Mortgage -- Trouble during payment process -- Complaint #5343205
Complaint Overview
Complaint ID: 5343205
Company: Jpmorgan Chase & Co.
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Trouble during payment process
State: Massachusetts
ZIP Code: 01453
Date Received: 2022-03-19T12:00:00-05:00
Date Sent to Company: 2022-03-19T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
To whom it may concern, I closed on a new home on XX/XX/XXXX with Guaranteed Rate. No issue with my mortgage and escrow during this time. My mortgage was sold to Chase in XXXX, XXXX. New mortgage with Chase started in XXXX and an escrow analysis was done immediately. I received a letter stating that there was shortage on my escrow to cover Property Taxes, which I paid the prior year, Mortgage Insurance which I paid the prior year and home owners insurance which I paid in full and was never part of my escrow until Chase came along. The letter I received gave me 3 options to resolve shortage. Please see options below Option 1 : 12 month spread No action required ; your new monthly payment will be {$2800.00} beginning XX/XX/XXXX. Option 2 : One-time payment Pay your {$4800.00} shortage in full ; your new monthly payment will be {$2400.00}. Option 3 : Partial payment Pay part of your shortage to lower your monthly payment. The rest of the shortage will be divided evenly and added to the monthly mortgage payment. Options are not including/deducting what I already pay towards my escrow for Mortgage Insurance and Property Taxes on a monthly basis. Chase increased my escrow amount from {$410.00} to {$780.00} a {$360.00} increase which is to cover shortage of property taxes plus an additional unexplainable fee of {$400.00} totaling monthly escrow of {$1100.00} x XXXX = {$14000.00} a year. My PMI is {$110.00} a month x XXXX = {$1300.00}. Property taxes are {$7200.00} for the year plus PMl {$1300.00} for the year = {$8600.00}. {$14000.00} minus {$8600.00} for Property Taxes and PMI = {$5500.00}. Where is the additional {$5500.00} going????? Chase is stealing from me, the home owner an extra {$5500.00} and continue to fail to explain why they are charging me a shortage fee of {$400.00} if the escrow increased from {$410.00} to {$780.00} ( {$360.00} ) to cover the shortage of escrow Property Taxes. They also are saying I need to pay an additional {$730.00} dollars a year for home owners insurance when I already have and pay home owners insurance at a cheaper rate for the same coverage. Ive attached the XXXX options they gave me that are jeopardize my ability to pay for this mortgage. I should be able to either pay the shortage without paying and additional escrow increase. It needs to be either one or the other not both. This is stealing. Also, home owners insurance has been paid in full and has nothing to do with my escrow. Chase needs to be held accountable for there actions. Theyve threatened to default me on my mortgage without fixing the overpayment charges. I was also told by Chase I cant pay my own Property Taxes directly to the XXXX of XXXX. I want to pay my taxes directly, to avoid these headaches Chase has caused my family and I. Please help. XXXX. A
Frequently Asked Questions
What is Complaint #5343205 about?
Complaint #5343205 was filed against Jpmorgan Chase & Co. regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2022-03-19T12:00:00-05:00.
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.