Consumer complaint received 2021-03-13
Product: Mortgage — Home equity loan or line of credit (HELOC)
Issue: Closing on a mortgage — 
Company: BBVA FINANCIAL CORPORATION (CA)

This complaint is about BBVA USA with respect to our joint HELOC account. I file this complaint for 2 reasons : 1 ) A delinquency filed by BBVA on the HELOC account which is a complete misrepresentation of events, 2 ) To report to you our worst banking experience by far with their customer service during this process- they essentially display XXXX consumer care or support once they take your money. 

Regarding the delinquency : We have two accounts with BBVA USA, 1 ) mortgage and 2 ) HELOC, both for the same property and opened on the same day, XX/XX/XXXX. Both the BBVA mortgage and HELOC accounts are now closed. During the time of the questioned payment of {$580.00}, we were in the process of a refinance for these two loans. The final closing disclosures were signed XX/XX/XXXX. We were told that funding would take place on XX/XX/XXXX following the three-day holding period. Attached is a copy of signed closing disclosures that were performed with a notary public which include disbursement date of XX/XX/XXXX highlighted on page 1 as well as payoff amounts for both the mortgage loan and the HELOC on page on addendum after page 5. The payoff of the mortgage account occurred a week prior to the payoff of the HELOC account. We were told that this was due to a delay from BBVA in providing the title company with an updated and accurate demand letter. We do not know how to provide proof of this, but the closing documents show that the funds for both the primary mortgage and the HELOC, for a total of {>= $1,000,000} were present and ready for release prior to the 30-day period that would create a delinquency in payments. 

Reason would certainly stand to argue that it makes no sense why we would avoid or delay making a payment {$580.00} when there was clear funding for nearly {>= $1,000,000} to fund both loans held in escrow prior to the 30-day delinquency period. In fact, we were not contacted by BBVA regarding this discrepancy AT ALL. We contacted them on Friday, XX/XX/XXXX which is after the 30-day period and we informed them of the above. Not only were we told that this should not be an issue, but we specifically asked if this would cause an issue with reporting to the credit bureaus and were told it would not. Obviously, that is not the case, and now both my husband and Is credit score has dropped significantly ( >100 points for me ). 

Our financial obligations are over {$21000.00} each month and we take these obligations seriously. There is no reason why we would risk or jeopardize this over one payment of {$580.00}. As such, we do not believe that the reporting of this delinquency is an accurate representation of the facts and it inappropriately results in harming our credit scores under claims that are erroneous. 

Regarding BBVA customer care : We have spent over 20 hours+ being on hold and transferred from one department to another to address this issue and it has not yet been resolved. 

We have been put in touch with THREE different managers to address this problem, each one of them was very nice and attentive via telephone. We asked each of them for a contact phone number and e-mail address for follow up, all three gladly provided the information. However, every single time we have tried to reach them again through provided phone number and/or e-mail, we received ZERO response. It feels as if they are trained to follow those tactics. 

We have filed 3 or 4 official disputes with BBVA, were assured that we would receive communication from their corporate office for consumer support. Only ONCE did someone actually call from corporate, and other times we had to wait for snail mail to get a rejected dispute letters which provided no information nor explanation about their process or reasoning. Despite promises to e-mail or communicate via phone, which were supposedly attached to the dispute, we received one phone call regarding 1 out of 3 or 4 disputes, and that person failed to return any of our calls, phone messages or e-mails.

Our frustrations lie with BBVA for contradictory statements, poor communication, failure to take responsibility for shortcomings, lack of resolution to date, and no sense of loyalty or concern for client best interests.