JPMorgan Chase & Co. Mortgage Complaint

JPMorgan Chase & Co. Mortgage department,

Home equity loan or line of credit Settlement process and costs California

In - JP Morgan Chase appraised my home at a little over $ -. The first lien was $ - with - - -. Chase granted a line of credit for $ -, interest only loan, at a variable interest rate, with a payment of about $ -/mo. So, now I had a second lien, making the total of both liens $ -. As the end of my term was approaching, in -, I wanted Chase to refinance the LOC into a fixed rate, conventional loan. Chase claimed my home was no longer worth $ - and that I was upside down in equity. MY new home value was estimated at $ -. I was stuck with the interest only loan. Chase said they could n't help until I had 20 % equity. I received a letter stating the payments would increase from $480.00 to $1800.00. I asked if they would consider deducting all the interest paid to date, which was about $ - at the time. This would give me the room I needed to refinance. They refused and suggested I modify the loan. But I could n't modify the loan without modifying the first lien with - -


fee to allow - to modify. After closing on the HAMP, Chase was willing to modify the LOC. Here comes the worst part! In order to have affordable payments and not lose my home, I agreed to the one option Chase offered ... .. Another LOC at $ -/mo, interest only ( again ) payment at a fixed rate for FORTY YEARS. I will have paid in full by year -, at the old age of - years old, according to the loans docs. I will have paid more than double the original amount of the LOC, if I live that long. I have been cornered, bullied, taken advantage, and misused. While many have had their debts forgiven, I have been forced to accept their loan. All the while, never missing a payment on any of the home loans. I ca n't refinance, I have no equity, I have been paying on a LOC that basically has the same balance due from when I first received the loan. 10 years later, I still owe $ -. What do I want? To date, $ - in interest has been paid to Chase. I want that amount deducted from the loan. This would give me the 20 % equity that I need to refinance and merge both the first and second loans at a affordable payment. I want a conventional fixed, low, rate. I do not want the deduction to negatively affect my credit. A negative would put me back into the same bad situation, not allowing for me to refinance. Also, I do not want the deducted amount reported as added income to the IRS. The amount I am requesting is not a forgiven unpaid balance. It is the amount I PAID in full. Any help you can offer would be Heaven sent. Thank you for your intervention.