Consumer complaint received 2024-04-15 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — Payment process
Company: JPMORGAN CHASE & CO.
State: FL

Complaint narrative:
I am XXXX XXXX XXXX and Im on XXXX. Ive been on it for many years. I live in a home that I alone am on the mortgage and deed. Ive lived here since XXXX. I have refinanced my home in the past. In XXXX, my mortgage was held by XXXX XXXX. As I always had done, I would have an escrow account for the bank to pay out my taxes, homeowners, and flood insurance. I was notified at the end of XXXX that XXXX XXXX had sold my mortgage to Chase Bank. I continued to make my payments through the date instructed by XXXX XXXX until the date I was instructed to start my payments with Chase. I continued like always having the taxes and insurance paid from my escrow. That is until into XXXX of XXXX came around when I was made aware from Chase that I either needed to buy a supplemental flood policy to cover {$87000.00} worth of coverage or they could place GAP coverage in that amount. I contacted my insurance agent in a panic because I couldnt understand what was happening and he was shocked. When I contacted Chase back they told me that they were unaware that my flood insurance had not been paid by the previous mortgage holder and once they did become aware they issued a payment out of my escrow for it, but it was too late. My insurance agent spoke with the flood insurance folks who let him know than even though it wasnt my fault, I had now lost my grandfathered rate and what had covered $ XXXX now only covered $ XXXX and I needed to now obtain supplemental insurance for the remaining difference. My agent encouraged me to speak to both financial institutions to find out HOW this happened. I gave all my information to the insurance department at Chase. They told me they would research it and get back to me. I was contacted by XXXX in their Resolution Department who told me that XXXX XXXX submitted a payment for the flood insurance in XXXX of XXXX, before the sale of my mortgage, but then stopped payment on the check in XXXX. He went on to say that Chase didnt become aware that my flood insurance hadnt been paid until XXXX ( when its due ) at which time he said they immediately submitted a payment. Unfortunately, when that payment was submitted it was past due in turn losing the grandfathered rate I had. When I discussed this with my insurance agent he said it would cost the same to get the GAP policy or an interim policy for the difference at this point and being on a fixed income, I opted for the GAP insurance and that premium I feel is owed by Chase. 

I then reached out to XXXX XXXX to inquire as to where they stand regarding this matter. I dealt with them via email. This was their conclusion after about a month of research. I did take into consideration, however, my file is no longer active with them. 


Good afternoon, Thank you for contacting us. We apologize for the delay in our response. 

We have reviewed this and confirmed that the loan would have been scheduled for payment on XX/XX/XXXX due to the loan transferring a stop was placed on the account. The new servicer would have received detailed information listing loans with effective dates with the month of XX/XX/XXXX where they would need to process a payment. 

Warm Regards XXXX  Customer Resolution Specialist Did you know that you can sign up for paperless statements? You can enroll by logging into XXXX and selecting this option when you register. 

We are happy to assist with any questions or concerns. Please contact our Customer Experience Team at XXXX. We are open Monday through Friday from XXXX XXXX XXXX XXXX XXXX and Saturday from XXXX XXXX XXXX XXXX XXXX XXXX Please know that Customer Satisfaction is extremely important to us, and our customers are our most valuable asset! 
________ As you can see, it would appear that each company is pointing the finger at the other. In the meantime, my mortgage payment has increased from a little over {$700.00} to {$1000.00} a month, by no fault of my own. My insurance rate for my flood is forever changed. Nobody is willing to take any responsibility for the XXXX premium at the very least let alone the long term consequences! Now Im just a step away from losing my home because I cant afford onXXXX more increase. 



Chase Mortgage loan XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX

Company response to consumer: Closed with explanation