Consumer complaint received 2025-05-18 00:00:00
Product: Mortgage — Home equity loan or line of credit (HELOC)
Issue: Trouble during payment process — Payment process
Company: SANTANDER HOLDINGS USA, INC.
State: NJ

Complaint narrative:
I applied and was approved for a Home Equity Line of Credit ( HELOC ) several years ago from Santander bank at a low interest rate of 2 percent. I was never informed that I could lock in my rate at any time. As the interest rates increased to 5 percent I asked the HELOC equity loan office of Santander could this rate be locked in they informed me no. As the loan payments became {$1000.00} a month, I applied to modify the loan, it was approved but I was informed that it would adversely affect my credit rating. I declined the modification of the loan. At this time, Santander, closed the loan and would not allow me access to any money in the account. I believe this was illegal because I had never had a late payment nor missed a payment. I then called again to Santander home equity deparment to ask what were my options because I believe thier intent was to foreclose on my house. At this point they told me I could lock in. I told them I attempted to lock in at 5 percent and was told it was not an option. I believe Santander commit a fradulent act by willingfully and knowingly, deliberately, intentionally, consciously failed to provide me with the correct information in an attempt to have higher interest rate to the point I could not afford and the house would be in foreclosure. At this point I paid {$1000.00} to be able to lock in at a rate of XXXX percent. However, I do belive they are charging me at a variable rate and not adhering to the XXXX .. As a result of what I believe to be illegal and inappropriate banking practices my interest rate is higher than XXXX and my payments do not even cover my interest rate. Every month I pay on the loan an I believe less than XXXX dollars are going to principal. 
I have called the HELOC Santander office to get clarification and no one can explain this loan to me. I have spoken to supervisors they also can not explain the loan to me and they tell me the loan is correct and that I should go in to the local branch. When I go in the local branch they tell me that they do not handle HELOC loans they call the HELOC department and I get the same run around. For resolutioin I am requesting that this account be fully audited. I am requesting that all my payment be applied to this account accurately. I am also requesting that this account have an interest lowered because the bank failed to provide me with any information about lock in loan when i requested it when the loan was 5 percent and i was given in adequate information. I also want to know why the loan was closed and I do not have access to the money when I have never missed a payment or have been late and the bank is aware that I declined the loan modification. I also want a point of contact to speak to in the future on this account because no one seems to be able to provide any information on this account, yet every month payment is made, and someone is administering this loan although I believe incorrect and inadequately particularly on the interest rate and the principal of the loan which I believe should be lower. i believe the loan principal should be approximately {$62000.00} if the payments were applied at the correct interest rate. Again I do believe that Santander is committing fraudulent activity on this account and fail to provide me with the required financial service on this account., The financial advisory on this account is nonexistent, although i have tried on numerous occasions several times a month and weeks and years. This is an inappropriate and unacceptable bank practics.

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