Consumer complaint received 2026-02-19 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — Changes in loan terms during or after closing
Company: JPMORGAN CHASE & CO.
State: CA

Complaint narrative:
XXXXWe concluded a piece of litigation where our settlement to purchase XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX was the key part of package. The unit is part of XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXWe filed claim against owner/seller at the end of XXXX for damages. Drawing closer to trial, they wanted to settle, thus we made an offer to purchase the rental for a reduced amount, it was accepted and we closed XXXX XXXX XXXXIn Spring XXXX we began a process to determine if we can obtain financing for this unit if a settlement presented itself. Working with XXXX lenders, XXXX and JP Morgan Chase, we opened and held multiple discussions. Historically, XXXX is a trusted private lender, while Chase was a prior lender and pushing to get back in to this XXXX property. Note: Chase has mortgages at XXXX XXXX including all assumed under the XXXX XXXX XXXX purchase.XXXXOur XXXX XXXX at Chase: XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX Chase XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXWorking with XXXX XXXX as a long-standing client of the bank, he felt an exception would be made for us at this XXXX We held many conversations to this effect, as he pleaded for us to give him the opportunity to provide the loan. He stated in writing and verbally (paraphrase) That Chase legal has been working for some time and felt assured that all HOA issues are addressed and would not hinder a closing, especially for us. We have a full record of emails, texts and calls.XXXXWhen we finally got to the point of an accepted Settlement Agreement with defendant/seller in XXXX XXXX we received confirmation from XXXX and Chase that they were ready for a quick close.XXXXChase had a better rate, but we were still unsure if they would or could close. We corresponded XXXX XXXX , that we were going with XXXX because we still did not feel they (Chase) would be able to close. XXXX XXXX emailed and called verifying that I know I can perform with a follow up call as well.XXXXAfter that call.XXXX XXXX XXXX, just to feel secure, we sent the followingXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXGood MorningXXXXPer our call, for us to move forward withXXXXChase (on the XXXX XXXX loan), We neeXXXXconfirmation from you and Chase, inXXXXwriting, on the following:XXXXThat Chase will close the loan as offeredXXXXto us. You are making a statement thatXXXXyour legal team has what they need andXXXXyou have confirmation that you can offerXXXXthis package. We must be sure that all yourXXXXlegal questions are answered between theXXXXbank and XXXX XXXX We cannot be usedXXXXas a chess piece by Chase to leverageXXXX1. Although our XXXX has a XXXX-day escrow,XXXXwe want confirmation that the loan willXXXXclose in 30-days. Immediate notice fromXXXXyou IF there is ANY concern Chase cannotXXXXclose XXXX 30-days.XXXX Confirmation in writing that there are NOXXXXPrepayment penalties on the principalXXXXbalance during the loan periodXXXX. Confirmation that all extra paymentsXXXX100% goes directly to the principal balanceXXXXfor this loan.XXXXPlease confirm this morning so we canXXXXexecute and move forward.XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXConfirmed on all points! Lets move forwardXXXXWe decided, based on emails and conversations that Chase was a safe place to proceed with this loan. XXXX XXXX We received the commitment with the conditions. (See attached). We met all of them.XXXX XXXX had a vote to explore condo conversion, which passed. The facts explained on multiple occasions, that this is not a vote to convert, that this vote was simply to take the next steps. The XXXX will remain in place, for many years to follow. The HOA supplied this information in correspondence and packages. XXXXAlso, there is a long-term XXXX maintenance project which they were aware of. (Not on Schedule A of Commitment Letter). Both of these issues were known prior, discussed and reason for our concernXXXX XXXX assured us these items were not an issue and we could waive all contingencies and move closing up from XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, they did not close, leaving us in an untenable position, forcing us to scramble for other solutions. The reason is they needed to get more information on the above issues. We reminded them that they have made multiple claims that they have been working through legal channels since last year and that he personally assured us that none of these issues would prevent a closing. At that point they started the walk away tactics. The XXXX XXXX XXXX stated that XXXX XXXX was asked to not speak with us any further, which is telling in of itself.XXXXWe were at great risk of losing this property, losing all our earnest money, failing the settlement agreement and possibly being forced to fund by defendant, which would also include her legal fees moving forward to enforce. XXXXDue to the impending failure by Chase we liquidated about XXXX in CDs (Tax implications tbd). We reached out to XXXX who thankfully knew enough about us, opened the loan on XXXX XXXX and we closed XXXX XXXX. We are paying about XXXX per month more and had additional fees of about XXXX. This equates to approximately XXXX in extra payments, XXXX in extra fees and unsure of the taxes to be paid on basis to profit of the CDs. Could exceed XXXX at our bracket. XXXX XXXX used us to test the underwriting process to determine if Chase would fund a loan, as he would benefit greatly to be the sole institution lender (his words). All this without any regard for the consequences to us. He misled us then began the walk back once he knew Chase was not funding. The institution itself finally read us, not in writing but verbally, XXXX XXXX, that they were moving from a suspended loan to a denial. We asked them for this document and have yet to receive it.XXXXAll of these issues raised "AT & AFTER" closing date is unacceptable. The damages are documented.XXXXChase Bank owes us the difference for what we are now paying, for the fees, as well as the taxes that we will be paying. I believe this is the law remedy.'

Company response to consumer: Closed with explanation