Consumer complaint received 2021-11-16
Product: Mortgage — FHA mortgage
Issue: Closing on a mortgage — 
Company: U.S. BANCORP (MD)

Back on XXXX XXXX our loan modification was completed and filed ( attached ). We were having difficult times financially that led us to contact our lender for help with options. I was told about loss mitigation which would move our missing payments to the end of the loan. At the time to even qualify for loss mitigation we needed to be current which we were. We had to go delinquent to qualify for loss mitigation with only the goal to try and bring down the mortgage payment. We went delinquent for 3 months as required and then started our new trial payments. We missed no payments other than those to qualify. I believe I was mislead on the impact of what this process would do and what the $ XXXX was for on the deed of trust partial claim. Our mortgage when all said and down went down only around {$60.00} a month. The loan modification/loss mitigation process would essentially cost us $ XXXX for ultimately no real benefit. The amount was deceptively misrepresented and predetermined and not reflective of the situation we were in at the time which was only delinquent for 3 months to try and get the lower mortgage. We were never near foreclosure or not paying during these times. Now fast forward to XX/XX/XXXX we are selling and 2 days away from closing and see that we owe $ XXXX to HUD for a partial claim when we never needed any help close to this amount. 

At a minimum we would have expected 3 months worth of payments to be moved to the back of the loan ( $ XXXX ) and understood from the representative this $ XXXX number to be a max allowed to cover us if we did go deep into the need which again was never the case. Im essence 3 months of payments cost $ XXXX. There is again no mention of how this number was determined or why or the timeframe of consideration or current amounts due. 

I feel we were deceived snd mislead. Had I been told the full ramifications and impact that these minimal savings a month would cost us $ XXXX at any given time over the course of my loan I would never have done it. We are now one day from closing and have no choice but to proceed. Sadly I first received a letter from XXXX claiming to be our new serviced I assumed this was fraudulent as US Bank never notified us of anything. Then I received the same letter from ISN less than a week letter confirming in my mind the letter was a scam. When logging into my US Bank account for the past few years I see no mention anywhere of a second mortgage. Theres no indication of a second mortgage anywhere including my credit reports. Our investment in our home has essentially been stolen from us by US Bank in the way this was prepared and communicated. Our lifes financial investment gone in what we thought would be a our first real shot at a nest egg. We get very little. 

I hope that your offices can help us recover wherever we can after the fact. We close tomorrow with no other recourse as US Bank is claiming this is accurate but does not reflect an amount or time factor that was even close to our situation. Please help if possible. We have been stolen from. 

Thank you in advance for anything you can do. More details available if needed.