Consumer complaint received 2016-10-21
Company: U.S. BANCORP
State: TX
Product: Mortgage
Sub-product: VA mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
My complaint is w/ US Bank . My husband and I are XXXX military, in XXXX XXXX we received orders to move after living in our homes for XXXX yrs. The housing market was upside down and we were unable to sale our home. After renting it out for 2 yrs then having difficulty finding new renters we decided to apply for a shortfall under the prgm we thought was to assist military members in our situation. We submitted the first shortfall application in XXXX once we had buyers. After many errors w/ the bank and XXXX different relationship managers the shortfall process went over a year, by then our buyers were tired of waiting and backed out. The bank later counter the offer but by then there were no buyers so the shortfall was closed in XXXX. We were unable to continue to maintain XXXX households so we fail delinquent. We then submitted a Deed In Lieu application, while waiting we got another offer so we requested the shortfall review again in XXXX XXXX. This time the bank entered the address wrong so instead of fixing it they made us resubmit all the documents with the incorrect address. It did n't seem like a valid solution but we did hoping it would get our package moving. Instead they came back requesting we got a letter from the township verifying the address, they then requested we have the address changed on paper, which the township would not do. Finally, we were told that the bank would figure it out. Once that was resolved they continued to request document after document every week, to include the sale agreement/contract, listing agreement etc. In the process we again went through XXXX relationship managers. The package was not deemed complete until XXXX XXXX, XXXX, which then we were told by our new relationship manager that the shortfall will now be reviewed and it should take 30-45 days to hear back with a decision. A little over a month I contacted the relationship manager, she then told me that our shortfall was denied but we were approved for a modification loan, even though we never applied for a modification loan. After trying to get clarification, she then told me that the shortfall was never looked at and that we were only considered for the loan. I was completely confused because 1. we only submitted a shortfall package 2. we were specifically told over the many times I called for a status fearing we would lose buyers again I was consistently told that our shortfall package was being reviewed and that shortfalls are n't as easy as regular sales and tend to take much longer. I just told to either accept the modification loan or appeal and request a shortfall. However, my buyers have been waiting 7 months and now discouraged to know that they have been waiting all this time for nothing. We were essentially lied to and misled by the bank for 2 years. My husband and I are both XXXX military which the bank is fully aware of, we 've provided documentation as well as it being acknowledged many times, we will never move back to XXXX so we would have never requested to keep the house, especially when we had people wanting to buy it. Our credit has unfortunately gone from excellent to bad over the past 2 years because we were unable to continue to maintain XXXX households. If the bank had been honest with us we could have looked into other options, instead they strung us along for over 2 years. Dealing w/ this bank has been a complete nightmare and has caused a considerable amount of stress. Most of the relationship managers did not keep us informed and some were very rude. The entire experience w/ US bank has been extremely unprofessional. My realtor has been in this field for yrs and has never seen this happen. I 'm hoping to get my concerns addressed and receive clarification on what really happened with my case. I also believe this bank 's processes need to be investigated. Thanks for your assistance.

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 non-monetary relief