Consumer complaint received 2024-11-22 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — An existing modification, forbearance plan, short sale, or other loss mitigation relief
Company: JPMORGAN CHASE & CO.
State: OH

Complaint narrative:
Dear Consumer Financial Protection Bureau, I am writing to file a formal complaint against JPMorgan Chase and XXXX XXXX XXXX for their handling of my mortgage assistance application and subsequent predatory practices. 
My husband and I were owners of a business that was severely impacted by the pandemic. While we faced financial struggles as a result, we were not financially irresponsible. We submitted an application for mortgage assistance and forbearance to JPMorgan Chase, both via email and by personally delivering it to the bank. Despite this, JPMorgan Chase failed to review, process, or even acknowledge the application. This neglect is particularly concerning given that the bank was aware we were considering filing for bankruptcy due to our circumstances. 
Instead of fulfilling their legal obligation to review and respond to our application, JPMorgan Chase sold our mortgage to XXXX XXXX XXXX, a company with predatory practices. This sale appears to have been conducted in bad faith, allowing JPMorgan Chase to profit while avoiding their responsibilities under the law. 
XXXX XXXX XXXX, in turn, charged us daily interest on the loan for the duration of the forbearance period without proper disclosure. We were not notified of these interest charges until after we sold our home. This lack of transparency and the financial burden it created exacerbated the challenges we were already facing, forcing us further into financial distress. 
Both JPMorgan Chase and XXXX XXXX XXXX failed to meet their legal and ethical obligations : Failure to Process Application : JPMorgan Chase was obligated to review and either approve or deny our application for forbearance. Their neglect to do so constitutes a breach of their responsibilities. 
Lack of Disclosure by XXXX XXXX XXXX : XXXX XXXX XXXX failed to notify us of daily interest charges during the forbearance period, a violation of transparency requirements and consumer protection standards. 
Predatory Practices : The deliberate sale of our mortgage to XXXX XXXX XXXX appears to have been a calculated effort by JPMorgan Chase to profit at our expense, transferring us to a lender known for exploitative practices. 
The hardship of navigating bankruptcy, compounded by these actions, has caused significant financial and emotional distress. Both institutions leveraged legal loopholes to exploit our situation, underscoring the urgent need for stronger consumer protections for individuals in financial crisis. 
I am requesting that the Consumer Financial Protection Bureau investigate this matter and hold both JPMorgan Chase and XXXX XXXX XXXX accountable for their actions. Specifically, I urge the Bureau to : Determine whether JPMorgan Chase violated its obligations in failing to process our application. 
Investigate XXXX XXXX XXXX for its lack of transparency and predatory interest-charging practices. 
Enforce penalties and require restitution for the financial harm caused by these actions. 
Additionally, both lenders now refuse to close my accounts after our home has sold and the loan ( s ) paid off. Chase still says they hold the loan even though XXXX is the loan servicer. 
Thank you for your attention to this serious matter. 
Sincerely, XXXX XXXX

Company response to consumer: Closed with explanation