Consumer complaint received 2015-09-22
Company: U.S. BANCORP
State: FL
Product: Mortgage
Sub-product: FHA mortgage
Issue: Loan servicing, payments, escrow account

Complaint:
In XXXX of 2015 I purchased my XXXX home from XXXX XXXX, financing with their lender - XXXX XXXX. A few months after closing on the home, my mortgage was sold to another lender ( as I was informed it would be ). My mortgage was purchased by U.S. Bank with the first payment to be made to them on XXXX XXXX, 2015, however, upon receipt of my first bill in XXXX, I noticed that the monthly payment amount was incorrect ( approximately $ 200/month higher than it should have been ). I immediately figured out that this mistake was based on the fact that the terms of my XXXX-XXXX-buy down ( clearly stated in my mortgage documents ) were not being accounted for. My first call to the customer service line to resolve this issue was met with, " I 'm sorry ma'am, that 's just what your payment is now, there 's nothing we can do about it. '' After I refused to accept this as an answer I was then transferred ( without my knowledge ) to the collections department. At this point, I was not late on any payments and the collections department was of no help to me. By the time I got off of that call, it was too late in the day to call back. Upon my second call to the customer service line, I was not given any answers, but told the issue I was describing would be " looked into '' and an inquiry request was submitted. About two, to two and a half weeks later I received a notice in the mail informing me that the incorrect payment I was calling about was, in fact, correct. I immediately called back, and because at this point my payment was late, I was directed to the collections department ... again. During this conversation, after expressing my frustration, I was finally able to obtain a fax number to which I could send the SIGNED mortgage documents stating what the correct payment should be ( attached ). These documents were submitted to U.S. Bank on XXXX/XXXX/2015 and confirmation of receipt was given when I called U.S. Bank later that day. In the weeks following XX/XX/XXXX, I received no resolution of the issue, and instead received countless calls, and letters in the mail informing me that I was late on my mortgage payments and my account was in default. As of XXXX/XXXX/2015, there is still no resolution and I have begun receiving letters stating that my account will be moved into foreclosure and I could lose my home unless I take action. This notification is deeply disturbing as I have only wanted to PAY my mortgage and continue owning my first home. I even signed up for Auto-Pay XX/XX/XXXX with the belief that the issue would be resolved in time for my next payment ( on XXXX/XXXX/2015 ). Unfortunately, there has been no effort to resolve this issue in a timely manner and for the past two and a half months I have been left feeling stressed, nervous and confused about what is happening, or going to happen, to my home. No one should ever have to make 15+ calls to a bank explaining how to read mortgage documents. No one should have to worry that after signing a contract to purchase their XXXX home, that the terms of that contract might not be honored a few months later when the mortgage is sold. The fact that I have wasted countless hours of my time, both during work hours and after, over the past two months to correct someone else 's mistake is beyond comprehension. This would n't stand in my line of work, and it should n't stand in the financial industry. Consumers should be given more support/answers when submitting a complaint as substantial as a complete-misreading-of-a-contract.

Company public response: Company chooses not to provide a public response
Company response to consumer: Closed with monetary relief