Consumer complaint received 2023-04-13
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — 
Company: TRUIST FINANCIAL CORPORATION (FL)

Truist recently completed a XXXX XXXX XXXX XXXX on or around XX/XX/XXXX and which has been the subject of previous CFPB complaints. The process took nearly 14-months and by no fault of my own ( completed my trial in XX/XX/XXXX ). I have requested since the beginning of this process that any additional funds left over after modification ( or left over for any reason ) be applied to my escrow account due to the expected and substantial homeowner insurance increase for XXXX for nearly all Florida homeowners. 


Upon completing the modification on XX/XX/XXXX, there was {$3400.00} of unapplied funds with the first modified mortgage payment due for XX/XX/XXXX. Truist applied {$780.00}, the new mortgage payment, for XXXX mortgage obligation, XXXX obligation, XXXX obligation, XXXX obligation plus {$340.00} paid toward principal. I was already one-month prepaid going into this final mortgage modification due to how Truist handled an overpayment in XX/XX/XXXX and refused to apply to escrow. 


My new homeowner insurance renewal, as Truist knows, is {$4100.00}, nearly a 2.5x increase on the renewal. I was expecting an increase, but even this increase took me by surprise. As I previously indicated to Truist in both electronic and mailed writings and by phone, I knew I had a serious escrow shortage for XXXX and Truist 's escrow analysis were not taking into account ANY increase in homeowner insurance, which for XXXX is expected to be substantial for nearly ALL Florida homeowners and mine approved to be very substantial. I am moving with great expedience to try and quote new homeowner policies, but it seems many will still be 1.5x or more than my policy this past year due to the age of my roof and other factors ( like lack of wind mitigation discounts ). On XX/XX/XXXX I called Truist XXXX XXXX department as I've been directed to contact for questions/concerns and I said I do not want Truist to XXXX themselves yet another month ( paying me all the way through XX/XX/XXXX before payment is past due ) and I certainly do not want more money to go to principal. At the very least I would like one of these payments to be reversed for {$780.00} and the principal payment for {$340.00} be reversed and a total {$1100.00} be applied to my escrow account which currently sits at {$2400.00}. This would bring the escrow account up to {$3500.00} with a homeowner insurance payment due for {$4100.00} XX/XX/XXXX. This is more than a shortage, I will have a deficiency. However, hopefully the deficiency will clear by XX/XX/XXXX. Then I have property insurance coming up for {$2400.00} in XX/XX/XXXX and if additional funds are not placed into escrow ongoing, that will be a deficiency as well. Therefore, as I've requested previously by writing and phone but was ignored or denied that Truist even has the ability to do this, I would like to request any additional funds paid each month from HAF advance payments please go to escrow. Currently my payment is {$780.00}. HAF is going to continue paying {$1100.00} monthly. I ask that this additional {$370.00} go to escrow each month and for the remainder of XXXX. This represents a monthly escrow payment of {$720.00}. 

If this does not happen, I suspect within 30-days Truist will be sending me a deficiency notice on my escrow account and requesting I write them a check for $ XXXX. I do NOT have this money. That should be obvious being I just completed a mortgage modification because I can not afford payments. Truist reps on XX/XX/XXXX told me that I have NO CONTROL over how to DIRECT PAYMENTS, which sub-accounts they are applied to. I have searched and searched and can not find these restrictions anywhere in my original mortgage contract. I am not aware of any Federal law that restricts my ability to put additional payments in escrow. As for HAF funds, escrow is an appropriate destination for those funds as long as they are not refunded in cash to me, the homeowner. Truist reps are restricting me from directing the additional funds to escrow instead of paying a future mortgage obligation or being forced to pay down principal. I am low income. I do NOT want to be forced to pay down anymore principal. That does nothing to reduce my payment, reduce interest, nothing and if it sits there 40-years, it will be worth almost nothing due to time-value-of-money ( especially in current inflationary environment ). I do not recognize Truist 's authority to restrict the direction of additional funds paid to my primary mortgage account and that Truist as full discretion to do whatever they want. If there is a Federal matrix that shows x amount of dollars must go toward prepaying four-months, please show me. If my mortgage contract states any additional funds I paid will be post however Truist feels they should be posted, please make me aware of these clauses or language. OTHERWSE - PLEASE - reverse one payment for {$780.00} ( the XXXX XXXX obligation ), {$340.00} principal payment be reversed, and a total {$1100.00} be applied to my escrow account THEN ongoing, change my escrow to {$720.00}.