Apr 16, 2012
SunTrust Mortgage complaints
I contacted SunTrust Mortgage on April 30, 2009 about a 30-yr refinance on my primary residence. The uniform residential loan application and all required financial documentation was completed and sent to them on May 1, 2009. I was quoted a rate on the phone and I asked the loan office (Steve Fahrenthold) to lock. I was also asked to pick a closing date during the first week of June. Receipt of all information by SunTrust was confirmed via email on May 4, 2009. After several unanswered email and voicemail messages, SunTrust responded on May 20, 2009 and told me in writing: “Your loan is in process. Please understand that with the overwhelming volume, they focus on everything closing at the end of this month first. We are on line for a closing by mid June.” I still had not received a written good faith estimate at this point in the process. I also had not received written documentation regarding the rate lock. On May 27, 2009 my credit was charged 350 for home appraisal services related to a SunTrust mortgage. This fee is at the root of my complaint. On May 28, 2009 I received a good faith estimate for a 15 year refinance. All prior conversations had focused on a 30 year refinance. I contacted the loan officers assistant and asked to have the problem corrected on May 28 and May 29, 2009. On May 29 I was told in writing regarding the 15 year good faith estimate being sent and my desire to receive a 30 year good faith estimate: “As soon as Steve [loan officer] updates the system I will send you new documents. I only work part time and am getting ready to leave. I will send the docs out on Monday.” On June 3, 2009 I still had not received anything. After several unanswered email and voicemail messages I was told in writing: “He was working on your loan when I left yesterday so I believe he will contacting you today.” On June 8, 2009 I called the loan officer to clear up the confusion. I was told several key things. 1. My rate was never locked. 2. I should wait until the end of June to monitor rates and choose whether or not a lock is appropriate. 3. My good faith estimate had not been corrected because the rate quoted on April 28, 2009 could no longer be honored. Separate from all of these conversations I received two physical mailings from SunTrust on June 08, 2009 with a good faith estimate indicated that closing costs would be in excess of 12,000. The total amount seeking to be refinanced was 155,000 so the closing costs seemed a bit high. Never once did the loan officer mention these documents on the phone earlier that day. I suspect he was not aware that these documents had been placed in the mail. I have severed communication with SunTrust and am seeking two items towards resolution: 1. I will be filing a chargeback complaint with my credit card holder for the appraisal amount. 2. I am seeking to determine if the practices of SunTrust violate federal regulations or guidelines. Unfortunately, there is a third item for which I have no recourse. During the month of May, loan rates were at historical lows. The missed opportunity of having not refinanced can never be recouped.
Related posts:
I bought the condo in December 2008. I got the $7500.00 tax credit for being a first time homebuyer. Since I bought in 2008, I have to pay the tax credit back to the goverment. However,People who bought homes in 2009 don’t have to pay their tax credit back. unfair!
May 1, 2010, I recieved a letter from my employer stating they were sending our jobs to India and we were getting laid off June 30, 2010. I immediately called SunTrust to see what my options were if I loose my income. I am single so that was my only income. I ak for a loan modification. SunTrust told me they couldn’t help me because I was current on my loan. I am thinking this is wrong. One would think they would want to work with me if I was a good customer and current on my loan. I told them I had excellent cedit and I didn’t want to ruin it. I told them I was willing to work with them if they could give me a modification and loosing my income should qualify me. They said they couldn’t help me unless I was 2 months delinquent on my loan. They told me to send proof I was getting laid off. I faxed the letter 3 times and emailed it once and they kept claiming they never recieved it. It takes 3-4 weeks to get in their system. REALLY!!!
5/10
5/17 Twice
5/19
5/28
6/7 called 3 times
there were other times I forgot to record because I was getting frustrated.
June 30, 2010 I got laid off. I called SunTrust again and told them I was officially laid off. I lost my only income. I ask if I could get a loan modification. They gave me the same BS answer. They couldnt help me because I was current on my loan. I told them I didn’t want to ruin my credit and I was getting to the point I wouldn’t be able to afford it anymore. They ask for copies of the layoff letter and monthly bill info. I sent it to them and of course they claimed 3 times they never recieved it. Finally, after several weeks they got my layoff letter.
But they said they still couldn’t help me because I was current. They said even if I was 2 months delinquent on my payments they still couldn’t gaurantee a loan modification. So I decided to stop paying my mortgage. I finally got their attention. Nov. 15,2010, I recieved a letter from Erica H stating if I pay $200.00 in Dec, Jan and Feb I might be considered for a loan modification. and if I had questions to call her at the number on the letter. I had questions so I called and left a message on Erica’s voicemail. no response back. I waited 2 days still no response. I called and left 8-9 messages on Erica H voicemail telling her I had questions about the letter she sent and would she PLEASE call me back. These are the dates I called her.
11/22 left mesaage Erica H – no response
11/23 left message for Erica – no response
11/26 left message for Erica – no response
11/30 left message for Erica- no response
12/1 left message for Erica – no response.
12/2 called Erica one last time. Got voicemail. By this time it was tooo late to abide by the demands in the letter she sent. So I called the 800 number talked to Leslie. She still was no help. So I told her I was going to put my home up for short sale. Leslie said “OK, I’ll send you the paperwork” like she was excited I was loosing my home. She didn’t even try to talk me out of it or work with me. She said I had 90 days to sell it then I could do a “deed in lui of foreclosure”. 12/10 called Erica H again still no answer I just hung up. To this day she hasn’t responded to any of my phone messages. I figured I had til March to complete a short sell but today 2-13-2011 I checked my credit report and SunTrust has on my credit report that they already have a foreclosure in progress. SHOCK! no email, no letter, no phone call to tell me they were going ahead with a foreclosure.
I ask Leslie if I was going to be liable for the difference in the loan a short sale. She said she didn’t know it was up to FHA. A person can’t seem to get a straight answer from anyone at SunTrust.
I sold all my furniture. I have no health insurance. I am loosing my home.
The goverment really needs to crack down on these mortgage companies and force them to work with people who are willing to work with them. People like me are loosing their homes when they don’t need to be.
Mortgage Company are forcing people to ruin their credit in order to get a Loan Modification, I felt loosing my job sould have qualified me from the start with no questions.
Where is the goverment? What is happening to our economy?
Good job Obama!!!
My job went to India- You were supposed to stop outsourcing to other countries.
The Mortgage Companies are forcing people to ruin their credit and loose their homes and you do NOTHING!
I was a good person with a good job, good credit and owned a home.
Now I am jobless, bad credit and homeless.
GOVERMENT …DO SOMETHING for Gods sake before this country ends in a severe depression!
I HAVE NO FAITH IN THE GOVERMENT ANYMORE!!!!!!!!!!!!!!! Good job…..OBAMA!!
Step in and force these banks to work with the hard working, tax paying citizens of THE UNITED STATES OF AMERICA!!!