Consumer complaint received 2025-07-29 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — Trying to communicate with the company to fix an issue with the application process
Company: JPMORGAN CHASE & CO.
State: NJ

Complaint narrative:
In XX/XX/XXXX, I purchased my home at XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX for XXXX XXXX ( plus closing costs ). I purchased the home thorough an XXXX  ( XXXX XXXX XXXX XXXX ) with my girlfriend/partner and we both put approximately {$300000.00} at closing for a grand total of {$600000.00}. 

We had an operating agreement for XXXX XXXX XXXX XXXX, which spelled out the terms of the agreement as well as the buyout in case our relationship ended. My partner and I were both guarantors on the mortgage, which resides with XXXX XXXX XXXX XXXX. The initial mortgage at closing was XXXX XXXXXXXX for 30-year term at 3.0 %.

The home underwent significant renovations in the fall of XXXX/spring of XXXX that totaled more than {$700000.00}. We each contributed an additional {$350000.00}, pushing our individual contributions to approximately {$650000.00}.

Although we purchased the home as an investment property, it has been my primary residence for myself and kids since the renovations were completed in the spring of XXXX. I made all of the mortgage payments every month through my Chase checking account through my XXXX  ( XXXX XXXX XXXX XXXX ). 

In the fall of XXXX, my relationship ended with my girlfriend and she wanted to sell the home in the spring of XXXX. We got two appraisals with the average value at approximately XXXX XXXXXXXX. In the spring of XXXX, we reached an agreement for me to purchase her 50 % stake in XXXX XXXX XXXX for {$770000.00} ( {$400000.00} by XX/XX/XXXX and {$370000.00} by XX/XX/XXXX ). The terms of the agreement require me to remove her as a guarantor from the mortgage, which Chase refers to as an Assumption.

In the spring of XXXX, I started the process/paperwork with Chase to assume the mortgage with me as the sole guarantor, but no changes to the deed or payer ( XXXX XXXX XXXX XXXX ). From XX/XX/XXXX through XX/XX/XXXX, Chase requested hundreds of pages of tax returns for my personal income, businesses and investments. For each request, I diligently reviewed and provided the proper paperwork within a week or two of the request with little transparency for the reasons for the information. Despite repeated attempts to provide the information, Chase would continue to make new requests for additional information before they finally denied my request in late XXXX. Chase would not provide any details for the reasons for the denial but cited multiple reasons including excessive debt obligations, multiple inquiries into my credit ( all done by Chase ), and less than two years in my current job. 

In the spring of XXXX, I re-started the process to assume the mortgage as I was hopeful the combination of lower debt and higher income would result in a positive outcome. From late winter until XXXX, I provided proof of income via pay stubs, tax returns and investment income and detailed my obligations including the mortgage, car payment and alimony/child support. Despite 4 months of effort providing all the information requested, I was denied the assumption based on an excessive debt to income ratio, which Chase calculated at 62.5 %.

I called immediately to let them know the calculation must be in error as my income level is well above the number they provided of {$17000.00} per month, but they said I was unable to speak to the

underwriter and the decision was final. I have since appealed the decision, as my monthly income is closer to {$50000.00} per month, which is more than double the listed amount, which would put the debt to income ratio in the 20-25 % range, which is considered excellent. Despite my requests, Chase won't allow me to speak to the underwriter and said they reviewed and the decision was final. Ironically, I get monthly calls and solicitation letters from Chase to refinance my mortgage, so think the real reason for the denial is the bank 's desire to force me to refinance my mortgage at much higher rates.

Company response to consumer: Closed with explanation