Mortgage -- Closing on a mortgage -- Complaint #4842785
Complaint Overview
Complaint ID: 4842785
Company: Jpmorgan Chase & Co.
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Closing on a mortgage
State: California
ZIP Code: 950XX
Date Received: 2021-10-25T12:00:00-05:00
Date Sent to Company: 2021-10-25T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American
Consumer Narrative
We recently refinanced a mortgage through JP Morgan Chase. The loan we were refinancing was also a Chase loan. We had an escrow impound account on the old loan with a balance of over {$8000.00} which we were paying monthly so they would pay our taxes and insurance. When we refinanced, we said we no longer wanted an escrow/impound account. We were not asked what they should do with the balance in the escrow account and Chase applied it to our loan payoff without our permission. We received a letter from Chase at the time of closing and it stated that if there was a balance, we would get a check in 10 days. When nothing came in 10 days, we questioned where it was and that is when we learned that they applied it to our previous loan payoff. We had been making these payments monthly, in good faith, with the assumption that these funds would be used to pay our taxes and insurance, not to pay down our balance. Now taxes are due and we dont have the {$8000.00} that we had been paying Chase to pay our taxes. Chase offered to refinance our new loan but to get the same interest rate we were given on the loan that recorded this week, we would need to pay {$8000.00} in points. Plus, they would consider the loan to be a cash-out since we would receive our impounded amount back. What is the point of that? If we kept our current new loan, they offered to give us {$1000.00} for our trouble but we still owe taxes which are over {$6000.00}. They made a mistake on our loan by not asking us what to do with our impound balance, not making the impound account available to pay the now due taxes and now offering to charge us for a cash out loan with points.
Frequently Asked Questions
What is Complaint #4842785 about?
Complaint #4842785 was filed against Jpmorgan Chase & Co. regarding Mortgage specifically about Closing on a mortgage. It was received by the CFPB on 2021-10-25T12:00:00-05:00.
How did Jpmorgan Chase & Co. respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against Jpmorgan Chase & Co.?
Yes, visit the Jpmorgan Chase & Co. company profile at readthecomplaint.com/company/jpmorgan-chase-co to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.