Consumer complaint received 2018-07-13
Company: BB&T CORPORATION
State: TX
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Trouble during payment process

Complaint:
We applied and were approved for our 2nd Heloc account at BB & T in XXXX, TX on XXXX. We were told the balance of the 1st Heloc would be rolled into the new account. The associate who handled everything has had multiple issues : 1. She said that there wouldn't be a formal appraisal of our home only a " desk top appraisal '' using internet information regarding recent sales in our location and perhaps a " drive-by ''. 2. We were told this procedure would be done in aprox. 3 weeks ( due to our history with BB & T etc. ) 3. After waiting for a closing date, we received notification that the hold-up was for a formal appraisal-which is taking awhile in our area due to volume of sales. 4. Once we were finally scheduled to close on XXXX we were told the funds would be available in 2-3 business days. The purpose of this entire transaction was to purchase land. We had to reschedule our original closing date to allow more time for our BB & T closing to be completed & funded. We delayed the closing on the land til XXXX, allowing a week to fund. 5. I was emailing the banker, the customer service link on the BB & T website, and contacting another banker with BB & T who had been transferred to XXXX XXXX to get a response as to WHY and when this loan would fund? Finally, on Friday, XXXX the XXXX banker phoned me to say that the local bank would '' advance '' me enough to close on our land deal. She said that the delay was due to an error she had in sending the closing paperwork via internet and also 6. She failed to collect a payment from us for {$1000.00}. I had to drive to the branch to pay this amount before I could get the " advance ''. She said that I couldn't transfer the funds to pay this online- HAD to come into the branch. 

So, after all the delays in funding I thought perhaps all the glitches were done. WRONG It got worse. I was told the old Heloc would disappear online, and it did. When the new Heloc was online it showed an available balance that I knew didn't include my old balance. I started calling, emailing etc. and this Bank doesn't have people to speak to- you get push 1 for. push 2 for ... and only to end at a point that there is " No such account '' or a balance that is NOT correct. I was told by customer service online to go to a local branch. Which I did several times. I constantly logged onto my accounts to see if anything I was emailing this bank was being addressed. I left my XXXX home to attend to a family member with medical issues for over 2 months and did all of my payments online. I made a {$1000.00}. payment on my new account ( believing it was my ONLY heloc account ) which exceeded what was normally due on my old Heloc. Then one afternoon I received a " Collection '' phone call from BB & T that my Heloc payment was past due! I told her that I was away from home and that the old Heloc had disappeared online and should've been closed since I closed on a new one at the beginning of XXXX? So I immediately made a 2nd mortgage payment in the month of XXXX to avoid having late payments on my credit. 

Now, along comes XXXX and I get a statement that says my monthly payment due on XXXX for the new Heloc is {$2200.00}! Which I began calling, emailing and trying to get taken care of when my husband brought me our mail in XXXX. 

My major complaints are that when this bank makes a mistake you can't find a single department, person or banker who has either the time or knowledge to help you. Even if it's the BANK 'S MISTAKE. I have scheduled appointments with TWO bankers and both of them weren't even at the branch at the scheduled time or place! I have gone into the XXXX XXXX. BB & T 3 times this week alone to try to get this entire Heloc straightened out. The poor associate that usually has to come over to tell me the banker I need to see isn't there is brutally honest : " No one here knows how to help you! '' I'm certain that there are laws to protect me from such incompetence. If they can't even get the 2 accounts combined, or explain WHY my monthly payment that prior to the new loan only required interest payments, has sky-rocketed to me making {$1700.00} XXXX payment and {$2200.00} XXXX payment. Why would I trust that the correct interest has been charged on these loans? Perhaps that is their intention-to keep the old balance at a higher interest rate for as long as possible? Is this how people loose their homes to foreclosure-the bank uses these Heloc accounts to lure us in to borrow against our equity and then they start sending statements for these absurd payment amounts? It's fortunate for us that I was financially able to make {$4000.00} in payments when I normally only pay {$1000.00}. ( which is normally 2/3 to my principle )! This really makes me fearful to complete the very project that I did the Heloc in the first place. If I can't get this resolved immediately I will probably need to apply with an entirely different lender to get away from BB & T.

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