Consumer complaint received 2019-09-19
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: JPMORGAN CHASE & CO. (MA)

Dear Senator XXXX, AGO XXXX and Consumer Protection Bureau via Complaint ID # XXXX As your offices are aware, we have experienced deplorable customer service from JPMorgan Chase on our home mortgage and line of credit since XX/XX/XXXX. 

We are seniors and XXXX XXXX XXXX, XXXX MA XXXX, has been our primary residence since XX/XX/XXXX. We purchased our home on no doc through Washington Mutual. Chase took over the loan in XX/XX/XXXX and we refinanced from a 30 year fixed to a 15 year fixed mortgage Chase in XX/XX/XXXX. At the closing, Chase asked if we wanted a $ XXXX line of credit. We elected to accept only $ XXXX at the time, which was not accessed until XX/XX/XXXX. In  late XX/XX/XXXX, Chase invited us to increase our HELOC line from the $ XXXX to $ XXXX, but at an increase of 2 % on the entire balance. Going through the financial crisis causing negative Government effect on my FCC Broadcast ownership, XXXX and XXXX children in college, we accepted going forward with the new terms. Chase then delayed for months stating our home value decreased and despite adequate funds in the bank and questioned amount of money I was taking from my owned radio station XXXX XXXX XXXX, XXXX, MA. In XX/XX/XXXX, Chase finally dictated to us that our only option was modification but we had to skip two payments to be considered. 

Chase then reported us to the credit bureaus and the modification approval for the stated 60 months finally came in XX/XX/XXXX, but extended only 42 months with a balloon payment for the full mortgage due XX/XX/XXXX. In XX/XX/XXXX-XX/XX/XXXX, Chase miscoded a bank routing number on a payment and then took months to determine it was their error. Then, Chase interrupted our applications for new financing by starting foreclosure notices. Chase further delayed and hindered our efforts to change lenders. 

Finally, after finally being put in touch with the Chase Executive Office in XX/XX/XXXX,  Chase agreed, in XX/XX/XXXX to a second modification at our out of pocket cost of {$36000.00}. Chase refused to spread that amount over the ensuing 200 payments in the second modification. 

In both XX/XX/XXXX and upon our XX/XX/XXXX approval of the second modification, Chase promised to A ) adjust late fees, interest charges and legal fees, B ) make sure the credit bureaus knew we were up to date on the mortgage & HELOC, C ) correct Chases superficial appraisal of our home which is at least $ XXXX too low - $ XXXX compared to a complete modification performed by XXXX XXXX XXXX on XX/XX/XXXX at $ XXXX - and D ) make arrangements to finally add to our line of credit. E ) The rate of interest on the new modification is quite high, 4.87 %. 

We continue to get lip service, run around, rude correspondence and phone conversation from Chase. The letters they have sent to me and your offices have no credibility as they do not address Chase mistakes and the horrible, inappropriate manner of customer service from Chase. The Chase letters repeat their old decisions that were incorrect in the first place. 

We are seniors, never bankrupt, with a Chase debt of less than $ XXXX on our primary/only residence HUD and the CPB valued several months ago at over {$1.00} million. Chase is disregarding the importance of our Senior Financial Health and discriminating against seniors ability to have simple access to less than 49 % of their home equity for medical, improvement, college and living expenses. Further, Chase has been rude and tremendously challenged in delaying proceedings. Chase representatives stall, take months to say its not this department and have told us to find another lender, get a reverse mortgage or move! 

With a tremendous amount of phone, email, letter, fax correspondence shared with your offices and Chase, I must ask that you now step in and hold Chase accountable for this harmful, stressful, prolonged and costly behavior negatively affecting us, and other senior customers. We ask for all fee and interest adjustments and for a favorable arrangement to have access to up to 49 % of our home FMV, without further delay. 

Please respond and thank you for protecting senior citizens who need and deserve your intervention. 

With our sincere appreciation, XXXX XXXX and XXXX XXXX XXXX XXXX XXXX XXXX, XXXX, MA. XXXX XXXX XXXX XXXX Mortgage # XXXX Line of Credit # XXXX