Consumer complaint received 2022-02-17
Company: CITIZENS FINANCIAL GROUP, INC.
State: WV
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
My loan is owned by XXXX XXXX and serviced by Citizens Bank , National Association. 

I signed up for the COVID-19 forbearance program, in accordance with the CARES Act, in XX/XX/XXXX. At time of sign up I was assured over the phone that I would not be charged any accrued interest on my loan other than what was already scheduled for the deferred payments- which is in line with the CARES Act. Immediately prior to the forbearance program starting my remaining principal balance was {$180000.00}. 

During the forbearance period I was issued statements that still listed my remaining principal balance as {$180000.00}. 

In XX/XX/XXXX I made arrangements with the servicer to resume payments with the deferred repayment plan option. Over the phone I went over in great detail the details of the deferred repayment plan including what the remaining principal balance would be and confirmed what my Principal & Interest payments either be and exactly what my final payment date would be. At that time I verbally accepted to move forward with the deferred repayment plan. 

I want to note that the servicer, Citizens, required everything involving this forbearance program to be done over the phone. I requested documents in writing several times throughout the process to explain and confirm what I was agreeing to, and I was repeatedly not provided with written documentation. 

Since I was approved for the repayment plan I have noticed my online account shows the incorrect remaining principal balance. There is a XXXX balance of {$170000.00} and a XXXX balance of {$19000.00} for a combined remaining balance of {$190000.00}. I've also received one statement since then showing this. 

I called the servicer in late XXXX, and again I'm early XXXX after the statement was issued to let them know I thought the remaining balance was incorrect. During those calls I was told the information still needs to be updated in their system because the repayment plan approval was still in progress. 

I called them again today to check on the status and I was told that the deferred repayment plan had been approved over a week ago and all the information in my account should be up to date and correct. I explained I disagreed. The representative I spoke to said she understood my concern but there was nothing she could do about it. She asked her supervisor to weigh in and they are saying that I now owe them missed escrow and interest payments as part of my principal. 

I never agreed to anything along these lines, and it's not allowed in accordance with the CARES Act. I have to objection to deferred payments being structured as a XXXX balance on my mortgage, but the combined remaining principal balance should not be approximately {$11000.00} higher after the forbearance period then when I started. I have made 1 payment since coming off forbearance. By my calculations, my remaining principal balance should be {$180000.00} ( {$180000.00} - {$480.00} scheduled principal reduction if I hadn't been on forbearance ). 

I have included attachments for my statements that show my remaining balance before and after agreeing to the deferred repayment plan.

Company response to consumer: Closed with explanation