Consumer complaint received 2018-01-18
Product: Credit reporting, credit repair services, or other personal consumer reports — Credit reporting
Issue: Incorrect information on your report — Account status incorrect
Company: JPMORGAN CHASE & CO. (AZ)

Memo to CFPB To Whom It Concerns : I am writing to request the CFPBs help in resolving a problem of Chase Bank misreporting a previous debt that was discharged in Foreclosure. 

On XX/XX/XXXX my wife, XXXX XXXX XXXX and myself purchase a home at XXXX XXXX XXXX, XXXX, AZ XXXX as a second home. We purchased the home with a deposit of {$47000.00} from our personal funds and a 1st mortgage for {$370000.00} and a Purchase Money 2nd Mortgage from Chase Bank for {$46000.00}. Please note ; this was a Purchase Money 2nd and not a HELOC. See attached Exhibit A, the HUD Settlement Statement documenting the transaction. 

Unfortunately, due to the severe recession we lost everything. My job, our primary residence in XXXX, AZ, this home in XXXX, everything. We desperately tried to keep afloat with savings, but that to was eventually drained and we had no alternative but to let the properties go into foreclosure. The property in question was ultimately sold in a Trustee Sale on XX/XX/XXXX. See Exhibit B, the Trustees Deed Upon Sale attached. 

Attached as Exhibit C is a copy of the Mortgage Loan Statement for the 2nd from Chase for loan # XXXX dated XX/XX/XXXX which shows a balance of {$43000.00} which is almost a {$3000.00} reduction from the original loan amount borrowed of {$46000.00}. 

Attached as Exhibit D is a recent Tri-Merged Credit Report from XXXX XXXX XXXX datedXX/XX/XXXX/2018. Note ; that XXXX is not a reporting agency, but a service that compiles the information from the three major reporting agencies of, XXXX, XXXX And XXXX. The first item reported is the 2nd Mortgage with Chase which shows a balance of {$43000.00} which corresponds to the balance on Exhibit C Mortgage Loan Statement. As you can see on Exhibit C the loan was reporting past due because we had not been able to make a payment since XXXX, XXXX. However, Chase continues to report it due even though it was discharged when it was sold on the Trustees Deed Upon Sale in XXXX, XXXX. The 1st mortgage which was also with Chase is reported correctly. See the first item reported on page 4 of the Credit Report, Chase Mortgage Loan # XXXX, showing it as a Foreclosure Paid with a balance of XXXX. Subsequently, the 2nd Mortgage loan number XXXX should be reported exactly the same. MAKE NO MISTAKE, THIS WAS A MORTGAGE NOT A CONSUMER DEBT as Chase claims. Chase continues to obfuscate and fraudulently report this as a consumer debt and has ignored my repeated request to report it correctly. They know it is a mortgage that falls under the Arizona Revised Statue 33-729.A and should be treated and reported the same as the 1st Mortgage. See exhibit E, Arizona Anti-Deficiency  Statue attached for reference to the laws in Arizona regarding mortgage debt discharged in foreclosure. 

In addition, it is obvious from the Mortgage Loan Statement, as stated on their own bill, not consumer loan statement, that no payment had been made after the Trustee Sale onXX/XX/XXXXXX/XX/XXXX. Yet Chase is reporting last activity of XX/XX/XXXX. It is clear there has been no activity after the Trustee Sale of XX/XX/XXXX which is another blatant and clearly fraudulent attempt by Chase to cause further damage to our credit history and inflict harm to my wife and myself. And, if in fact Chase does claim this to be a consumer debt and there has been no activity since XXXX it should be removed completely from our credit report because it is over 5 years since the debt was written off and there was absolutely no activity in XXXX. There couldnt be! 

We also tried to have XXXX XXXX XXXX report it correctly, but they pointed out that all they do is compile the information from the three reporting agencies previously mentioned and that they can not change anything, but only report the information provided to them. 

My wife and I have had an extremely difficult time trying to get back on our feet and our hope is that we can own a small home again. Unfortunately, Chase is doing everything they can to destroy that dream by reporting on our credit fraudulently which is clearly spiteful with intent to damage us.

We are asking the CFPB to please investigate this claim against Chase thoro
ughly and if found in violation of the Fair Credit Reporting Act ( FCRA ), 15 USCS $ {$1600.00} to fine the company to the fullest extent allowed by law. 
Thank you. 
Sincerely, XXXX XXXX XXXX