Consumer complaint received 2025-05-08 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — Application denials
Company: JPMORGAN CHASE & CO.
State: CA

Complaint narrative:
XXXX mortgage assumption application : Here are some high level notes of the process which have lead to this point : Application initiated beginning on XXXX XXXX, XXXX Chase quoted XXXX months from beginning to end of the process My review process took XXXX total months ( XXXX XXXX - XXXX XXXX ) Each application section from Chase was XXXX 30 days for me to response- I routinely responded within 5 days to keep the process moving forward swiftly I submitted clear documentation of all my accounts ( Trust, Brokerage, $ XXXX, checking, saving ) which totals > {>= $1,000,000} in total Current loan total is {$450000.00} My interest rate is 2.85 % I believe JPMorgan Chase XXXX XXXX assumption application due to the strength of my application and their obvious incentive to have me take out a new loan at the current market interest rates Chase communicated XXXX with snail mail, which twice never showed up to my house causing material delays in the process, necessitated filing for extensions, and risk of premature closure of my application due to faults on the JPMorgan Chase XXXX which I was held liable for Most recently, I was a XXXX Employee from XXXX XXXX - XX/XX/XXXX I was terminated unexpectedly and at-will due to company politics and a floundering tech market in XX/XX/XXXX I began making income through Airbnb from my property XX/XX/XXXX which has totaled ~ $ XXXX from XXXX until current I incorporated a new company in XXXX XXXX to invest in and create additional XXXX XXXX XXXX, which I am currently building I provided documentation on all of this income and my business plans for my current endeavor to support the necessary income to complete this Mortgage Assumption Between my XXXX, dividends from my investment portfolio, and my rental income, my income in XXXX well above what is necessary to pay for my mortgage month over month and well above the average American income who would hold a similar loan necessitating a ~ $ XXXX payment I have provided my taxes to show just how much I made JPMorgan Chase has access to my assets which are highly liquid in the case where I need to leverage them to pay for my mortgage payments until Im either XXXX again or creating enough income in my new business to pay for the mortgage My assets are much more secure as a source of mortgage payments than XXXX income. 
Anecdotal notes that support the case, which were documented in the application/paperwork process : I have a well documented career of success in advertising since XXXX I purchased the home in XX/XX/XXXX for {$720000.00} with a 30 % down payment from my personal account Current market value is > {$950000.00} My ex-girlfriend was on the mortgage due to me being unemployed at the time of purchase and therefore unable to get approved for a loan without a XXXX I was technically unemployed ( not XXXX ) for XXXX reasons : I was an equity shareholder of a tech company which we grew and sold on XX/XX/XXXX for {>= $1,000,000}, which provided me a large windfall XXXX pandemic starts XX/XX/XXXX I was doing paid consulting projects from XX/XX/XXXX - XX/XX/XXXX for various tech companies in XXXX XXXX and therefore not recognized by the government XXXX a XXXX employee I have made every mortgage payment ( $ XXXX ) from my personal account, on-time Began making $ XXXX mortgage payments as of XX/XX/XXXX to hedge the interest and decrease the loan payback period Applicant and then girlfriend, break up XX/XX/XXXX and take until XXXX XXXX to begin separation process XXXX  vacates property on XXXX XXXX, XXXX and was never held liable for any portion of the mortgage XXXX  and I have an executed Separation Agreement making clear the financial and ownership obligations in regards to the property in question JPMorgan Chase has this document This process has caused emotional and mental damages because I am not XXXX to separate from my ex until the mortgage assumption is completed. 

XXXX application submitted : Here are some high level notes of the process which have lead to this point : Initial application submitted on XXXX XXXX, XXXX This is my second application in general, and first application with my father as the co-applicant/signer Chase quoted 3-6 months from beginning to end of the process Each application section from Chase was given 30 days for me to response - we routinely responded within 5 days to keep the process moving forward swiftly We submitted clear documentation of all my accounts ( Trust, Brokerage, $ XXXX, checking, saving ) which totals > {>= $1,000,000} in total as well as the same mix of assets for my father totaling > {>= $1,000,000} Current loan total is {$450000.00} My interest rate is 2.85 % I believe JPMorgan Chase deprioritized my assumption application due to the strength of our application and their obvious incentive to have me take out a new loan at the current market interest rates JPMorgan Chase is not considering the amount of income created annually through the investment portfolios that me and my father both have I currently take a distribution from my Trust account in the amount of $ XXXX which I deposit into my JPMorgan Chase account On the XXXX of each XXXX XXXX this {$2500.00} is used to pay the monthly mortgage payment from JPMorgan Chase account I pay more than my payment every month Even without a XXXX I am still making every payment on-time and more than necessary. 
Most recently, I was a XXXX Employee from XXXX XXXX - XX/XX/XXXX I was terminated unexpectedly and at-will due to company politics in XX/XX/XXXX I began making income through Airbnb from my property XX/XX/XXXX to supplement my income since losing my job and creating a new business I have provided all income statements from such rental income Since I am not XXXX and I dont have XXXX years of business income records to prove my financial situation, I had my father apply as a co-signer on this mortgage assumption My father is currently employed on a XXXX making $ XXXX in salary with an additional {$36000.00} in deferred compensation annually and has a net worth of $ XXXX in highly liquid assets He has been employed for XXXX years. 
Between my fathers income and assets along with my assets, our net worths total more than $ XXXX JPMorgan Chase has access to my assets which are highly liquid in the case where I need to leverage them to pay for my mortgage payments until XXXX either XXXX again or creating enough income in my new business to pay for the mortgage JPMorgan Chase now has XXXX into all of my fathers assets which could be leveraged in the same fashion Anecdotal notes that support the case, which were documented in the application/paperwork process : JPMorgan Chase has wasted large amounts of my valuable time with your ridiculous process that has caused me great physical and mental duress as they have delayed my ability to separate from my XXXX. JPMorgan Chase should also know that I fully intend to file a complaint with the CFPB pending the outcome of this phone discussion with the XXXX Department. 
I still live on-site but rent my house on Airbnb when XXXX travel for extended periods I have a well documented career of success in advertising since XXXX I purchased the home in XX/XX/XXXX for {$720000.00} with a 30 % down payment from my personal account Current market value is > {>= $1,000,000} My ex-girlfriend, was on the mortgage due to me being unemployed at the time of purchase and therefore unable to get approved for a loan without a XXXX I was technically unemployed ( not XXXX ) for XXXX reasons : I was an equity shareholder of a tech company which we grew and sold on XX/XX/XXXX for {>= $1,000,000}, which provided me a large windfall in excess of $ XXXX XXXX pandemic starts XX/XX/XXXX I was doing paid consulting projects from XX/XX/XXXX - XX/XX/XXXX for various tech companies in XXXX XXXX and therefore not recognized by the government as a XXXX employee I have made every mortgage payment ( $ XXXX ) from my personal account, on-time I have never missed a mortgage payment and have made every payment to date from my JPMorgan Chase accounts Began making $ XXXX mortgage payments as of XX/XX/XXXX to hedge the interest and decrease the loan payback period Me and then girlfriend break up XX/XX/XXXX and take until XXXX XXXX to begin separation process XXXX  vacates property on XXXX XXXX, XXXX and was never held liable for any portion of the mortgage XXXX  and I have an executed Separation Agreement making clear the financial and ownership obligations in regards to the property in question JPMorgan Chase has this document The entire process has taken over 2 years now. I am extremely displeased with the process as the amount of information and work it takes to go through this process is material. It has taken me away from work. It has damaged me emotionally because I am still not able to separate from my XXXX who continues to threaten me with legal action.

Company response to consumer: Closed with explanation