Consumer complaint received 2018-02-27
Company: CAPITAL ONE FINANCIAL CORPORATION
State: WA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
My lender is Capital One, and they have unfairly and continuously threatened to foreclose my home. 

I am now in Chapter XXXX bankruptcy and I was asked by the court to modify my loan for which I am perfectly qualified. I was in financial distress in the past few years, but I have recovered substantially. In the meantime, I have been making substantial payments to capital One through my chapter XXXX plan. 

In my hardship letter that I included in my Capital One loan modification application, I reassured them about my financial improvement. I have sent them sufficient pays-tubs to prove my affordability status, which should be beyond their requirements. 

My loan modification was denied and instead, they have offered me two options : short sale or deed in lieu of foreclosure. 

I have to mention that I also have sufficient equity in my home per Capital Ones appraisal report. So neither one of these to options of short sale or deed in lieu of foreclosure should apply to my case. Their conduct to attempt to foreclose me under these circumstances should be unethical, if not criminal. 

I received a Right to Appeal Notice from CapitalOne. This letter provided a deadline of 17 days from the date on the letter that had already passed when I received the letter. I had previously received phone calls regarding rejection of my loan modification, but I was not given a deadline for appeal. Therefore it was impossible for me to respond and request an appeal in a timely manner when I did not even have the actual letter in hand. However, I attempted to send them the appeal anyway, hoping that it would be accepted. 

I have asked Capital One to make necessary corrections in their files, and to complete my request for a loan modification with the 2 % interest APR as I was quoted. They have referred me to their escalation department and then to the office of their president pretending that they care to help. But when I talked to the individuals in these departments, I received nothing but negative remarks. 

It is worth mentioning that I have received numerous letters from CapitalOne assigning different account managers each time to my case. Neither one has much information about my case or an answer any questions when I call for help. They are hired to just read a few lines from a script. 

Many of these account managers have advised me NOT to send updated information about my income after filing my first loan modification application because adding information would only delay my approval. So now that I am indeed denied, they are asking me to send updated information as an appeal or worse, as a re-application from scratch. 

I am confident that I can afford the payments once my loan is modified. Plus, there is excessive amount of equity in my house. Being in bankruptcy, I have been ordered to submit a modified loan with an imminent deadline. However Capital Ones proposal to offer me a short sale or deed in lieu of foreclosure do not apply to me due to my excessive equity and my affordable income. 

I am a single XXXX old woman, and I have had this house for 19 years. I can, and I need to keep the house, but somehow the bank is determined and threatened to take it away from me. 

I need a loan modification for my Chapter XXXX plan to be approved, and I would really appreciate your guidance in getting an accepted loan modification.

Company response to consumer: Closed with explanation