Mortgage -- Trouble during payment process -- Complaint #5331821
Complaint Overview
Complaint ID: 5331821
Company: Truist Financial Corporation
Product: Mortgage
Sub-Product: FHA mortgage
Issue: Trouble during payment process
State: Florida
ZIP Code: 32826
Date Received: 2022-03-16T12:00:00-05:00
Date Sent to Company: 2022-03-16T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Servicemember
Consumer Narrative
I purchaed my home in XXXX. Since that time my lender has been Suntust Bank. Late XXXX I was notified, that Truist Bank would be taking over my mortgage account. Which was fine until XX/XX/XXXX when I received a letter from Truist stating that they would be changing the date of escrow analysis from XXXX to the month of closing. In my case that is XXXX. They also informed me in that letter that I would be responsible for paying any deficieny of the escrow account at that time. My escrow analysis is in XXXX, so of course there will be a shortage as now they are analyzing 8 months in advance. This is a way to make sure homeowners like me are forced to either come up with additional money or have their mortgage amount increase significantly due to the bank changing the rules to fit their needs. I called Truist two times and both times I was hung up on my the service representative and was told that the escrow department does not speak to customers. I asked that I pay my taxes and insurance myself and they stated since I had an FHA loan this was not allowed and that I could refinance. AGAIN not an acceptable for financially beneficial decision to make. The rep stated " I should have known the terms of my FHA loan when I bought the house '' I am fully aware of the terms! What was not in the terms is that if a financial institution takes over your loan that they can basically strongarm you into the rules they make up as they go. This change will not only effect me, but I am sure thousands of other Suntrust customers. This seems like a great way for a bank to inflate a mortgage payment to an amount that a family has worked hard for will no longer be able to afford. Therefore leading to forclosure on a property the bank can now take over with a market vaule 10Xs what they bought the mortgage for. This is unacceptable.
Frequently Asked Questions
What is Complaint #5331821 about?
Complaint #5331821 was filed against Truist Financial Corporation regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2022-03-16T12:00:00-05:00.
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.