Mortgage -- Struggling to pay mortgage -- Complaint #4756828
Complaint Overview
Complaint ID: 4756828
Company: Truist Financial Corporation
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Struggling to pay mortgage
State: Virginia
ZIP Code: 23834
Date Received: 2021-09-27T12:00:00-05:00
Date Sent to Company: 2021-09-27T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Servicemember
Consumer Narrative
In XX/XX/2020, I called my lender BB & T now Truist. to request a forbearance on my four mortgages. I am a real estate investor and property owner and several tenants fell behind in rental payments due to COVID hardships. When I signed up, I was told by the representative that the repayment of the forbearance would be structured in several different ways and I could choose which one I desired. She said one of the options would be to pay the loan for the remainder of the outstanding months on the original loan plus the number of months missed by the forbearance. I renewed the forbearance several times for a total of 12 months. In XXXX this year, I called to request an end to the forbearance. When the paperwork came, I was only offered a deferral plan which would be to pay the loan for the remainder of the outstanding months on the original loan plus a balloon payment for the amount not paid in the forbearance. I don't know how I am going to do that. I called Truist and asked about this and the representative said two of my loans are with XXXX XXXX, one is a VA loan, and one is serviced by Truist. I have contacted the VA and have that straightened out. I have filed a complaint with Truist for their loan and called XXXX XXXX to file a complaint. I was told the other options was to extend the loan out to 40 years to repay. This is absurd. Just calculate the additional interest paid. The representative at XXXX XXXX agreed that there was a verbal offer to extend the loan for the number of months in forbearance, but said " We took that off the table '' I said we had a verbal agreement and I was not notified that you changed the terms of this loan and I find it fraudulent and predatory, She seemed to think that it was not a big issue. I asked her " How am I suppose to get that lump sum in 8 years, ( the remaining length of one of the loans )? '' and she offered the 40 year option. This should not even be on the table. I have requested that a supervisor call me back to discuss. I am also waiting to hear from Truist. I will add that I received the paperwork date XX/XX/XXXX on the XXXX and the return date is the XXXX. I started working on this on the XXXX. This is not enough time to go through and try to modify and meet the suspense date. I feel rushed and don't want to sign it and return until this has been addressed. To Summarize : I was offered the forbearance with the idea that I could extend the loan by the number of months missed during the forbearance time. The payments would be the same ( disregarding the normal rise due to escrow changes ) just extended by the XXXX months. The representatives of the loan servicers I have spoke to in the last few days all agree that this was the agreement. This was all done verbally on the phone. When the time came to end the forbearance, this was no longer an option. Each time I called to renew the forbearance I was not told this. If I knew the choices were to be the two new options offered, I NEVER would have done this. XXXX XXXX loans : Loan number XXXX address XXXX XXXX XXXX XXXX VA XXXX Loan Number XXXX address XXXX XXXX XXXX XXXX VA XXXX Truist Loan Number XXXX address XXXX XXXX XXXX XXXX XXXX, VA XXXX
Frequently Asked Questions
What is Complaint #4756828 about?
Complaint #4756828 was filed against Truist Financial Corporation regarding Mortgage specifically about Struggling to pay mortgage. It was received by the CFPB on 2021-09-27T12:00:00-05:00.
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.