am being charged exorbitant fees when I am not in foreclosure and I was not told about when I signed the modification. Moreover, according to my monthly mortgage statements throughout the time from when I received the modification in XX/XX/XXXX ( see Exhibit E as an example ), I am paying substantially more into the interest part of the loan than I am into the principal when this is a HAMP modification that is supposed to be beneficial to the homeowner rather than the lending institution. Please provide explanation and verification that paying more into the interest portion of the loan is not costing me more money to pay back the principal. Lastly, I would like to have addressed the escrow & STAR portions of my loan because I believe that there is substantial inaccuracies as it pertains monies already have n't been paid and actual amounts owed. My STAR has been in existence since the year XXXX, time of purchase to present, with no lapse in allotment from STAR. Attached ( Exhibit F ) is a document that provides escrow history beginning XXXX throughXX/XX/XXXX. I am requesting a complete escrow disclosure statement beginning year XXXX to present and want proof that the STAR benefits were indeed calculated and applied. Plus, starting this XX/XX/XXXXwhen I will turn age XXXX, it is my understanding that I will then be entitled to an Advanced STAR exemption, as well as no longer having to pay school taxes as I will then be a senior citizen. How will I know that Chase will apply these exemptions when the time comes since I was told that Chase reports back electronically to my district, and how can I check through Chase that I am getting what I am entitled to beginning XX/XX/XXXX I would greatly appreciate clarity on my above concerns since I have been a Chase customer since XX/XX/XXXX, and both my original loan and my loan modification were both products of J.P. Morgan Chase.

Company response to consumer: Closed with explanation