Consumer complaint received 2024-04-05 00:00:00
Product: Mortgage — Home equity loan or line of credit (HELOC)
Issue: Struggling to pay mortgage — Applying for or obtaining a modification, forbearance plan, short sale, or deed-in-lieu
Company: WSFS FINANCIAL CORPORATION
State: NJ

Complaint narrative:
I opened up a $ XXXX HELOC account at XXXX XXXX  on XX/XX/XXXX, which is a variable rate loan. I have used it to maintain the home with needed replacements and/or upgrades and almost at $ XXXX. WSFS Bank acquired XXXX XXXX  on XX/XX/XXXX. My shares of stock at XXXX XXXX  was converted to WSFS shares of stock. My account numbers have changed on my checking and HELOC accounts along with the routing numbers. But, there was no changes made to my XXXX XXXX  HELOC terms and conditions. There was no notifications sent out to XXXX XXXX  customers regarding the acquisition of the loans nor any information provided regarding new WSFS loan products or review of XXXX XXXX  loan status. I would ask the branch managers from time to time regarding my HELOC loan. The response was that WSFS loan department was not going to make any changes. As time passes, the interest rates increased substantially. I am concerned that I am short funds at the end of the month when when WSFS HELOC interest payment is due. My current month interest payment is {$370.00} and I am not paying down the principle. I had credit card debt which is in consolidation. It is almost paid up and cleared out by the end of this year. The branch manager suggested to apply for the WSFS conversion HELOC for $ XXXX. I would have liked a $ XXXX HELOC account, but it was not suggested. I will make monthly payments that will apply toward the principle balance and it will be slightly more than {$370.00} and somewhere around {$410.00}. I sent the application into WSFS and currently working with an underwriter. I decided to file this complaint when the message sent from the underwriter said that I need to be at XXXX Debt to Income ratio. He is asking to give him " Control '' of my XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX  loan to payout so I meet the XXXX  ratio. I wrote back stating this is a HELOC account and it is not the same as a Home Equity Loan or Cash Out refinance. I explained about the complaint that I am filing and how my loan applications need to be handled along with appeals and counter-offers. XXXX, the representative stated that there are requirements that I need to meet. I will respond back that I am not interested in co-mingling unsecured debt with secured debt. I don't know what recourse I have, if any under XXXX XXXX  whose terms and conditions are considered " voided '' upon acquisition with WSFS. I could wait for my credit score to improve over the next few years. But, do I need to? Does WSFS have an obligation to convert XXXX  loan terms and conditions and/or modifications to existing loans? Will I be able to make a loan modification under XXXX XXXX terms and conditions? What is my best course of action?

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation