Consumer complaint received 2021-06-22
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — 
Company: JPMORGAN CHASE & CO. (CA)

I had recently completed a purchase transaction for my investment property. Sale contract was accepted on XX/XX/XXXX with 28 days close of escrow which we anticipate closing around XX/XX/XXXX. Home inspection was completed on XX/XX/XXXX and within 3 days, seller had agreed to provide {$5500.00} seller credit for home inspection report identified some possible repair items. Seller selected " XXXX XXXX XXXX XXXX XXXX for closing as it was conditioned in the purchase contract. While I was working with my lender - Chase mortgage to finalize loan approval because contract requires buyer to sign off loan contingency condition within 17 days. Meanwhile Chase told me my loan is pretty much final and they are just waiting for escrow to provide updated figures. While I was reviewing final figures with Chase for loan settlement figures ; I found title/escrow charges were outrages therefore contacted escrow officer ( XXXX XXXX XXXX to obtain explanation of each charges. The explanation I got were charges were estimated once transaction is close and finalized, title will provide invoice to escrow and fees will be updated. ( The reason I ask for explanation because just the Messenger fees for transaction was almost {$700.00} ; according to the statement, my 3rd party fees were close to {$5500.00} ) I did not found this explanation reasonable because estimate figures will work on the beginning of the transaction. I don't feel comfortable to proceed with transaction when I don't know my final settlement figures. At this time my loan contingency were signed because I do not have any loan approval issues but escrow will not provide final number to balance settlement statement with Chase to proceed with loan docs preparation. We are at the close of escrow date, my realtor contacted me and told me seller and seller realtor is upset due to possible delay of close of escrow and they can cancel transaction and will not refund my earnest money deposit. I fully understand escrow charges several hundred for escrow padding for any difference but it should not be several thousands. I did not agree on overstated several thousands dollars " estimated fees ''. At the very end, seller realtor contacted escrow and she had prepare the settlement and 3rd party fees appears to be better and I also specifically ask Chase to make sure the {$5500.00} will not credit cash back as I know this might not be allow. Chase told me any overage of credit can be apply as principle reduction. I was being pressure by all parties to meet the closing date and the loan settlement statement was reviewed and prepared by both Chase and Escrow officer so I sign loan docs and close transaction. After one week later, I receive the final settlement statement in the mail and found there is adjustment to my seller credit and got reduce to {$2900.00} instead of {$5500.00}. I called to escrow and she did not response to me until I email and cc all parties of transaction to document my inquiry about the {$2500.00} seller credit difference. Escrow officer explanation was Chase review transaction told her this is not allow and therefore she reduce my seller credit. Please note no one had contracted me regarding any of the change. I called escrow, she said it's Chase. Chase said transaction is close, it is what it is. I contacted my realtor and trying to contract seller realtor, no one call me back. I am beyond upset and honestly feeling depress and don't understand why all parties agree and had review these charges and credit and tell me everything is good to go and I will end up losing {$2500.00} dollars as surprise after a week later. At this point, all parties just drop me and not answering my call, text or email.