Consumer complaint received 2022-01-19
Company: TD BANK US HOLDING COMPANY
State: NJ
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Trouble during payment process

Complaint:
Previously there were XXXX complaints regarding TD Bank from myself. Currently there is legal actions in place by both TD against myself and Myself against TD. I will ask that the CFPB review the past complaints which to date are closed but not resolved. During this process I have had concerns of TD Banks practices and their attempts to cause failure on my behalf. Also during this process I have continually been researching and had discussions with others in similar but not same issues as myself. I have found that TD Bank has been actively working in a deceitful manner and is in violation of XXXX XXXX Practices. Predatory lending refers to unethical practices conducted by lending organizations during a loan process that are unfair, deceptive, or fraudulent. The Inspector general of the XXXX XXXX XXXX XXXX XXXX ( FDIC ) broadly defines predatory lending as " imposing unfair and abusive loan terms on borrowers '', though " unfair '' and " abusive '' practices. Though there are laws against some of the specific practices commonly identified as predatory, various federal agencies use the phrase as a catch-all term for many specific illegal activities in the loan industry which are defined case by case. One less contentious definition of the term is proposed by the practice of a lender deceptively convincing borrowers to agree to unfair and abusive loan terms, or systematically violating those terms in ways that make it difficult for the borrower to defend against. Predatory lending typically occurs on loans backed by some kind of collateral, such as a car or real property, so that if the borrower defaults on the loan, the lender can repossess or foreclose and profit by selling the repossessed or foreclosed property. The lender, or others as agents of the lender, may well profit from repossession or foreclosure upon the collateral. Typically the law may consider a loan to be predatory if the lender used pushy and deceptive tactics to get a vulnerable or unsophisticated borrower to agree to unfavorable terms. In my case TD used these Predatorial practices by 1. Trying to get me to add additional collateral reducing their risk prior to offering terms. 2. Requesting an over standard 6 month up front reserve on a tax escrow. 3. Collect additional upfront escrows only to find out they never paid the municipality. 4. After I paid TD requested monthly Escrows TD coming back with inflated terms. Specifically after the 1st complaint, TD agreed to work out the loan since they were deficient with notifications and had no knowledge the same as me that the loan matured. I was notified by XXXX XXXX from their work out department who requested that I pay off any back taxes with the municipality so she could work out terms. Later she sent me terms with inflated fees, interest and stipulated that I needed to add the other collateral in order to work out the loan. It was TD 's Intention to better their financial position prior to attempting foreclosure. Secondary, TD sent over new terms with an escrow monthly pay which was paid as per those terms only to find that TD did not pay the taxes and held the money. I discontinued the escrow payment and paid the taxes current myself. Since all this occurred, through networking I found another person ( to be named at a later time ) who just by chance is in a foreclosure with TD. He was also requested by XXXX XXXX to pay his back taxes so she could work out his loan and then came back with unfavorable terms. This practice of TD getting their distress, defaulting or other unresolved loan issues ( like mine ) with equity positions to pay fees to better TD 's financial position while the intention of trying to take back the properties is XXXX. I will continue to find others within the law who also may have a similar scenario. If it was done to two then there is more. I don't know if this action is a practice of policy by TD or if an action of the employee mentioned in this complaint. It should be investigated and will be pursued in our existing or new case filing. As a final I have continually made the monthly payments to date and have all taxes paid to date.

Company response to consumer: Closed with explanation