Consumer complaint received 2016-12-11
Company: SUNTRUST BANKS, INC.
State: NC
Product: Mortgage
Sub-product: Home equity loan or line of credit
Issue: Credit decision / Underwriting

Complaint:
SUNTRUST BANK APPRAISAL FRAUD. Re : Equity Line. This went to State of New York, XXXX County Supreme Court XXXX County of XXXX Index # XXXX. I received a Notice of Settlement of Judgement in favor of Suntrust on XXXX/XXXX/XXXX. With the evidence I submitted to oppose Suntrust I can not see how XXXX. XXXX XXXX XXXX could have found in favor of Suntrust..My wife and I are in extreme poor health. My wife is XXXX and I suffer from XXXX XXXX and currently being monitored on a daily basis for a XXXX on a recall list. I had no opportunity to represent myself in Court and had my answer to Suntrust complaint delivered to Court.. We have no income other than Social security and had to move to XXXX to be able to pay affordable rent. Suntrust Grossly misleads the Court by challenging our assertion that Suntrust misrepresented the value of subject property. Thankfully, Suntrust, in their motion, provided appraisal report from XXXX, dated XXXX XXXX. This XXXX valuation of the Subject Property was the sole basis upon which Suntrust provided the increase in Equity Line of Credit and led me to believe I had far more Equity in than actually existed at the time. I respectfully Submit that the " valuation " utilized by Suntrust was a gross distortion of the property value as Suntrust 's chosen Appraiser used comparables which had in fact no actual relevancy to the subject property.I asked multiple times for a copy of the " Suntrust in house Appraisal " at the beginning of litigation in XXXX and never saw this until Suntrust included this document in a motion dated XXXX XXXX, 3 years after start of litigation. I paid {$250000.00} for the house in XXXX ( had paid off XXXX others mortgages with Suntrust on other properties from XXXX to XXXX. ). The XXXX Appraisal showed subject property, mine, at {$330000.00}. on XXXX, XXXX. Keep in mind that the real estate market had already taken a nose dive. The Appraisal was totally bogus and appraiser in own notes states they never saw the property but made a phone call to my wife asking about improvements, etc, .I did not pay for this appraisal, Suntrust did. The mission of the XXXX Appraisal was clearly to bump up property value to induce me into an increase in home equity line, which I did.Subject property is in a development, XXXX XXXX, with over XXXX XXXX on XXXX to XXXX acre lots and many houses are representative of mine. As a matter of Public Record XXXX houses were sold on my block within walking distance to my house and very similar to my house. XXXX XXXX XXXX sold on XXXX XXXX XXXX for {$100000.00} and XXXX XXXX XXXX sold for {$96000.00} on XXXX XXXX, XXXX. XXXX did Appraisal on XXXX XXXX ,9 months and 6 months after the XXXX houses on my block were sold.These sales were available on County Public records but not shown by XXXX because sales prices were too low even though these houses were similar to mine. If XXXX showed these on Appraisal, Suntrust would not have bumped up Home Equity Line. I owed {$180000.00} on Mortgage at the time and a real Appraisal would have disqualified any increase in home equity line given that the house was worth about {$11000.00} at the time. Suntrust appraisal shows value at {$330000.00}. 
To qualify this house for increase in home equity line the appraiser used comps way outside of any standards. They used comps from XXXX miles away, XXXX miles, XXXX miles, XXXX miles, XXXX miles in order to find higher value properties. Comparables were available ON MY BLOCK. Your own CFPB Press Release of XXXX XXXX, XXXX details Suntrust 's abuses uncovered by CFPD, D.O.J., XXXX. and XXXX XXXX in XXXX States. My wife and I have nothing thanks to Suntrust and we need help in stopping these proceedings. The judgement will be finalized on XXXX XXXX at XXXX A : M Supreme Court, XXXX County Index # XXXX. Please HELP.

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