Consumer complaint received 2024-07-18
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — Changes in loan terms during or after closing
Company: JPMORGAN CHASE & CO. (NY)

There are active ongoing consent orders with CFPB. 
I am XXXX XXXX formerly XXXX XXXX at time of purchase of XXXX XXXX XXXX, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX  from XX/XX/XXXX by a mortgage loan from XXXXXXXX XXXX XXXX XXXX XXXX. I paid {$70000.00} in cash to XXXX XXXX XXXX toward the {$360000.00} purchase price. I was under the assumption that at the closing the former owner 's XXXX XXXX and XXXX XXXX debt attached to this property as collateral were settled from the proceeds of the sale from my purchase. The XXXX XXXX  XXXX number for my loan was XXXX. My loan became modified in XXXX under XXXX XXXX. I discovered recently the former owners debt with JP Morgan Chase financing remained as a lien on my property until XX/XX/XXXX, XXXXwhen Chase filed a record of mortgage satisfaction. Refer to : XXXX XXXX XXXX XXXX XXXX Clerk Instrument Number : XXXX Recorded on XX/XX/XXXX Parties : XXXX XXXX TO JPMORGAN CHASE BANK NA Receipt Number : XXXX Book-Vol/Pg : Bk-S XXXX XXXX Cashier / Station : XXXX / XXXX. 

Question 1. I want an explanation from Chase as to why the previous owners debt with Chase was not resolved at my original closing in XXXX for which a mortgage satisfaction was supposed to be issued? 2. Why was it not resolved during the XXXX in XXXX which would have been a second opportunity to file Mortgage satisfaction as per statutory requirement? 3. Did Chase receive the {$60000.00} from XXXX XXXX or from XXXX from the proceeds of the sale in XXXX? 4. Did Chase receive the funds from XXXX XXXX in XX/XX/XXXX? XXXX. What was Chase Banks relationship with the XXXX XXXX XXXX whereby Chase did not have to file mortgage satisfaction in a timely manner as per the statute? 6. Why was I never told about this lien at my closing and thereafter? 7. Were any mortgage satisfactions filed by Chase with the county clerk for the former home owner 's debts or other debts unbeknown to me as per statute from my closing in XX/XX/XXXX? Note that I have no financial relationship with JP Morgan Chase through any financial product, loans credit etc. prior to XXXX until the present day. It appears that Chase used my property as a parking spot for their lien and I want to know why and how this can be permitted? 

Statute : New York XXXX XXXX, Real Property Actions and Proceedings Law - RPA XXXX. Discharge of mortgage Current as of XX/XX/XXXX | Updated by XXXX XXXX 1.After payment of authorized principal, interest and any other amounts due thereunder or otherwise owed by law has actually been made, and in the case of a credit line mortgage as defined in section two hundred eighty-one of the real property law on written request, a mortgagee of real property situate in this state, unless otherwise requested in writing by the mortgagor or the assignee of such mortgage, must execute and acknowledge before a proper officer, in like manner as to entitle a conveyance to be recorded, a satisfaction of mortgage, and thereupon within thirty days arrange to have the satisfaction of mortgage : ( a ) presented for recording to the recording officer of the county where the mortgage is recorded, or ( b ) if so requested by the mortgagor or the mortgagor 's designee, to the mortgagor or the mortgagor 's designee. Failure by a mortgagee to present a certificate of discharge for recording shall result in the mortgagee being liable to the mortgagor in the amount of five hundred dollars if he or she fails to present such certificate within thirty days, shall result in the mortgagee being liable to the mortgagor in the amount of one thousand dollars if he or she fails to present a certificate of discharge for recording within sixty days or shall result in the mortgagee being liable to the mortgagor in the amount of one thousand five hundred dollars if he or she fails to present a certificate of discharge for recording within ninety days. For the purposes of such liability under this subdivision, the term mortgagee shall not include a person, partnership, association, corporation or other entity which makes less than five mortgage loans in any calendar year. The mortgagee shall within forty-five days deliver the note and the mortgage and where a title is registered under article twelve of the real property law, the registration copy of the mortgage and any registration certificates in the mortgagee 's possession to the mortgagor or the mortgagor 's designee making such payment and request if required as aforesaid. Delivery of a satisfaction of mortgage in accordance with the terms of section two hundred seventy-five of the real property law shall be deemed to satisfy the requirements of this section regarding the satisfaction of mortgage. 

JP Morgan Chase needs to answer my follow up questions about their late mortgage satisfaction filing transaction contrary to statutory XXXX XXXX. Chase had only repeated a fact in their answer to my previous complaints, but did not answer my other questions There are active CFPB consent orders ongoing for violations identified with Chase Bank and XXXX XXXX. 

Quote from Chase 's answer from my former complaint. 
" The information you requested has surpassed our seven-year retention period allotted for account information to be held in our system of records. We reviewed our system of records and found under loan ending in XXXX, that the lien release with instrument # XXXX was recorded on XX/XX/XXXX, for mortgage dated XX/XX/XXXX, in the amount of {$60000.00}. ''