Consumer complaint received 2017-09-25
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — 
Company: FULTON FINANCIAL CORPORATION (NJ)

We are having problems with Fulton Financial, the bank that we have a credit line mortgage with. They have made misrepresentations and we have since found out that they have been misleading us since origination. We were told that if we had an account open with Fulton Financial that our interest rate would never go up. When we began struggling a bit we went into the branch to discuss options and were told that they could not find our account. Unbeknownst to us they had closed out our account. Shortly after that our interest rate began to rise and we started paying later in the month to make ends meet. They started piling on late fees and just put us into a worse situation. When things were really bad we told them we could not keep up without some type of modification or lowered payment. Their representative XXXX XXXX told us that we had to be delinquent on the loan to be considered for modification or payment assistance programs. So we stopped making payments with the thought that we could now get modified. However, after a lengthy back and forth we were told that we ca n't qualify for any of their assistance programs because of our loss of equity ( something XXXX AVOIDED telling us ). We then were informed that our only option was short sale because we had REFUSED THEIR MODIFICATION OFFER. There WAS no modification offer. We are now in foreclosure even though Fulton has never offered us the option of mediation through the state of New Jersey. 
The purpose of this loan was to assist with the financing for solar power system for the house and to use the remaining credit to enter into that business. We were hit hard by the recession and this business was very competitive and we struggled. Although I have worked as a XXXXr for 18 years, around that same time there was a rough patch where I could not catch on during the post recession period, and I was out of work for three years. To help make ends meet my wife began working as a XXXX, but this does not produce income overnight, it takes time to build the business up. We struggled financially and reached out to see if Fulton Financial would work with us on the payments for the line of credit. That is when we were given misleading information by their agents and as a result of this advice and our financial situation we defaulted on the loan and applied for assistance. As mentioned we finally were able to get reviewed and were told that our loan was not eligible for any type of assistance or modification program. However, we later received correspondence that said we REFUSED the modification that was offered. None was ever offered, and now Fulton is trying to push us into short sale. 

Our financial circumstances have changed and we are in a much better position and able to afford a reasonable payment. I am working full time and my wife 's XXXX XXXX is solid. We also are caring for XXXX children that we have XXXX and are receiving XXXX XXXX XXXX XXXX XXXX XXXX XXXX We can make good on our mortgage payments, but our issue is that Fulton Financial is refusing to negotiate or work with us. Instead they have threatened foreclosure sale if we do not reinstate all past due amounts in one lump sum. This adjustable rate balloon loan that we are currently stuck in is no longer allowed in the state of New Jersey because of the predatory nature of these toxic loans. However, instead of working to fix it with us they have tried to set a foreclosure sale date.