Consumer complaint received 2024-04-18
Product: Mortgage — FHA mortgage
Issue: Trouble during payment process — Escrow, taxes, or insurance
Company: JPMORGAN CHASE & CO. (CA)

I received an escrow analysis from CHASE, my mortgage company, in XXXX, which stated a balance due to the escrow of over {$4000.00}. However, this seemed highly inaccurate considering that both our property taxes and private mortgage insurance ( PMI ) had decreased, while our home insurance had only marginally increased by about {$100.00}. My partner, XXXX, took the initiative to call CHASE on my behalf to address this discrepancy and explore potential solutions to avoid the looming increase in our mortgage payment from {$2600.00} to {$2900.00}. 

During the call, XXXX was advised by CHASE representatives to investigate options to reduce either our property taxes or our insurance premiums. Acting promptly, we pursued both avenues and were assured that if we called back by XX/XX/XXXX, a new escrow analysis would be conducted, thus preventing the anticipated increase in our mortgage payment, which was scheduled to begin XXXX. Following instructions, XXXX called on XX/XX/XXXX with the intention of paying off the total amount due to the escrow account, which was purportedly around {$2100.00}, significantly less than the initially reported $ XXXX. 

Upon calling, XXXX spoke with a representative who informed us of the reduced balance due to the escrow and processed the payment as instructed. We were informed that the account would be updated by XX/XX/XXXX to reflect the new payment amount, and we were explicitly instructed not to make our mortgage payment until this adjustment had been made. However, despite waiting until XX/XX/XXXX, the promised update did not materialize. 

Upon following up, XXXX was informed that our application for mortgage assistance, which we had pursued in good faith believing it would provide relief during this challenging time, had inadvertently placed a hold on our account, preventing the execution of a new escrow analysis. In addition to this setback, we were shocked to learn of a proposed assistance package from CHASE, which included an increase in our interest rate from 5.75 % to 6.875 %, an extension of our loan term from 30 years to 40 years, and a new payment amount of {$2000.00}. 

Rejecting this offer as counterproductive and potentially harmful to our financial well-being, we sought resolution to the ongoing escrow issue. Despite assurances from CHASE representatives, including promises of expedited assistance, we continued to encounter bureaucratic hurdles and delays. This prolonged ordeal not only caused undue stress and frustration but also put us in a precarious financial position, as we were now 16 days behind on our mortgage payment. 

Repeated attempts to file a complaint with CHASE were met with unavailability and inadequate support. XXXX recent call to CHASE to address these concerns was met with dismissiveness and further frustration when she was told that the department was closed, despite it being well before the stated closing time. Frustrated by the lack of progress and the apparent lack of concern for our situation, I felt compelled to voice my dissatisfaction and distress by seeking intervention from the Consumer Financial Protection Bureau ( CFPB ). 

In summary, we have been subjected to a series of errors, delays, and miscommunications on the part of CHASE, which have resulted in financial uncertainty and emotional distress. We urge the CFPB to intervene promptly to rectify this situation and ensure fair treatment and resolution.