Consumer complaint received 2020-04-09
Company: U.S. BANCORP
State: OR
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
I have been trying to reinstate my mortgage with US Bank as it went into foreclosure earlier this year. 

1. Around XX/XX/XXXX, I received a statement pictured in the attached image. It listed the reinstatement amount as {$23000.00}. 
2. After going through an exhaustive process, exacerbated by my being a XXXX  during this pandemic, I was able to just barely amass the needed funds. 
3. On Monday XX/XX/XXXX, I spent well over an hour on hold before hanging up, trying to ascertain details as to the amount and if there would be someone there to receive payment. I have phone records that can prove this. 
4. On XX/XX/XXXX, having no other alternative, I XXXX XXXX payment to the address provided in the statement ( checks also in the attached image ) figuring it would be close enough. 
5. I tried calling again the next day and also hung up after being on the phone for a lengthy period of time. 
6. On Monday XX/XX/XXXX, I received a letter in response to my payment along with the cashier 's check for {$14000.00} saying the funds were insufficient. 
7. After a more than 2 hour hold, I was able to get through to a customer service representative where I was given the following information : A. US Bank knowingly shredded my personal check, telling me they only accept one check for payment. 
B. I had to request to get an exact amount for them which would take 7-10 days to receive.

8. I pleaded with the rep and told her that ; A. I had tried to get an exact  amount the week before but they failed to adequately cover customer service. 
B. Accruing additional penalties, while not my fault, would likely obstruct my ability to reinstate the loan. 
9. In response she told me ; A. The amount would not be much more than the $ XXXX in the statement. 
( I have a recording of this phone conversation to prove my points ). 
10. On XX/XX/XXXX, I received a reinstatement quote for more than $ XXXX, a 15 % percent increase. It said it was valid through XX/XX/XXXX. 
11. On XX/XX/XXXX, to my horror, I then received another reinstatement quote for more than $ XXXX. 

I don't even know if I can come up with $ XXXX, an amount that US Bank calculated despite the fact that they were negligent in their response and shredded part of my payment. I also don't know where these extraordinary increases are coming from as my regular mortgage payment is around {$1600.00}. Even if property tax ( $ XXXXmonthly ) and home insurance ( $ XXXX/monthly ) were added, they don't even come near the more than {$3000.00} monthly increases which, in my opinion, amount to usury. This doesn't even mention that I'm also behind in my HELOC payments to them - around $ XXXX currently due - and have no way of knowing whether or not that is separate from this all as I can't get them on the phone to get an answer. 

I am being punished because US Bank is unable to adequately perform their operations as the law requires and may lose my house as a result of their criminal negligence. Banks are being given bailouts by the federal government and being charged no interest for their debt, yet somehow they are being allowed to evict people from their homes unless their delinquent mortgages are paid along with exorbitant fees. This is beyond unfair. 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 explanation