Consumer complaint received 2021-09-27
Company: TRUIST FINANCIAL CORPORATION
State: VA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
In XX/XX/2020, I called my lender BB & T now Truist. to request a forbearance on my four mortgages. I am a real estate investor and property owner and several tenants fell behind in rental payments due to COVID hardships. When I signed up, I was told by the representative that the repayment of the forbearance would be structured in several different ways and I could choose which one I desired. She said one of the options would be to pay the loan for the remainder of the outstanding months on the original loan plus the number of months missed by the forbearance. 

I renewed the forbearance several times for a total of 12 months. In XXXX this year, I called to request an end to the forbearance. When the paperwork came, I was only offered a deferral plan which would be to pay the loan for the remainder of the outstanding months on the original loan plus a balloon payment for the amount not paid in the forbearance. I don't know how I am going to do that. I called Truist and asked about this and the representative said two of my loans are with XXXX XXXX, one is a VA loan, and one is serviced by Truist. I have contacted the VA and have that straightened out. I have filed a complaint with Truist for their loan and called XXXX XXXX to file a complaint. I was told the other options was to extend the loan out to 40 years to repay. This is absurd. Just calculate the additional interest paid. 

The representative at XXXX XXXX agreed that there was a verbal offer to extend the loan for the number of months in forbearance, but said " We took that off the table '' I said we had a verbal agreement and I was not notified that you changed the terms of this loan and I find it fraudulent and predatory, She seemed to think that it was not a big issue. I asked her " How am I suppose to get that lump sum in 8 years, ( the remaining length of one of the loans )? '' and she offered the 40 year option. This should not even be on the table. 
I have requested that a supervisor call me back to discuss. 

I am also waiting to hear from Truist. 
I will add that I received the paperwork date XX/XX/XXXX on the XXXX and the return date is the XXXX. I started working on this on the XXXX. This is not enough time to go through and try to modify and meet the suspense date. I feel rushed and don't want to sign it and return until this has been addressed. 

To Summarize : I was offered the forbearance with the idea that I could extend the loan by the number of months missed during the forbearance time. The payments would be the same ( disregarding the normal rise due to escrow changes ) just extended by the XXXX months. The representatives of the loan servicers I have spoke to in the last few days all agree that this was the agreement. This was all done verbally on the phone. When the time came to end the forbearance, this was no longer an option. Each time I called to renew the forbearance I was not told this. If I knew the choices were to be the two new options offered, I NEVER would have done this. 

XXXX XXXX loans : Loan number XXXX address XXXX XXXX XXXX XXXX VA XXXX Loan Number XXXX address XXXX XXXX XXXX XXXX VA XXXX Truist Loan Number XXXX address XXXX XXXX XXXX XXXX XXXX, VA XXXX

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