Consumer complaint received 2016-06-22
Product: Mortgage — Conventional fixed mortgage
Issue: Loan modification,collection,foreclosure — 
Company: JPMORGAN CHASE & CO. (FL)

We, XXXX and XXXX XXXX, are seeking suppression of negative factors on our credit history due to a home equity line of credit modification process from Chase Bank. We are financially responsible citizens who consistently strive to act with integrity in any and all our financial dealings. Our responsible and conscientious nature in regards to our financial transactions had afforded us excellent credit scores for many years until we encountered circumstances beyond our control that forced us to seek a loan modification from Chase Bank. For 2 years, we lived with our XXXX children in our home in XXXX XXXX XXXX XXXX, Florida. We had a XXXX mortgage loan and a home equity line of credit from Chase Bank. We were financially stable ; however, when we realized that our financial stability was in jeopardy due to our business not being as prosperous as expected, we knew we needed to seek hardship relief from Chase Bank in order to overcome the current obstacle without it resulting in long term deleterious effects on our credit score and financial future. In trying to find the best possible relief from our situation, we deliberated over the following factors : 1. Tried to sell our home, but it had been on the market for at least six months without any potential buyers. 
2. While our house was on the market for sale, there were several homes on our street that had already gone into foreclosure. 
3. We decreased our listing price several times in hopes of stimulating a sale, but it did n't prove to be fruitful. 
4. The rental value of our home was considerably less than what we were paying a month for mortgage. 
5. The driving distance from our home to our place of business was XXXX miles XXXX way ; hence, adding to the financial hardship. 
6. Our new business was not doing as well as expected ; therefore, greatly magnifying our financial hardship. 
At the time, an analysis of our situation and the latter mentioned factors led us to the conclusion that we needed to seek relief for our financial situation by applying for a modification to our home equity line of credit with Chase Bank. When we contacted Chase Bank about getting the loan modification, we were told that we could not submit a modification or a loss mitigation application until we were at least 2 months behind on our mortgage payment. Later, when we were 2 months behind on our home equity line of credit we were then able to proceed with our loss mitigation application with Chase Bank. We went through a lengthy process before we eventually got our 1st mortgage and home equity line of credit modified ( Please see attached notes logging the ongoing communication between myself and Chase Bank ). We were able to get some reprieve via the modification ; also since then, we have been faithfully paying the modified mortgage payment, but unfortunately we are experiencing negative financial side effects because of prerequisite associated with the loan modification process. Due to our missed payment record leading up to the loan modification process, our credit score has been negatively affected ever since then. Though we have a history of being current and responsible with our financial dealings and responsibilities, the negative marks on our credit from the missed payments prior to the modification is hindering our ability to attain specific financial goals and progression. We are asking that the negative components on our credit report submitted by Chase Bank prior to the modification process be suppressed so that we can no longer be haunted by a prior financial decision that we had to make based on our situation at the time. In essence, we would greatly appreciate it if Chase would request that the major credit reporting agencies suppress the negative credit factors on our credit that Chase reported due to the missed payments prior to the loan modification process.