Consumer complaint received 2016-10-04
Product: Mortgage — Conventional adjustable mortgage (ARM)
Issue: Loan servicing, payments, escrow account — 
Company: SUNTRUST BANKS, INC. (GA)

I find it necessary to submit another complaint, as the CFPB should know other details of our long term experiences with SunTrust Mortgage, and the predatory practices we 've experienced during the term of this loan agreement. For years I questioned why our loan had never been sold off like so many loans I 'd heard about. In selling off the loan it likely would have become a XXXX or XXXX XXXX loan, thereby allowing us to qualify for the federal government re-financing and/or modification programs. But that was not the case for us. In the last two weeks since learning of this foreclosure sale, I have learned that my home was likely classified as a 'Priority Asset ' by SunTrust . Meaning, they intentionally retained the loan due to my home 's value and the value of the community/subdivision in which it is located. Case in point, in SunTrust 's response to my previous complaint, they stated that a short sale was not granted due to the home 's value. To me this means they have targeted my family 's home since the beginning of the mortgage agreement. Fast forward 10 years to XX/XX/XXXX, and SunTrust doubles our monthly payment, thereby instigating and/or ensuring the default status would be attained. I 've also learned about 'Pool ' insurance, the insurance mortgage companies purchase to protect them in the event of default. It 's very likely that SunTrust filed a claim when we defaulted and thereby collected a settlement as much as XXXX-XXXX % of the loan amount. I 've also learned the monthly interest only payments we made for 10 years, was likely invested on XXXX XXXX, as I now understand is common practice in the mortgage industry. How much more money did they make over those interest only payments on that investing? Also, in the early years of the loan as the payment amount changed, there were times when I mistakenly shorted the check I had written for the payment. Rather than applying the amount received and advising me of the mistake, SunTrust returned my check to me, and then applied late fees. Again, as we were not able to modify the loan, we fell behind on our payments frequently, incurring late fees. We even fell 90 days behind at least twice. Those instances also cost us their attorney 's fees plus late fees. Not to mention the XXXX we incurred while collecting the money to bring it current. We tried to sell the house multiple times. In XX/XX/XXXX after we 'd had the house listed for sale for 8 months, we were able to rent the house. The rent still did not cover the {$3600.00} payment. We moved out of the house for these renters, only to be XXXX by their XXXX son while we returned to inspect the home. Of course, we advised them when we would arrive. Our agent failed to secure a background check, but I then easily learned both the son and father had criminal records. This XXXX happened to us as a result of our efforts to manage the {$3600.00} payment. Then there was our attempts to sell the house last winter. Our reputation has been smeared by public foreclosure notices and the onslaught of junk mail received from other predators hoping to capitalize on our misfortunes. The XXXX caused by our trying to manage this mortgage has had an impact on my health. In XX/XX/XXXX during one of the periods we fell 90 days behind, XXXX. XXXX. XXXX. In XX/XX/XXXX and XX/XX/XXXX during our attempts to sell the house then, XXXX. I still suffer from XXXX. The result of trying to manage the mortgage.