Consumer complaint received 2018-01-19
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — 
Company: JPMORGAN CHASE & CO. (AZ)

My wife and I refinanced our home mortgage with JP Morgan Chase in XXXX and it was to be an interest only loan. We have received a letter from the bank ( XX/XX/XXXX ) advising us that our loan is being amortized over 20 years and our interest rate is being increased. This action will nearly double our mortgage payment. As I am XXXX years old and my wife is XXXX years old and we our on Social Security, as our only stable income, this action will cause us to have to sell our home. I have tried to contact the bank but I get transferred around to different people having to tell the same story over and over again only to ultimately be put on hold and then have them just disconnect my call. So, I get to start all over again. I received a letter from Chase Bank, the first week of XX/XX/XXXX. The letter had a XX/XX/XXXXXX/XX/XXXXdate on it. It told me That a XXXX XXXX XXXX was my " new dedicated Relationship Manager. '' It said, " Call me any time you have questions or concerns. '' It listed 3 numbers. A general number, TTY number and a direct number. I, of course, called the direct number and rang into the same old call center that I been calling before. I was put on hold to finally get a lady who explained to me that there was NO XXXX XXXX working for Chase Bank. She also explained that a lot of changes have been made. I told her the letter was dated XX/XX/XXXX. She said " Well SIR, this IS XX/XX/XXXX. '' I asked to talk to her supervisor. I was put on hold for an additional 5 minutes to be disconnected. In addition, I pulled out my paper work from the refinancing in 2007 and could find no where in the loan documents a " Finance Box '' that disclosed the interest rate, total amount of interest, and total amount of payments if the loan termed out over 20 years. In a previous conversation in XX/XX/XXXX, I had asked Chase to send me copies of my paper work showing me where it said my loan termed out over 20 years in XXXX and a copy of my Federal Disclosure Box signed and or initialed by me and my wife as their letter stated. I received some paper work sometime in the next couple of weeks from Chase. They sent me some of my documents and some documents belonging to some people that had nothing to do with MY loan. They never sent me any copy of the Federal Disclosure Box that I had requested. We were never told by the loan officer, in XXXX, that our loan would term out in 20 years starting in XX/XX/XXXX. There is a paragraph hidden in the middle of the 30 plus page document, that we signed and initialed, that speaks to the 20 year amortization but no Federal Disclosure Box. So, they lied to us at the time of signing and hoped we would not catch their lie ( which we did not ) as we worked our way through the signing and initialing process, for our house, at closing. 
I filed this complaint last year and was basically given the XXXX XXXX by Chase JP Morgan. Since then I have received a letter from Chase JP Morgan enclosing a check for {$100.00} asking for forgiveness for error ( s )  on Chase JP Morgan 's part. On the advice of Counsel I have not cashed this check. Since, filing the original complaint many articles have come out in the XXXX XXXX XXXX and XXXX XXXX XXXX about Chase JP Morgan 's complicity in rigging the LIBOR RATE. Chase JP Morgan, has paid billions of dollars in fines for this and other scandals that they have been involved with. My question is this ; has Chase JP Morgan been complicit in manipulating the LIBOR RATE because it made things better for my Wife and me? Obviously Not!!!! LIBOR is no longer a bench mark rate because of these and other scandals and soon will cease to exist. So, if there is no more LIBOR what is the amount of interest charged on my loan, predicated upon? 
It is difficult to sum up the wicked " XXXX '' Chase JP Morgan has put us through. Lying to us about our loan being interest only, lying to us about the people we could call for help, never disclosing to us what our interest would be ( federal disclosure box ) when at the end of ten years it reverted to to a 20 year mortgage. Which if Chase JP Morgan would have done that it would have alerted us to the fact that it would term out over 20 years after 10 years. They have used different names on our account such as Chase Bank, JP Morgan, and Chase JP Morgan etc. We are never sure just who we are paying. Our interest rate has been hiked but I have no idea how they have formulated that rate since LIBOR can no  longer be used or depended on. In short these are crimes your average businessman would go to jail for or at least be fined and ordered to pay some restitution.