Consumer complaint received 2022-05-24
Company: U.S. BANCORP
State: TX
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
Good afternoon, I fell into financial difficulty in XX/XX/XXXX due to unemployment as a result of the XXXX pandemic. I was without work for XXXX months. During my period of unemployment I reached out to my mortgage lender, US Bank, and was provided with the option to defer my mortgage payments and enter into forebearance. 

I moved out of my home and rented my property. I entered into forebearance for XXXX months, from XX/XX/XXXX- XX/XX/XXXX. 

I remained in contact with US Bank during this time and was assured this would have no negative effect on my credit rating and that the bank would help me resume mortgage payments without a derogatory rating against payment history when my financial situation improved. 

In XX/XX/XXXX I contacted US Bank to resume mortgage payments. It was my understanding the outstanding balance would be rolled into the remaining balance of the mortgage and payments would resume as of XX/XX/XXXX when I attempted to exit forebearance. 

I contacted US Bank on or about XX/XX/XXXX and was advised I would need to file for loss mitigation. I took the necessary steps and submitted all required documentation. I called US Bank weekly for an update. I was met with reassurances that this would be resolved and that I would be able to exit forebearance and resume mortgage payments. 

On XX/XX/XXXX I received a certified letter, a notice from US Bank " Notice of Default and Right to cure '' providing me with 30 days to bring my account current and to provide funds in the amount of {$65000.00}. I immediately contacted US Bank and was told it was a computer generated letter and while I was my application was in process my account would not be negatively affected. I continued to contact US Bank weekly for updates with no resolution. 

On XX/XX/XXXX, I communicated with the Escalation Center with US Bank via certified mail, outlining my concerns. I made three payments toward my mortgage, requesting that the payments be reflected as current ( XXXX, XXXX, XX/XX/XXXX ) so I could look at the possibility of refinancing with another lender. The amounts paid were credited to the months when I commenced forebearance, XXXX, XXXX, XXXX, XXXX. 

In XX/XX/XXXX I contacted US Bank and was informed that my loss mitigation application was void due to my having tenants in my home and that it was necessary for me to reapply. 

I moved back into my primary property at XXXX XXXX XXXX, XXXX XXXX  on XX/XX/XXXX and as instructed reapplied to exit out of forebearance and to resume payments. I remained in contact with US Bank and on XX/XX/XXXX was advised by an agent that options would be available to me and a letter would be sent outlining my options. 
I never received notification of my options. 

I have however, continued to receive multiple notifications stating further documentation was necessary, which I provided. I also received multiple notifications stating my application was complete. 
The final piece of information was received on XX/XX/XXXX, stating US Bank was unable to reach a timely decision due to additional documentation from a third party, needed to evaluate my account for available customer assistance. 

Today I received a call from a US Bank representative stating I was denied assistance. The agent mentioned " short sale '' during the conversation. I asked for clarification and was advised that I would need to lodge an appeal by XX/XX/XXXX and to contact XXXX XXXX XXXX. 

In summary : * I am requesting to exit out of forebearance and to resume mortgage payments * I have the means and the income stream to resume payments * I have fulfilled all requirements requested by US Bank * I have been attempting to resolve this since XX/XX/XXXX * I do not wish my property to be listed for short sale ( this has never been discussed until the phone call today ) I have made multiple attempts to resolve this matter and have been met with inconsistencies and very little support. 

Thank you for your time and I look forward to hearing from you for next steps. 

Sincerely XXXX 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