Consumer complaint received 2016-02-27
Company: CAPITAL ONE FINANCIAL CORPORATION
State: LA
Product: Mortgage
Sub-product: Home equity loan or line of credit
Issue: Application, originator, mortgage broker

Complaint:
IN XXXX MY HUSBAND AND I SECURED A HOME EQITY LINE OF CREDIT FOR XXXX THROUGH XXXX BANK. A YEAR LATER CAPITAL ONE PURCHASED XXXX BANK AND ACQURED OUR LOAN. OUR PROBLEMS DID NOT START UNTIL XXXX WHEN CAPITAL ONE PLACED AN ESCROW ON THE ACCOUNT AND STARED ADDING FORCED PLACED INSURANCE ON OUR HOME. DURING XXXX OUR HUME WAS DESTROYED IN HURRICANE XXXX AND INSURANCE WAS NOT REQUIRED AT THIS TIME BECAUSE THERE WAS NOTHING TO INSURE. THIS WAS EXPLAINED SEVERAL TIME AND AND ESCROW WAS REMOVED FORM THIS ACCOUNT AND ANY FORCED PLACED INSURANCE WAS REFUNDED. HOWEVER, IN THE COMING YEARS ON XXXX FORCED PLACED INSURANCE WAS ADDED AGAIN ALONG WITH ESCROW. I CALLED SPENT NUMEROUS HOURS ON THE PHONE ; SENT LETTERS AND PROOF OF INSURANCE. IVE RECORED EVERY CALL AND KEPT COPIES OF EVERY LETTER I WAS SENT ; AND LETTERS I HAVE SENT CONCERNING THIS ISSUE. SUBSEQUENTLY, IN XXXX I RECEIVED A REFUND FOR FORCE PLACED INSURANCE FOR THAT YEAR. HOWEVER, IN XXXX I WAS BILLED AGAIN ONLY TO GO THROUGH THE SAME TIRING PROCESS AGAIN. THIS HAS HAPPENED OVER AND OVER AGAIN. WE WERE NOT REFUNDED ANY FEES OR INTEREST DURING THIS PROCESS. LET ME ADD WE HAVE NEVER BEEN WITHOUT INSURANCE ON OUR HOME AND THE POLICY NUMBER WE HAVE WITH XXXX IS THE SAME POLICY NUMBER WE HAD FOR 30 YEARS. 
FAST FORWARD TO XXXX THE HOME EQUITY LINE OF CREDIT ( WHICH I THOUGHT THAT MY HUSBAND AND I SIGNED FOR XXXX ) BECAME DUE IN 15 YEARS. NO PROBLEM RIGHT WE HAVE EXCELLENT CREDIT RIGHT. WRONG!! WE WENT INTO THE LOCAL BRANCH FILLED OUT INFORMATION TO OBTAIN A LOAN PAYOFF OF AN EXTENDED LINE OF CREDIT. WE GAVE ALL INFORMATION NEED TO OBTAIN ANOTHER PAYOFF FOR THIS LOAN. WE HAVE OVER ONE MILLION DOLLARS IN ASSETS ; AND MINIMAL DEBTS. BUT WE WERE TOLD THAT OUR DEBT RATIO WAS TOO HIGH AND WE WERE TURNED DOWN FOR THE LOAN. I UNDERSTAND THAT BECAUSE OF CHANGES IN THE WAY LOAN ARE PROCESSED FOR SMALL BUSINESSES THAT WE MAY HAVE SOME PROBLEMS ; BUT IT TOOK XXXX 4 MONTHS FOR THIS PROCESS. BUT IT GETS BETTER ; WHILE WE TRIED TO GET A LOAN NO ONE AT CAPITAL ONE INFORMED US THAT WE COULD GET RE-MODIFICATION ON THIS LOAN. FIRST WE WERE ROUTED TO LOSS MITIGATION WHICH IS A JOKE. IT TOOK CAPITAL ONE UNTIL XXXX XXXX TO LET US KNOW WE DID NOT QUALIFY FOR LOSS MITIGATION ( THEY ALSO DID NOT GIVE US ANY REASON WHY WE DID NOT QUALIFY FOR LOSS MITIGATION. WE CONTINUED TO PAY THE INTEREST ON THE ACCOUNT UNTIL XXXX OUR CHECK WAS MAILED BACK ADVISING US THAT THE WHOLE AMOUNT OF THE LOAN WAS DUE. THEN WE STARTED RECEIVING LETTERS CONCERNING FORECLOSURE OF SHORT SALE. AFTER CONTACTING LAWYER, XXXX FROM CAPITAL ONE CONTACTED ME OFFERED A LOAN RE-MOD WITH THE TERMS AND INTEREST RATE. ( THIS WAS IN XXXX XXXX ). I DISCUSSED IN DETAIL THE PROBLEMS WITH THE ACCOUNT ( FORCED PLACED INSURANCE ) AMONG OTHER THINGS.. I WAS ASSURED THAT THE LETTERS WERE COMPUTER GENERATED AND I WOULD NOT GET THEM AGAIN. NO OTHER INFORMATION WAS NEEDED AND ORIGINATION WILL CALL TO SCHEDULE WHEN WE ARE TO CLOSE. WE ARE STILL WAITING TO CLOSE THIS ACCOUNT IS STILL IN ORIGINATION ; AND THE FORCED PLACED INSURANCE IS STILL BEING PLACED ON THIS ACCOUNT. I HAVE A PRINT OUT IN AN EXCELL SPREAD SHEET FROM CAPITAL ONE OF EVERY TRANSACTION THAT TAKEN ON THIS ACCOUNT SINCE XXXX ( SINCE THIS COMPANY HAS CHANGES SYSTEMS OVER THE YEARS ) I ALSO REQUESTED AND RECEIVES ALL PRINT OUT OF NOTES FROM CSR CONCERNING EVERY CONTACT SINCE XXXX. WOULD I RECOMMEND CAPITAL ONE TO ANYONE ABSOLUTELY NOT!!!!!!! WITH ALL THE COMPLAINTS CONCERNING CAPITAL ONE HOME LOANS AT THIS TIME, I AM CONCERNED THAT THIS COMPANY HAS NOT BEEN FINED BY THE GOV. OR INVESTIGATED CONCERNING MISMANAGEMENT OF LOSS MITIGATION FUNDS ON THE HOME LOAN SIDE. I AM SENDING A COPY OF THIS COMPLAINT AND ALL DATA THAT I HAVE OBTAINED AND ALL STATEMENTS TO THE ATTORNEY GENERAL.

Company response to consumer: Closed with non-monetary relief