Consumer complaint received 2020-04-22
Product: Mortgage — FHA mortgage
Issue: Trouble during payment process — 
Company: TRUIST FINANCIAL CORPORATION (FL)

On XXXX I have had my FHA loan for 10 years and I am current but having issues due to Covid-19. I contacted SunTrust ( hereafter known as Truest Bank ) my mortgage servicer to request a deferment on my FHA home mortgage. The mortgage specialist,  XXXX, informed me that they were only providing forbearance plans of 3 to 6 months. Additionally she said that at the end of the time frame I would be responsible to pay the current month due plus all amounts that were due during the forbearance period. In my case this would mean that I would have to come up with {$6400.00} to bring my loan current. If unable to pay the entire sum, I had 2 options, I could refinance my 10 year old loan or they would try to come up with an agreeable payment plan. I turned down this option and once again requested a deferment of 3 months which could  then be repaid at the end of my loan. She told me that the only thing they are offering is a forbearance to help the people. I said that this option was NOT helping people but could jeopardize my family home by potentially ending up in foreclosure at a future date. At this time because I was thoroughly frustrated, XXXX told me to contact the Home Preservation Department. It saddens me that Truest Bank  are not working on behalf of me or anyone else for that matter. 

On XX/XX/XXXX the Truest home preservation department contacted me. I spoke with XXXX on a recorded line at XXXX XXXX. Once again she informed me that Truest Bank will only offer a forbearance of 3 to 6 months. At which time if I am unable to pay they may offer other options, but she was unable to specify what those options were. She suggested that they would offer an extension payment plan to make up the difference or simply refinance my loan. At this time I told XXXX that I didnt understand the banks position on this issue. I said, Back in XXXX  after the housing bubble, which was caused by greedy banks, the US Government bailed you out with tax dollars provided by the people. And twelve years later Truest Bank is not here to help the people. At this rate, after their last merger, now being the 4th or 5th largest bank in the US, they will be foreclosing on many many homes throughout our country based on so many unknown variables. Unsatisfied with her response, I asked for her supervisor. I finally spoke with XXXX. She was a bitter angry woman and very rude to me. She then gave me the exact same information that I received from XXXX. 

I am a XXXX XXXX in XXXX, Florida. My company was closed by the government to allow for social distancing and protection of both my staff and our customers. During this time my income has stopped. When we are allowed to re-open our flooring store, I seriously doubt that customers will return right away. I have financially been affected by Covid-19, so have all of our potential customers. It will take some time before my family, my business  and my customers feel financially and medically safe to request the services of my company. All of these issues are to no fault of our own. Additionally, my wife has been out of work for over 30 days and doesnt even have a return date. She is a XXXX  XXXX XXXX. Her office has been unable to procure the necessary PPEs to reopen their office. At this time they dont know the new guidelines that will be in place for working in the dental  field. 

Over the extremely long telephone hold times I decided to contact Congressman XXXX XXXX. I was fortunate enough to speak with XXXX XXXX. She was a world of information. She informed me that if my loan was federally backed, which it is, I was protected under the CARES Act. Since my loan is an FHA mortgage, she instructed me to contact the FDIC and the Consumer Protection Finance Bureau via email. She also informed me that SunTrust/Truest had similar issues after Hurricane Irmas State of Emergency. At that time they were required to give deferments and not forbearances.

As my loan is an FHA loan and Truest Bank is the servicer, I am writing to you for help and guidance as to what can be done. Without your help this situation will become a huge loss to the US Government and all the people who will be impacted by this issue. In  the end our Government will be left holding the bag again.