Consumer complaint received 2021-06-29
Company: TRUIST FINANCIAL CORPORATION
State: KY
Product: Mortgage
Sub-product: VA mortgage
Issue: Struggling to pay mortgage

Complaint:
This VA backed mortgage account was under forbearance when I requested to apply for refinancing on XX/XX/XXXX. Instead, I received notice that I have until XX/XX/XXXX to come up with a lump sum payment of everything under forbearance, {$9800.00} plus any additional fees, payments and late charges that come due before that date, under threat of foreclosure proceedings on that date. 

Upon my first application for forbearance in XX/XX/XXXX, I was led to believe that the payments under forbearance would be nearly automatically placed at the back end of my mortgage, with little action on my part. Without this assurance, I never would have signed on to a forbearance agreement. 

I reached out to SunTrust now Truist on XX/XX/XXXX, as we are prompted to do in every correspondence and article, with my request for a refinance. Instead of responding to my direct request for refinance, SunTrust now Truist started the foreclosure clock ticking. They have yet to respond to ANY of my questions or requests, simply provided canned denial letters, never even acknowledging my request to refinance. 

Incidentally, although I have been reading that forbearance up to 18 months is possible, I had been allowed under 12 months protection when this demand letter came Dated XX/XX/XXXX. 

SunTrust now Truist has ignored the protections for VA mortgages under the VA mortgage loan program, the Cares Act and the American Rescue plan act in that they have refused to address my request for refinance, they are requiring me to make a lump sum payment of forbearance balance under threat of foreclosure and, although the foreclosure moratorium was extended to the end of XXXX, I am still under threat of foreclosure on XX/XX/XXXX. 

I believe I will be eligible to receive help under the American Rescue Plan Act {$10.00} XXXX dollar fund if and when Kentucky ever gets their process in place to distribute these funds. I am registered to receive notification when that happens. 

I have approximately 50 % equity in this property - my ONLY asset after the death of my veteran husband. 

My income is set to increase by approximately $ XXXX/mo in XX/XX/XXXX, on my XXXX birthday when I become eligible to collect Social Security survivors benefit. 

I have provided my plan for a cash out refinance sufficient to pay off my {$12000.00} auto loan and maintain the new mortgage payment for the 6 months until XX/XX/XXXX when XXXX benefits begin. I have worked in banking. I have made mortgages. I know this plan is perfectly doable. 

SunTrust now Truist has yet to respond to ANY of my requests to refinance OR questions about their non adherence to VA mortgage rules set out by Congress. 

I have never spoken to or received any correspondence from a loan officer. There is absolutely NO direct communication allowed for. You speak only to data processors by phone, who know nothing about the actual account. I stopped answering the telephone calls when the callers didn't even know the account was under forbearance or that I have written repeatedly. Instead, I have requested all correspondence to be in writing. Still, no acknowledgement of my request to refinance. 

I cared for my XXXX Veteran husband during his final years spent fighting XXXX XXXX attributed to his time in country exposed to XXXX XXXX. A terrible, violently painful way to die ... in service to his country. 

I ALONE cared for his every need along with all other duties and tasks while he was sick. I too, in that way, have served my country. 

I believe SunTrust now Truist should be held accountable to the promises Congress expressed through the Cares Act and the American Rescue Plan Act as well as the promises afforded by the VA mortgage loan program. 

There are millions of folks in my same situation all over the country. Banks should not be allowed AGAIN to run rough shod over the laws and regulations as they have in the past and most certainly NOT for VA mortgage loan borrowers. 

Any help in this matter would be greatly appreciated.

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