Consumer complaint received 2018-11-13
Company: U.S. BANCORP
State: MO
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Struggling to pay mortgage

Complaint:
I built my home in XX/XX/XXXX and have paid mortgage and home equity loan payments as scheduled until the time after my job was eliminated in XX/XX/XXXX. I am now employed, however, I am making significantly less money and its a struggle to make the payments. My primary mortgage is with XXXX XXXX  and they are been very reasonable in restructuring my loan to make the monthly payments. US Bank has not been cooperative and I believe their actions are unreasonable and fraudulent and their ultimate goal is to foreclosure on my home. I have included my history with US Bank to provide insight on the reason that I believe US Bank is seeking to foreclosure on my home. At a minimum, based on the terms of the loan, it is highly unlikely that I will every pay off the loan. 

In XX/XX/XXXX, due to the death of my Dad and funeral cost, I borrowed additional monies from a current home equity. The terms of the loan were modified and I made regular monthly payments where the monthly minimum payment fluctuated. 

In XX/XX/XXXX, my position as XXXX of XXXX XXXX was eliminated and I was unemployed but continued to make payments up until XX/XX/XXXX. Thereafter, I struggled to make payments and entered into an agreement with the US Bank Collections department to pay {$130.00} per month in XX/XX/XXXX. I later realized that US Bank accepted my payments and charged a late fee. 

In XX/XX/XXXX, US Bank refused to accept my payments at the local branch and shut off my on-line access to the account that prevented me from making payments. Also, in XX/XX/XXXX, I received notification from a US Bank attorney that US Bank was starting foreclosure proceedings on my home. 

In XX/XX/XXXX, US Bank agreed to accept a cash payment of {$2200.00} to bring my account current and stop foreclosure proceedings and allow me to make monthly minimum payments no more than {$200.00}. I provided cash in the amount of {$2200.00} to the XXXX and XXXX XXXX branch of US Bank on XX/XX/XXXX. I also applied for a loan modification to get the payments reduced/restructure the loan. The branch converted the cash into a cashiers check and sent the check to another US Bank location and the check was lost and then found on XX/XX/XXXX. 

During this time, I could not access my account and did not receive bank statements showing the minimum monthly payment due for the months of XXXX, XXXX, XXXX and XXXX. I made repeated requests for a statements showing how the {$2200.00} was applied to my account and what is the new monthly minimum payment amount. US Bank did not provide that information. 

In XX/XX/XXXX, I received a statement showing a repayment plan that required me to pay over {$2600.00} to again bring my account current and prevent foreclosure proceedings from starting again. 



In XX/XX/XXXX, I received the history statement that I requested and it shows the following : From the payment of {$2200.00} that I made on XX/XX/XXXX, {$340.00} - applied to late fees {$1200.00} - applied to interest {$600.00} applied to principal {$2200.00} total amount paid on XX/XX/XXXX From the payment of {$2800.00} that I made on XX/XX/XXXX : {$29.00} applied to late fee {$740.00} applied to interest {$2000.00} applied to principal {$2800.00} - total amount paid on XX/XX/XXXX I understand that banks are in business to make money but I believe the application of late fees for a period of time that the bank would not accept a payment as well as the times when I made payments for the period of XX/XX/XXXX to current is excessive and fraudulent. 

With regard to the application of interest and principal, I believe the amounts are appropriate and that more of my payment should be applied to the principal of the loan instead of the interest. 

Further, US Bank committed to provide me with a response to my appeal for the decision that they made to not modify by load with reduced monthly payments. US Bank committed to respond to my request by XX/XX/XXXX and they have failed to respond. 

Additionally, I requested that the late fees be removed because they that accepted my reduced payments as agreed but still charged a late fee. US Bank has not responded. 

I also requested that the late fees be removed from the period of XXXX XX/XX/XXXX when US Bank refused to accepted my payments. US Bank agreed to review the request but has not responded. 

I also requested that US Bank remove the late fee that was assessed on XX/XX/XXXX prior to the due date of XX/XX/XXXX. I paid the full amount due plus extra money on XX/XX/XXXX. US Bank has not responded. 

I requested that US Bank reduce the interest rate to a fixed reduced rate and US Bank has not responded.

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