JP Morgan Chase Bank - misdirected my monthly mortgage payments and escrow

Posted on Sunday, January 31st, 2010 at 2:22pm CST by fda6133b

Product: mortgage payment/ escrow

Company: JP Morgan Chase Bank

Location: 3415 Vision Drive Columbus, OH 43219-6009
Columbus, Oh, 43219, US

Category: Other

On September 2007 Coldwell Banker sold my loan to JP Morgan Chase with an erroneous tax escrow. Instead of dividing the homeowners taxes by 2, Coldwell Banker multiplied by 2 the amount of taxes thus creating a large escrow shortage.Instead of paying $1,461.49. they automatically withdrew from my checking account $2,059.39. Coldwell Banker refused to become involved with this situation saying that the loan was already sold and that they could do nothing about it and that I should contact Chase and take it from there. That is what I did obviously without much success. After many contacts with Chase Home Finance, I realized that this matter will not be resolved quickly as Chase told me it would take 90 days or more to check the information. On December 18, 2007 after Chase withdrew from my checking account $2,059.39 on December 3, thus having in their possession 3 payments of $2,059.39 instead of $1,461.49,(my current monthly mortgage payment) I stopped payments on all future checks. I have been mailing regularly my monthly payments. Because it has taken such a long time for Chase to reconcile my account,their mortgage calculations were erroneous and they kept billing me based on this false premise that my taxes were $5,840.00 instead of $2,920.00 until March 2008. My monthly payments of $1,461.49 were thus short concerning Chase's calculations based on $5,840.00 for 6 months from October 2007 till March 2008. After 2 years and 2 months, Chase still refuses to accept that my stop payment in December 18,2007 was for the future payments even though they have kept the money. They mailed me a check for $1,353.90 without any explanation. I found out months later that it was an excess escrow. Now, Chase considers that check as a refund of some sort and they are telling me now that I should have returned the check. Why? After 2 years they are telling me that I should have returned the check while it seems that the $1,353.90 was for excess escrow. What to think about this change of course? and after 2 years? I have no idea of what is going on in their departments and they don't have a clear cut idea themselves. I am current on my payments, yet Chase persists that I am in arrears by one month and they have also added Late Charges amounting to $650.00. In October 2008, I paid in advance for November, December 2008 and January 2009. Because they didn't receive payments those months, Chase notified the Credit bureaus showing that I am delinquent for 2 months and in arrears. I have been harassed by their collection department day and night non-stop till to date. Chase refuses to rectify this situation and they don't want to do anything about it even though I was promised that it would be taken care of. It is not. I received an email from Chase that I will be receiving $51.00 for extra escrow. Few days after that email, while speaking with Ms. Johnson, she informs me that it was a mistake. Even now, after 2 years, they still are not sure of how to calculate an escrow. Somebody needs to oversee their escrow department and teach them how to calculate correctly the escrow. Who knows how many more people are in the same situation that I am in and having no recourse to get help, like I find myself in. Hopefully it will change with your help. I need help to come to a resolution with this bank who doesn't want to admit that they made a terrible mistake and that they don't know how to prorate and calculate an escrow account accurately. They still are not sure about my escrow. They keep changing all the time the amounts till this date. PLEASE HELP ME. This situation is taking over my life and I need to keep going with my activities. I am a senior of 69 years old who has been diagnosed with breast cancer last year and this situation is aggravating my condition and hampering my healing. I still need more surgeries and I can??t have this situation on my back any longer. I need help from somewhere that will make this bank accountable for their actions and reach a resolution promptly. Thank you for your consideration.


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