Consumer complaint received 2015-11-21
Product: Mortgage — Conventional fixed mortgage
Issue: Loan modification,collection,foreclosure — 
Company: JPMORGAN CHASE & CO. (NJ)

XXXX REASON I BELIEVE I AM A VICTIM OF PREDATORY LENDINGChase is STEERING AND TARGETING me. The predatory lender CHASE place people of color into unnecessarily expensive loans as I am a single independent XXXX mother with XXXX children. Chase was not my original lender ; Washington Mutual was and sold my loan to Chase. I had to check the box on my application my race and ethnicity. Even the XXXX application I had to complete you can clearly see my nationality in my last name and CHASE rushed me into to loan modification with no time to consider my decisions. Applied in XX/XX/XXXX and a Modification was sent late XX/XX/XXXX with the first trial payment due XX/XX/XXXX. I was forced under duress to take the Modification and made the first payment. CHASE PROMISES TO FIX PROBLEMS WITH FUTURE REFINANCES. Predatory lender " CHASE '' is notorious for selling bad deals by promising that they will refinance the loan later. Chase offered on XX/XX/XXXX, XXXX XXXX, by stating once I accept the new loan modification I can refinance at a lower rate after one year of no missed payments. I would end up owing even more on the house, losing valuable built-in equity, and paying more than necessary. Offered an ADJUSTABLE INTEREST RATES THAT will " EXPLODE '' The original loan in XX/XX/XXXX was {$86000.00} with 8 % fixed rate. The offered Loan Modification is for {$120000.00} at 8 % adjustable-rate loan that can rise significantly, it is n't possible for the interest rate to go lower, only higher. This is the worst-case scenario for future payments and I do n't count on a future refinance to rescue my family from an unaffordable loan. I was told by my previous Loan Specialist this was my only option when in fact I was eligible for a repayment plan I would have accepted, until they purposely placed my home in Foreclosure XX/XX/XXXX and I was n't notified! I found out when I called them XX/XX/XXXX. 
SITUATION SUMMARY PLEASE, HELP! I was placed on a medical leave on XX/XX/XXXX and promptly notified CHASE of financial hardship and began the Home Assistance Program. My loan specialist was never available when I called and EVERY document was sent and Chase continued to ask for repetitive documents for 7 months before they mailed ANY Loan Modification documents in late XX/XX/XXXX and had to send the XXXX trial payment in XX/XX/XXXX. The specialist was waiting for my return to work to begin the Loan Modification process which was not helpful because I was advised not to send the monthly payments. Unfortunately, I was made aware XX/XX/XXXX they were accruing beginning XX/XX/XXXX - now XX/XX/XXXX. I was interested in the repayment plan not the loan modification that would place me in a bad to worse situation. She said I did n't qualify for anything else. My original home purchase loan in XX/XX/XXXX was {$86000.00} and the current loan balance is for {$76000.00} at an 8 % Fixed rate. The Modification is for {$120000.00} at an 8 % Adjustable Rate. The original specialist who did this to me is no longer with CHASE and I feel forced into this offered Loan Modification of {$120000.00} at an 8 % adjustable-rate mortgage ( ARM ) loan that can rise significantly in order to keep my home. Chase lost my second trial payment for XX/XX/XXXX. I gave them tracking information then filed a dispute and no one has reached out to me regarding the payment. I called XX/XX/XXXX, to follow up and found out my home was placed on Foreclosure as of XX/XX/XXXX and I was eligible for the repayment plan I originally wanted up until XX/XX/XXXX because the home was placed into Foreclosure that day per XXXX XXXX, chase employee. I was also informed as of XX/XX/XXXX my new amount would be {$1000.00}. I feel trapped.