Consumer complaint received 2016-09-21
Company: U.S. BANCORP
State: KY
Product: Mortgage
Sub-product: FHA mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
I purchased a home in XXXX, XXXX immediately after my divorce in XX/XX/XXXX. In XX/XX/XXXX, I had to relocate to XXXX, XXXX for my job so I rented the house and subsequently went through a nightmare situation with the renter, who did n't pay me for a while and finally did leave. I then put the house on the market and several months after, realized that any offer I would be able to obtain would require me showing up to the closing table with several thousand dollars that I did not have. So I started into the short sale process with US Bank, Account number XXXX, property address XXXX XXXX XXXX, XXXX, XXXX XXXX. After several months I finally received approval from them, and we began to collect offers. We went though several iterations of getting an offer, beginning the negotiation process with US Bank, the entire process taking so long that the buyers would walk away. Even one buyer invested money in fixing the house up so that it was pass inspection for his lender, but we could never get a response on the offer from US Bank. So the buyer walked away, we found another buyer, then US Bank would say my paperwork had expired and I had to reapply. So I would do that, several months later get approved again, obtain another buyer, only to have it fall through because of no response from US BANK. At this point we are approaching three years since I began the short sale process with US Bank. The home has been sitting empty and is nearly falling in at this point. I live hours away and can not maintain it. The most recent offer came XX/XX/XXXX and was for XXXX, the bank had stated the offer needed to be at least XXXX for it to work. Months after submitting the offer, the bank told me the paperwork had expired and I had to reapply for short sale approval. I did this and only a few months ago got approved, the buyer was still interested. So we started moving along and then my representative quit US Bank, the last email she sent was saying that everything was approved, and we were just awaiting approval letter. Now they are telling me it is n't even approved, even though I have an email from this person saying it was. My house has declined in value so much at this point I do n't know I can ever get another buyer. I have been threatened with foreclosure multiple times even though I 'm doing everything for short sale. My understanding is that other people in this situation are able to get through the short sale process in about a year, and I 'm approaching three. I qualify for this program due to relocation for my job, so I 'm not sure why US Bank is treating me this way. The damage that has been done to my credit is something you ca n't imagine, I could n't get credit for anything at this point. Even my car insurance rate is through the roof, I have no access to any credit in case of an emergency, and when I had to trade cars last year I was nearly declined even for that. I now pay more than anywhere near fair market rate because of this situation. XXXX XXXX. I really hate filing this but honestly do n't know what else to do.. plenty of other people have been able to sell their house via short sale, I 'm not sure why not me.

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