Mortgage -- Struggling to pay mortgage -- Complaint #5618550

Complaint Overview

Complaint ID: 5618550

Company: U.S. Bancorp

Product: Mortgage

Sub-Product: Conventional home mortgage

Issue: Struggling to pay mortgage

State: Illinois

ZIP Code: 61111

Date Received: 2022-05-31T12:00:00-05:00

Date Sent to Company: 2022-05-31T12:00:00-05:00

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Consumer Narrative

Since the onset of the forbearance plan ( XXXX of XXXX ) and the COVID pandemic USbank had assured me on MULTIPLE occasions that when the forbearance expired the bank would have SEVERAL options to help us stay in our home. We had talked to multiple " Relationship Managers '', and various people from USBank, our Relationship Manager changed multiple times. When the first year began to expire and I touched base to figure out my options, I was given two options. One option was to have a separate loan for the forbearance amount ON TOP of our regular mortgage payments. So we would be paying more. The other option was to add the forbearance plan on the back end of the mortgage, our mortgage payments would increase. These were very disheartening options because the only thing I had reiterated EVERY time I talked with a USbank employee was that I needed a lower mortgage payment. She had then directed me to a local branch to talk to a mortgage lender to see what the possibilities of refinancing would be, obviously after the fact of COVID, and with no relation to hardship. Which I will point out no one ever got back to me locally. So after about two frustrating phone conversations, I had received a call from USbank about a mortgage assistance program ( XXXX of XXXX ). We were sent the paperwork, gathered all the necessary information and even extra to show our hardship. When we received a call after submitting the paperwork, we learned that we should not have received the mortgage assistance plan until after the first day of the last month of our forbearance. It was during this phone call when everything was explained in detail that made sense, and the woman made extensive notes on our file so the next person we talked to would have a better understanding of what we had gone through. Finally, we come to the last phone call, in which we were given four different options, including filing for the mortgage assistance program. Unfortunately the best option for us is still not adequate. Our monthly mortgage payments dropped by over {$100.00}, but its still not affordable to us. Our interest rate dropped by nearly 2 % which is a decent amount over the life of the loan. And the language USbank insists on, for us to state our hardship is over, just to be eligible for any of their programs is false and counter productive. It is very much a loophole USbank is forcing us to admit so in the future the bank wont be held accountable if we struggle and try and get more help. I am truly disgusted with the banking industry in this country, the amount of freedom to profit off the American people, while still having the ability to strong arm the government into endless bailouts is abhorrent. In the end I contacted our Congressman, XXXX XXXX XXXX, who referred us to the CFPB for further assistance.

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Disclaimer

This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.

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