Consumer complaint received 2022-07-02
Company: U.S. BANCORP
State: CA
Product: Mortgage
Sub-product: VA mortgage
Issue: Struggling to pay mortgage

Complaint:
Filing complaint against US Bank for not providing us with accurate information regarding forbearance and request for Mortgage Assistance. 

XXXX XXXX was employed making an estimated {$110000.00} annually income. Lost job XX/XX/XXXX XXXX XXXX XX/XX/XXXX re-employed making an estimated {$60000.00} annual income XXXX XXXX was employed making an estimated {$80000.00}. Lost job in XX/XX/XXXX XXXX XXXX was re-employed XX/XX/XXXX ; various jobs between then and XX/XX/XXXX making an estimated {$60000.00}. As of XX/XX/XXXX making {$70000.00} In XXXX we applied for a Mortgage Assistance plan through US Bank with the intent to lower our monthly mortgage payment. At that time we were informed by US Bank to stop paying our monthly mortgage payment until a decision was made. 

We were declined for the Mortgage Assistance Plan to reduce our monthly mortgage payment by US Bank due to, in their opinion, we had the ability to pay. 

We were told we could reapply which we did. Declined again. 

Then we were told that we could do a forbearance in 3 month increments and the missed monthly payments would be added to the back end of our loan We continued the forbearance for 12 months. At the end of the12 month forbearance, XX/XX/XXXX, we reapplied, as instructed by US Bank, for Mortgage assistance. After being denied due to lack of documentation, which we provided, we reapplied again. 

XX/XX/XXXX we were finally made an offer by US Bank. The offer stated our monthly mortgage payment would {$3500.00}, on a 3 month trial basis. This is {$500.00} MORE than our original monthly mortgage. 

Numerous telephone conversations with US Bank Representative XXXX XXXX XXXX and various other US Bank Representatives at Bank were had. Below are just a few examples of conversations we had. Unfortunately, we did not document dates and times. However, according to US Bank, all calls are being recorded, therefore all conversations should be document with US Bank. 

During conversations with US Bank, we were always informed that all missed payments would be applied to the back end of our loan. 

One conversation, a representative stated that the new offer was at 4.5 % interest rate at which time we questioned because our current loan is at a 3.5 % interest rate, the man backtracked his comment at which time, we felt US Bank failed to disclose terms of trail plan offer. 

We asked for documentation showing a breakdown of what the {$3500.00} consisted of. We were told they could not do that. 

We asked for a more detailed agreement than the XXXX page document they provided. Again, we were told they could not do that. They expected us to sign an agreement which had no details other than an amount We discussed the situation with our loan broker and he also stated missed payments under forbearance should go to the end of a loan. He also stated that when applying for Mortgage Assistance Plan, the monthly payment should go down, not up. 

Also, discussed with XXXX XXXX XXXX regarding the missed payments and they also stated the missed payments should be applied to the end of our loan. 

We responded, in writing on XX/XX/XXXX, to US Banks letter, prior to their deadline provided, stating that we declined to accept their trial plan offer of {$3500.00} and we would resume paying our original monthly mortgage, starting XX/XX/XXXX, based on our original loan agreement of {$3000.00}. 

No further documentation or phone calls were received from US Bank after we sent our declination letter. 

On XX/XX/XXXX we tried to pay our mortgage on US Banks website. Their website would lot allow us to pay less than the {$3500.00}, which we did not accept. 

When we called US Bank to discuss further, we were told that there must have been some confusion because we missed 22 months of payments and we needed to make that up. After several minutes of discussion regarding the situation, the representative hung up on us. 

We made a payment of {$3100.00} through our bank account to US Bank using bill pay on XX/XX/XXXX. 

Attached are the following documents The offer letter received from US Bank dated XX/XX/XXXX Our declination letter declining their trial plan offer dated XX/XX/XXXX

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