Consumer complaint received 2016-01-19
Company: U.S. BANCORP
State: VA
Product: Mortgage
Sub-product: VA mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
I am a XXXX veteran and my wife is an XXXX with the XXXX. We changed duty stations from XXXX to XXXX XXXX, XXXX XX/XX/XXXX. We pay $ XXXX/mnth in rent in XXXX and $ XXXX/mnth for mortgage on our property in XXXX. When we moved to XXXX we put our home on sale but could n't get the value of home. US Bank authorized a short sale and our house was advertised as such. We received a letter from US Bank informing us that they would accept no less than ~ {$180000.00}. We have had a buyer willing to pay that price since XX/XX/XXXX. However, US Bank has been delaying the completion of the process. Each time the bank would request evidence, we submit the evidence but the bank will wait until month end and send us a notice that they do n't have at least 30 days to review the evidence. The bank would then request the same evidence and we would submit it in a timely manner. This process went on for over 6-7 months. We have submitted and resubmitted the same evidence over 5 times and yet we did n't get a final approval. The bank assigned us relationship managers to facilitate this process but we have gone through XXXX relationship managers due to no fault of our own. What has really frustrated us has been the fact that as of XX/XX/XXXX the bank did n't accept payments from us. I thought that this meant the process was about to be finalized but then they started reporting our account as delinquent. My realtor and I have contacted the bank on numerous occasions but no one seems to know who is doing what. The bank 's reps transfer us to the assigned relationship XXXX who never answers the phone but after several calls would inform us that all they do is act as a go-between for the bank and us. The collections arm of the bank informs us that the delinquencies are automatically reported and they ca n't do anything about that. They further state that because we are in loss mitigation ( short sale ) we have to just wait until an approval is completed. Meanwhile the delinquencies are being reported on our credit bureau profiles which is negatively impacting us and could have ramifications for our security clearances. Nobody at US Bank Mortgage has been able to satisfactorily answer our questions or taken the time to look over our file and stop any unjustified negative reports. As a military family this is placing such a weight on us. We have done everything in power to collaborate with the bank and afford them some leeway but the negative impact this process is having on us is unwarranted. We did not chose to relocate to VA but obeyed military orders and having to pay almost $ XXXX/month in rent while paying $ XXXX/month in mortgage payments is a burden we ca n't sustain. I am a XXXX XXXX veteran and currently do n't work so the financial responsibility is exorbitant. US Bank could have approved this short sale as of XX/XX/XXXX or even XX/XX/XXXX but they continude to delay the process and now we are getting significantly impacted negatively. I have made several attempts to contact US Bank outside of routine calls but have received nothing but inconclusive responses. Nearly all US Bank reps I 've talked to have expressed their lack of understanding for why getting a final decision is took so long. I thought that once we received the letter stating the minimum amount the bank was willing to accept for the sale of our home, everything would be completed. That has not been the case and we have made several compromises just to keep the potential buyer. We 've also provided US Bank with all requested evidence to make a decision on the sale but can not understand the delay or the lack of communication between different arms of US Bank. We had never been delinquent on any bills or financial obligations until XX/XX/XXXX. We have now lost the buyer and are back at square one with no hope in sight. We are in desperate need of your intervention.

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