Consumer complaint received 2017-01-13
Company: U.S. BANCORP
State: OH
Product: Mortgage
Sub-product: Conventional adjustable mortgage (ARM)
Issue: Application, originator, mortgage broker

Complaint:
This is second complaint, in past six months on Lender US Bank. Soon after last complaint, after years of trying and struggling with home payment after existing predatory loan, US Bank put me in loan modification process. I was to be approved as long as I made 3 Trial Period Monthly Payments, for each of both mortgages I have. I made those 3 months of payments for both loans. Those monthly payments, in trial period, were definitely better than what I had been paying for years. I was told on 2 different occasions, by XXXX different associates, that those trial period payments were going to be pretty similiar to new modified payments. I recieved loan documents for main mortgage and I thought information was for both loans combined as it was n't far from what I had been paying for mortgage XXXX all along. It had escrow added in and was only {$75.00} cheaper from what I had previously been paying. I called US Bank and the relationship manager did not know, so she looked into it and called me back the next day stating it was for just first mortgage and second mortgage docs would come in a month or two. Well, first loan doc had to be sent back within 2 weeks and I had no clue what loan doc XXXX would even look like! But loan doc XXXX made monthly loan payment only {$75.00} cheaper a month. Suprisingly, after looking thoroughly and comparing new to old, US Bank raised my unpaid Principal Balance significantly AND added 5 more years to payoff. And the high interest rate of almost 7 % stayed the same. So all in all, this loan mod, was to save me {$75.00} a month but at the end of the day ... ..by signing this document US Bank pockets over {$70000.00} more on this loan than before. This was no loan modification! This was fraudulent and only working in their favor and I did n't even know timely, how loan XXXX modification looked. US Bank and their relationship managers tell you things only to hurt you in the long run from getting refinanced or getting any help. They tell you things only to stick you more than you were before. I have previously been told to go delinquent to get approved for process. I have been told 3 months ago to make trial payments which were significantly lower ( and supposed to be right on to new payment, minus escrow ), and I was told to totally ignore all letters coming to house because they are so-called computer generated and they do n't know what I am on as far as trial period. I received 3 certified letters and probably 2 letters a week saying I am behind on mortgage, for 3 months. I was up-to-date on mortgage before this, struggling with payment, but barely making it. After told to make trial payments only and seeing outcome of this RIDICULOUS loan modification for first mortgage, and having no option to decline because of making absolutely no sense to agree to this, I am told to be current I have to catch up both mortgages by paying $ XXXX+. US Bank told me to do this!!! They told me this loan mod would be beneficial since I was approved. It has been completely opposite and has damaged my finances and credit score even more!!!! The lender and it 's relationship managers have only lied throughout whole process, for years. I have every letter, every piece of note throughout whole process from phone conversations, from all XXXX relationship managers I have been assigned too. I have already began to next step so this bank do n't try setting up the next person and put through what I 've gone through.

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