Loan servicing, payments, escrow account

Posted on Posted in Complaints, Mortgage

review

In XXXX of XXXX I called SunTrust Mortgage about documentation I had received regarding an escrow account change due to a rise in property taxes and I needed to verify the impact to my monthly payment. I monitor the mortgage payment very carefully since I am on a fixed income, having retired in XXXX after a careful review of my financial obligations.
During that conversation, which was with XXXX XXXX, she explained the escrow change ; then said ( and I ‘m surmising ), ” … hmm, what ‘s this? I ‘m seeing a step modification back in XXXX that was supposed to start in XXXX. Your interest rate was supposed to go up in XXXX XXXX to 3.0 %, then XXXX XXXX to 3.5 %, then XXXX XXXX to 4.0 %. ” I could not believe what I was hearing and she sounded very surprised also ; obviously, since SunTrust had not acted on the modification and it was now 5 years later!
I stated very clearly that this was not what I had been told when I called to check the loan facts prior to my retirement. In XXXX of XXXX, I was told I was locked into a 2.5 % interest rate for the life of the loan. This info was related to me more than once and aligned with my monthly statements. I turned down refinance offers bragging that I had a super loan from SunTrust ~ locked in at 2.5 %!
I told XXXX XXXX that increasing the interest rate, and thus the mortgage payment was going to be an untenable situation for me and I had retired based on SunTrust assuring me I had a fixed rate ~ keeping my monthly payment around {$4000.00}.
Subsequently, I received my monthly payment statements for XXXX, XXXX and XXXX of XXXX showing the interest rate at 3 %, but the monthly payment was the same as XXXX ‘s w/the adjusted escrow amount. Then the XXXX XXXX statement arrived ; Interest rate 4.0 %, monthly payment {$4700.00}! Up almost {$800.00} a month!
On calling SunTrust I was given very mixed messages about how to address this ; write a letter, do n’t write a letter ; ” we ‘ll work on getting you some relief on that payment ” said by XXXX XXXX on XXXX XXXX, then no call back ; and XXXX XXXX referring to modifications in XXXX, XXXX, and XXXX. Most concerning ; knowing how upset I was, there were no call backs!
I wrote a very earnest and factual letter to SunTrust on XXXX XXXX, XXXX reiterating everything that had happened ; ending with a request to address the following : 1. Since I established with SunTrust that I had a fixed interest rate of 2.5 % keeping my payment within budget, why was I not informed in writing, with supporting documentation that interest changes were going to happen? Why did SunTrust not invoke the XXXX modification at the time specified? Five years have passed and SunTrust has not communicated about this in any regard, in fact – I was given WRONG information more than once – completely contrary to this modification!
2. Please send me all loan documentation for review and understanding of the principle figure on the XXXX modification. After 10 years I owe more than I originally borrowed and have not taken any money out of the property.
I received a letter back from SunTrust dated XXXX XXXX, XXXX. ( attached ). Areas of concern : 1. In the second paragraph they seem to imply that there are ” items ” in ref to my mortgage that they are not required to provide??
2. The XXXX paragraph states that the interest rates stepped up each year. This is NOT TRUE. A review of my statements/payment history will prove the interest stayed at 2.5 % from XXXX XXXX to XXXX XXXX!
It seems evident that SunTrust did not get the XXXX modification into the system, prompting wrong information to be provided and from which, I made critical financial decisions. And, I can not go back to a time I could have gotten a better loan!
And SunTrust did not address the principle as requested.
Do I have any recourse? Are there laws/rules that can help me with this?

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