Consumer complaint received 2019-06-03
Company: FULTON FINANCIAL CORPORATION
State: NJ
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Trouble during payment process

Complaint:
We are a Small XXXX XXXX who formed a partnership with another company in XX/XX/XXXX. We purchased vacant land with our own funds. XX/XX/XXXX business loan with XXXX XXXX XXXX XXXX   for secured construction line of credit {$130000.00} to build single family home. Loan was paid off. In XX/XX/XXXX, went back to XXXX XXXX XXXX XXXX and applied for another secured construction Line of Credit, was told approved for {$350000.00} only took line for {$250000.00}. XX/XX/XXXX loan has Balloon Payment. Lillte did my husband and his partner know, this loan was not the same. Spouses signed Promissory Note and Commercial Guaranty. Fulton Financial Corp acquired XXXX XXXX XXXX in XX/XX/XXXX, so XXXX XXXX XXXX XXXX name is on loan documents signed but Fulton behind deception. loan got extended at different times thru XX/XX/XXXX the Fulton has to get loan off books and forces loan into default. Also NEVER supplied any disclosure on High Cost Loan, Variable rate, borrowers NOT credit risk, Not start up, no modification with terms to benefit borrowers, had prior relati9onship with XXXX XXXX XXXX XXXX on 2 prior loans. Credit score 700+ for each Partner. Lump Sum Principal Payments required by Fulton in order to extend. Mortgage/note on both partners primary residence and vacant/lot XXXX XXXX in security. Never late on payments/default. Now Fulton got judgement on all parties in 2 months ( XX/XX/XXXX - XX/XX/XXXX ). Never made loan fixed with principal and interest. I as a wife signed note on all loans but in XX/XX/XXXX, I became a XXXX XXXX, XXXX XXXX, XXXX XXXX, XXXX XXXX XXXX, NJ, I Licensed XXXX. I did not sign any paperwork on loan since XX/XX/XXXX. When we received letter dated XX/XX/XXXX is when I became active in loan and gathering documents ( attached ). I also called the Bank and spoke with Asset Manager as well as Commercial Loan officer & Attorney who in civil case ( never seen judgement in 2 months ). I  was not hiring attorney to defend civil case because I had seen all the information online about Banks trying to give Commercial loans to borrowers when they are deceiving of loan information. This loan is PREATORY LENDING. Not only that, I have supplied proof that Fulton defraud on interest payments, forced flood, no ability to repay, back dating documents, getting back dated financials, having borrowers sign modification/reaffirmation ( same document ) with no different terms. Also, looks like 2 different loans. In XX/XX/XXXX when note due, borrowers pay XXXX on Principal, Fulton lowers loan amount ( see supplement ) and states note to be changed {$200000.00} ( loan amount ) Close Credit Line. XX/XX/XXXX, principal balance {$170000.00}, Fulton states ( supplement ) new loan amount/change note but never changes Note. Email 's show Fulton deception in asking for back documents and REQUIRING XXXX annual payments. Large Principal Payments backed out when made, reapplied after XX/XX/XXXX of month. Interest Payments also do not calculate correctly, see payment printout. Payment Printout to Borrowers, Bank would only go back XX/XX/XXXX. Attorney sent 2 printouts and what is on our printout do not match one from Attorney. Example XX/XX/XXXX Fulton Forced Flood XXXX. We do not live in flood area. Our printout shows PAY ADJ - Attorney printout FORCED FLOOD. One partner spoke with Bank thru out loan, until I received default letter on XX/XX/XXXX. Fulton Asset Manager stated that charge was because they could not verify insurance. Well that would be a lie since it states Force Flood. Never sent any disclosure or letter stating we were deficient in any insurance, which is required. Never Refund full amount flood, since not required and charged interest on principal balance. ANYWAY, I have attached the complaint letter, along with all documents as proof. Since Fulton put Partners and spouses into default, I, by regulations, had to surrender my Mortgage License.  So they not only defrauded monies, they have taken away my right to make a living for a LOAN that never paid any payment late but this loan should have went to fixed the Credit Line was closed by Fulton in XX/XX/XXXX. In NJ, 1 party consent to record phone calls, so I will not say who but I do have Fulton employees stating " No appraisal done, no disclosures of affiliated businesses, No Ability To Repay Done, Forgery ( see Modifications ) on signatures as well as dates crossed out and written in. Loan has had 3 different Bank name on it, but all Fulton Financial Corp. I will hire attorney but more import to FILE COMPLAINT TO STOP THEM, I know we are not only borrowers let alone, did they get any funding from SBA. SEE DOCUMENTS ATTACHED - All Employees and Attorney keep stating - Commercial - Regulations fall under FDIC, Federal Reserve, OCC, State of NJ DOBI, State of NJ Attorney General, and so on. NO DEPARTMENT BETTER CALL THESE VIOLATIONS " OVERSIGHT ''. Fulton Board Members and Ceo should be held accountable as well as XXXX XXXX XXXX XXXX Director who is now with Fulton Financial. XXXX XXXX   XXXX XXXX name on loan documents but return address for mortgage is Lafayette Ambassador Bank which is another Charter of Fulton Financial Corp. - Filing 2 complaint 's - Fulton Financial Corp. & Fulton Bank of NJ but only sending docs on one complaint.

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