Consumer complaint received 2023-12-11
Company: TRUIST FINANCIAL CORPORATION
State: FL
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Struggling to pay mortgage
Sub-issue: Applying for or obtaining a modification, forbearance plan, short sale, or deed-in-lieu

Complaint:
My first call to TRUIST re assisting with lowering my HELOC rate was on XXXX I was on the call, being transferred around to multiple representatives. The only suggestion that was offered was for me to go into a 3 month deferment plan where I would have to pay back the interest within the remaining 9 months of the year after the 3 months were over. When I explained this was an interest only loan, and that wouldnt help me since I would end up owing more money, I was instructed to go into a TRUIST branch to meet with an advisor. This call in total lasted XXXX hours with hold times, and being put into the correct department. 
I met with XXXX XXXX in person at XXXX XXXX XXXX, in XXXX XXXX, fl. at XXXX the very next morning ( XXXX ) and she was told that the branches couldnt provide assistance. She put me in touch with the relief department at HELOC where they encouraged me to fill out a XXXX XXXX XXXX XXXX. This took an hour I compiled everything that was asked of me and submitted the forms on XXXX. 
I received no communication, and even sent a follow up email to confirm they had received all the necessary paperwork. 

I spoke to XXXX, a representative from Truist on XXXX to let me know that the information was under review and they were seeing if I would be eligible to extend the life of the loan with an affordable interest rate. 

On XXXX I was told from my employer XXXX XXXX XXXX that my position had been eliminated and my last day of work would be on XXXX On XXXX I was contacted from TRUISt and told that I was not eligible for any relief, except for the original deferment option that I was provided on XXXX. When I explained that my position had been terminated, they said there was nothing they could do but put me in the same 3 month deferment plan that would essentially force me into owing more on my interest only HELOC within 9 months. I called back later that day to explain my situation again, and I was offered the same 3 month deferment option. today I called back again today, this time with my sister on the line who was trying to assist. The recommended I fill out the application again and add on that my position was eliminated. They recommended I call truist mortgage to try to combine my HELOC and my first mortgage. I did this as well. They said they were unable to do this, and offered the same 3 month deferment plan as the HELOC branch. I am currently on time with all of my payments. When I expressed that I didnt want this option, They recommended to fill out an application for mortgage assistance. Another XXXX hour call. 


Within the past 18 months, I shared with both the mortgage side and the HELOC side that I have undergone a XXXX, and a recent loss of job. I am a XXXX XXXX XXXX XXXX XXXX XXXX 

Bottom line is, I feel like I am being forced to go into default on my payments in order to get any loss mitigation relief.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation