Consumer complaint received 2019-08-26
Company: CAPITAL ONE FINANCIAL CORPORATION
State: FL
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Trouble during payment process

Complaint:
-I responded to a letter I received in the mail In XX/XX/XXXX I from Capital One ( CAPONE ) offering me a Home Equity Line of Credit.

-On XX/XX/XXXX I received a letter from CAPONE Welcoming me to their Home, summarizing the terms of the approved Line of Credit. 
-With the loan documents I provided CAPONE proof of Flood   Insurance coverage though XXXX XXXX XXXX ( XXXX XXXX XXXX ), a policy valid through XX/XX/XXXX. 
- A letter from CAPONE dated XX/XX/XXXX indicated that the flood insurance on my property had expired, that a new policy had to be presented within 45 days. Another attachment indicated the loan was going to be sold. 
- On XX/XX/XXXX a phone call was placed to CAPONE disputing the validity of the notice of expiration of the Flood policy on my loan. 
- On XX/XX/XXXX, the XXXX XXXX XXXX XXXX policy valid though XX/XX/XXXX sent to CAPONE with the loan documents was uploaded again to their loan portal. 
-On XX/XX/XXXX CAPONE imposed a Flood Policy on my loan through XXXX XXXX XXXX XXXX ( XXXX ) for {$200000.00} with a {$6000.00} premium, valid from XX/XX/XXXX though XX/XX/XXXX. The total dollar amount I borrowed from the line of credit in XX/XX/XXXX was {$16000.00}. 
-On XX/XX/XXXX I received a letter of cancellation from XXXX XXXX policy effective XX/XX/XXXX. 
- As of XXXX/XXXX.CAPONE sold its Mortgages to XXXX   XXXX XXXX XXXX ( XXXX ). 
- As of XX/XX/XXXX XXXX started electronic withdrawal from my bank for interest owed, however the sum withdrawn was in excess of the interest. Numerous calls and letters were placed to XXXX to correct this situation ( XX/XX/XXXX though XX/XX/XXXX ). 
-On XX/XX/XXXX to stop the unauthorized withdrawals I paid the outstanding $ XXXX loan. 
-An additional {$870.00} was requested to cover the balance of the Flood Policy.

-In order to avoid foreclosure proceedings over {$870.00} I also paid this sum and requested immediate reimbursement upon verification of the XXXX XXXX XXXX XXXX policy with expiration on XX/XX/XXXX. 

My complaint : - It turned that Capital One issued a Mortgage with Advanced Clauses instead of the line of credit advertised and authorized. I am in the advertising business. This is illegal practice called bait and switch. A line of credit is not the same as a mortgage. 
That is why upon paying the balance on the loan XXXX closed it. I had opened the line of credit open to finance my business. 
- FEMA confirmed to me that XXXX XXXX XXXX XXXX the company that issued the imposed flood policy is not registered with them. If the {$1200.00} taken from my account did not go to FEMA where did it go? 
-I am still owed {$1200.00} plus interest for funds withdrawn from my bank account without my consent to pay for a flood   policy that was in place.n -Capital One responded in writing that I have to deal with XXXX XXXX XXXX XXXX because they no longer own the loan. 
XXXX XXXX XXXX to date has not reimbursed the {$1200.00} withdrawn from my account to cover the imposed flood  policy.

Company response to consumer: Closed with monetary relief