Mortgage -- Trouble during payment process -- Complaint #4475506
Complaint Overview
Complaint ID: 4475506
Company: Truist Financial Corporation
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Trouble during payment process
State: North Carolina
ZIP Code: 27215
Date Received: 2021-06-19T12:00:00-05:00
Date Sent to Company: 2021-06-19T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
The loan payment ( Origination XX/XX/XXXX ) was not disclosed properly from the beginning. One of the two taxes that are paid out of escrow were missed ( the City tax was omitted and not disclosed until after the purchase of the home was complete and payments were being made, only the County tax was disclosed. ) The issue is that we purchased the home at our maximum payment ability and after the disclosure of our payment, we decided to agree to the debt ( based on that payment ) and pursued our new home ownership. Shortly after moving in we learned our payment would need to go up. This was an extreme hardship on us as we are at our payment limit. Every year, our payment is going up XXXX just received notice from lending institution that my payment is going up again! The letter from said institution is dated XX/XX/XXXX - Effective XX/XX/XXXX XXXX I called " customer service '' as indicated on the " Annual Escrow Account Disclosure Statement and New Mortgage Payment Notification '' letter dated XX/XX/XXXX. I called the number and spoke to the Institution 's representative named " XXXX '' around the XXXX of XXXX. She explained the " Escrow '' balance falls below their minimal threshold in XXXX & XXXX therefore my payment would go up to avoid the Escrow shortfall. I asked once the payment goes up again for the 3rd time would this settle the matter and she responded we will likely go through this again this same time next year. I explained our hardship and the mental fatigue of not knowing what our payment will be She said she " would look into the matter and get back with me ''. As of today, XX/XX/XXXX there has been no follow up from anyone. Here is my complaint ; We made a life decision to sign a promissory note, a 30 year commitment, based on supposed factual information and a " static and fixed '' loan payment. This is not the case, further, the Institution is charging me interest on this Escrow shortfall which is UNFAIR to me the consumer. The institution did offer me a temporary remedy for this year by demanding I pay {$1600.00} in the next 30 days or my payment will go up. Did the institution not see this coming months ago, indeed, from the inception of the loan so as to give a consumer some time to fund the Escrow shortage AND still make the normal monthly payment? I need this matter resolved.
Frequently Asked Questions
What is Complaint #4475506 about?
Complaint #4475506 was filed against Truist Financial Corporation regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2021-06-19T12:00:00-05:00.
How did Truist Financial Corporation 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 Truist Financial Corporation?
Yes, visit the Truist Financial Corporation company profile at readthecomplaint.com/company/truist-financial-corporation 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.