JPMorgan Chase Mortgage Complaint

JPMorgan Chase Mortgage department,

Conventional fixed mortgage Loan modification,collection,foreclosure New York

My mother - - and I are co-owners of our primary residence, which we purchased in -. Then, we had obtained a mortgage from lender Chase for a principal balance of $380000.00, and a monthly payment of $4900.00. In - -, for a number of personal and financial reasons, most of which were temporary, we fell behind on our payments and began the process of applying for a loan modification. ( A foreclosure action was filed against us, but the action was ultimately suspended, as our file was under review for a modification. ) We were finally offered a trial modification in - - and a final HAMP modification two days ago, on - -, -. During a time period of almost 7 YEARS, from - - to - -, we were in the process of applying for the modification. We would call Chase, be told that our application was " under review, '' then be told that our documents expired because the 60-day time period


The final modification we are being offered is for a new principal balance of $520000.00 and a monthly payment of $4100.00. Our complaints about Chase are as follows : ( 1 ) The loan modification process took the extraordinarily unreasonable time of 7 years because Chase was not undertaking the modification process in good faith. This is prejudicial to us because interest and fees were accruing on our account during the entire 7-year period. If Chase had shown good faith, including processing our application in a timely manner, we would not have been forced to accumulate the high amount of interest and fees. ( See recent - -, - decision - - Bank, -. - - - NY Slip Op -, Supreme Court, - -, NY - finding that plaintiff lender failed to negotiate in good faith to reach a mutually agreeable resolution pursuant to CPLR - ( f ), in part because lender repeatedly claimed that the modification application was not complete ]. ) ( 2 ) We are unable to afford the new offered monthly payment of $4100.00. Our original monthly payment was $4900.00, so this new monthly payment is only a savings of $750.00. Furthermore, about half of the new payment is to cover our monthly escrow fee, which would not be as high, had we not accumulated so many fees and charges during the 7-year processing period. ( 3 ) We were not considered for any programs other than HAMP. Per Chase, we were only considered for HAMP, not for any of the - modification programs. As our application showed, our income is relatively high but our documented expenses ( associated with tenants on said property, and with basic living expenses ) are also high and are equal to almost half the value of our income. Chase explained to us that other programs such as - look at both income and expense, whereas HAMP only looks at income. Had we been considered for - of the other programs, which takes into account expenses, we might have been offered a more affordable monthly payment. ( 4 ) The new principal balance they offer is $520000.00, which is higher than the current estimated value of our home. We had sent over to Chase more than - Comparative Market Analysis ( " CMA '' ) done by a licensed real estate broker that, as of -, estimated the value of our home to be between $380000.00 to $400000.00. ( 5 ) We are not being given enough time to make a decision. We received the final modification offer on - -, - and are told that a response is due on - -, -. This 10-day period does not give us enough time to consult with an attorney or counselor about our options.