Consumer complaint received 2017-07-04
Company: CAPITAL ONE FINANCIAL CORPORATION
State: SC
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
Complaint against Capital One XX/XX/XXXX IT HAS BEEN 3 MONTHS SINCE CAPITAL ONE HAS ADMITTED TO MAKING AN ERROR AND IT IS NOT CORRECTED YET. IVE SPENT NUMEROUS HOURS ON THE PHONE WITH PEOPLE WHO CANT ANSWER QUESTIONS OR GET THINGS DONE TO CORRECT AN ERROR THE COMPANY ADMITED TO MAKING IN XX/XX/XXXX. WE HAVE NEVER HAD A LATE PAYMENT OR BLEMISH ON OUR CREDIT AND DONT WANT ONE NOW DUE TO YOUR ERRORS AND LACK OF CONCERN TO CORRECT THEM. AT THIS POINT WE ARE READY TO CONTACT AN ATTORNEY TO TAKE LEGAL ACTION IF THIS SITUATION. <P/>Please refer to original CFPB complaint # XXXX | Capital One Case # XXXX XX/XX/XXXX -- Capital One acknowledged that they had made an error in our prior refinance on XX/XX/XXXX with ING ( now Capital One ) by not obtaining a subordination agreement from XXXX XXXX for our then second lien mortgage as requested. This error resulted in the XXXX XXXX loan sliding into first lien position and Capital One being in second lien position preventing us from refinancing with XXXX XXXX with a 3.75 % 30 year fixed mortgage. Capital One agreed to modify our current loan into a 30 year Fixed Rate at 3.75 % to correct this error AT NO COST TO US. <P/>XX/XX/XXXX We received, executed and returned the modification agreement sent to us from Capital One modifying our current XXXX ARM loan into a 30 year fixed mortgage at 3.75 %, with modified payments of {$790.00} beginning XX/XX/XXXX. We were told that they would sign and return the fully executed document to us and to continue to make our current payment of {$960.00} until the process was complete. We were told that they would do a principal reduction for any excess we have paid. We have ALWAYS paid our mortgage payment on time and continued to pay the XX/XX/XXXX and XX/XX/XXXX payment at the higher rate. Capital one booked these payments in a timely manner. <P/>XX/XX/XXXX I pulled our statement online and noticed that, not only has Capital One Reversed our XX/XX/XXXX payment but they are also showing a charge for a FC Title cost of {$220.00}! They are also showing us due for XX/XX/XXXX payment. <P/>REMEDY : 1 ) EXECUTE AND RETURN THE MODIFICATION AGREEMENT WE SIGNED ON XX/XX/XXXX 2 ) REFUND THE FC TITLE COST {$220.00} CHARGED TO OUR ACCOUNT AND THE OVERAGE WE PAID ( {$170.00} EACH MONTH FOR XX/XX/XXXX & XX/XX/XXXX PAYMENTS ) 3 ) POST THE PAYMENT YOU REVERSED THAT WAS MADE ON XX/XX/XXXX 4 )  SET UP THE ESCROW ACCOUNT YOU PROMISED TO SET UP DURING OUR CONVERSATIONS OVER THE PAST 3 MONTHS. <P/><P/>Conversation log from XX/XX/XXXX through XX/XX/XXXX XX/XX/XXXX spoke to XXXX XXXX regarding Capital Ones error & remedy letter. I asked 5 questions. o 1 ) can the 1st & second be rolled into one, o 2 ) if not will Capital One subordinate at a later date to XXXX XXXX should we decide to refinance that as a 1st mortgage at a later date o 3 ) what are the payments on a 30 yr. fixed at 3.75 % o 4 ) can they set up escrows ( also one of our reasons to refinance ) o 5 ) what about the {$750.00} we had already paid on the loan that fell through due to their error ( appraisal and subordination request that never happened ) No answers he will get back to me XX/XX/XXXX spoke to XXXX XXXX , ANSWERS : 1 ) cant be rolled into one 2 ) NO ANSWER 3 ) NO ANSWER 4 ) yes they can escrow no information available on that though 5 ) NO ANSWER XX/XX/XXXX XXXX XXXX is still trying to get answers to XX/XX/XXXX questions and start process to modify loan XXXX/XXXX/XXXX XXXX XXXX confirmed payment with escrows will be $ XXXX paperwork will be sent out for us to sign XX/XX/XXXX spoke to XXXX XXXX he said the paperwork is in Legal being written since its a special modification ( to correct their error not due to default ) it should be ready by the end of next week ( XX/XX/XXXX ) XX/XX/XXXX spoke to XXXX XXXX document is not back yet will touch base next week XX/XX/XXXX spoke to XXXX XXXX document is written they still need recording info from XXXX County ( really!!! ) I advised him that our XX/XX/XXXX payment was now due again and that I was going to make it so we arent considered late. He said to make the payment and they would do a principal reduction for anything we paid over the new P & I. He said he would call XXXX County to get the information ( This should have been done back in early XX/XX/XXXX). -- -- XXXX XXXX called back and said he had everything from the County and was sending out the modification agreement for us to sign. He also advised that he was going out on leave for a while and that XXXX XXXX would be taking over XX/XX/XXXX received modification agreement XX/XX/XXXX returned notorized modification agreement in XXXX envelope provided XX/XX/XXXX XXXX XXXX acknowledged receipt of the modification agreement and walked it over to the modification team for processing he will call me on XX/XX/XXXX with update XXXX/XXXX/XXXX XXXX XXXX left a message stating he didnt have an update and would call back on Monday XX/XX/XXXX. XX/XX/XXXX checked Capital One site to see if modification had been done. Not only has it not been done, they reversed our XX/XX/XXXX payment, are now showing us due for XX/XX/XXXX and charged us a {$220.00} FC Title searsh TIME TO CONTACT AN ATTORNEY!!!!!

Company response to consumer: Closed with explanation