Date Received: 2019-12-08
Issue: Struggling to repay your loan
Subissue: Can't get other flexible options for repaying your loan
Consumer Complaint: I originally took out this student loan in XXXX as a Federal Student Loan to pay for college. The loan was made under SunTrust Bank. My parents agreed to make the payments on this loan after I graduated. At that time I was not financially responsible so I relied on my parents to make the payments on the loan. All of the statements were mailed to my parent 's mailing addresses, so I was unaware they had defaulted on the loan. My parents defaulted on the loan twice and added {$10000.00} to the principal balance of the loan in default interest and late fees. I was in my early twenties at the time I took out the Federal student loan and simply was not financial responsible. Now that I'm in my forties I am financially responsible. I hired a student loan attorney that advised me to pay off the loan as quickly as possible by making principal reduction payments. I'm now attempting to pay the student loan off as quick as possible by making monthly principal reduction payments on the loan. For several months I have made 2 payments every month, in the month that the payment was due, in an effort to make a payment every month toward the loan principal balance. In this way, I am trying to reduce the principal balance of my student loan. For example, one payment was the regular monthly payment, and the second payment I paid in that month was intended to go towards principal reduction. ( I want to make principal payments to pay the loan off quicker and reduce the amount of interest I pay on the student loan ). After several months of making two payments per month, I noticed that the principal balance of the loan was not being reduced. I contacted the loan servicer for SunTrust Bank in XX/XX/XXXX. The loan servicer is XXXX and the lender is " XXXX XXXX. '' I asked them why the additional monthly payments were not being applied towards the principal balance of the loan. The loan servicer XXXX told me that, under my student loan with SunTrust Bank, I am unable to make principal payments to reduce the debt. I then asked the representative at XXXX if it is possible to arrange a loan modification with SunTrust Bank that would allow me to make principal reduction payments. The representative told me that this is not possible and no loan modification would be possible on this loan. In other words, this loan with SunTrust is designed so that I can not pay my debt down faster by making an additional payments toward the principal every month. For all of the additional payments I've made over the past several months, the loan servicer sent me a notice to say, " no payment is due at this time. '' The basis of my complaint is that this student loan by SunTrust is unethical and is designed to force a borrower to keep this loan for the entire term so the lender can make triple the principal balance of the loan in interest payments. This type of student loan from SunTrust should be illegal. Why should SunTrust be allowed to provide student loans where students can not have the option of making principal reduction payments to reduce the amount of interest they are paying on these loans? I would like you to investigate this loan with SunTrust Bank because I know there are probably millions of other students out there with this same type of loan. Most of them probably can only make the min monthly payment on the loan, and are not able to make principal reduction payments, so they are likely unaware of this provision in the loan. In trying to make principal reduction payments myself over the past several months, I have personally discovered that this student loan from SunTrust has a provision that doesn't allow principal reduction payments. For this reason I'm filing this complaint because I feel this is unethical of SunTrust bank and I should be allowed to make principal reduction payments like I am able to do on my mortgage loan. If it's now illegal for a bank to make a qualified mortgage and not allow principal reduction payments, then why is SunTrust bank allowed to make a student loan that doesn't allow principal reduction payments? My loan with SunTrust Bank does not allow principal reduction payments and this is something that needs to be investigated by the CFPB because it's downright harmful to the consumer. I am glad to know there is a resource like this out there for me to seek some form of help. Thank you in advance for what you do to help consumers!
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: UT
Zip: 840XX
Submitted Via: Web
Date Sent: 2019-12-08
Company Response to Consumer: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-12-08
Issue: Closing your account
Subissue: Company closed your account
Consumer Complaint: I have been targeted by SunTrust and have been put through extraneous procedures when trying to open basic checking accounts. I have been a customer since 2012 and have had a credit card in good status since 2012. I just requested a replacement card and have been using it when they sent a notice that they were closing the account for inactive use. This is not true as I had recent activity on the account. SunTrust also froze a checking account of mine for no apparent reason when in fact I had a previous account with them for several years and they have all my identifying information on file. I believe Suntrust has flagged my information within their system and are systematically denying me access to their products. Also I have suspicions on where the bias is coming from ( based on the person whom viewed my XXXX profile a few years back when I opened a vehicle loan being acquaintances of an ex-friend ). It is unfortunate that SunTrust would allow these type of practices to be practiced within their organization but am surprised they would fabricate that the account is inactive when in fact I was using it to close my account.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: GA
Zip: 30324
Submitted Via: Web
Date Sent: 2019-12-08
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-12-07
Issue: Trouble during payment process
Subissue:
Consumer Complaint: Our mortgage with Suntrust included terms for automatic termination of our pmi once our original loan met 78 % LTV. I verified with Suntrust, via several phone calls that that date was XX/XX/2019 and that our account should reflect this termination of pmi on XX/XX/2019. This date came and went and I once again called to ask why it was not removed from our loan account. I have requested to receive, in writing, from Suntrust the date our loan is due to have automatic pmi termination but have not received this. When I call the representatives I speak with, including supervisors, either tell me that it should be removed or that they are not certain why it hasn't been and I should write a letter and send it to the pmi department, even though this should be automatically processed as per our loan terms! To make matters worse, Suntrust has merged with XXXX XXXX XXXX XXXX XXXX to form XXXX XXXX as of XX/XX/2019. So I fear we will be lost in the transition and will still not have this resolved.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: FL
Zip: 32092
Submitted Via: Web
Date Sent: 2019-12-07
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-12-06
Issue: Problem with a credit reporting company's investigation into an existing problem
Subissue: Investigation took more than 30 days
Consumer Complaint: I have an auto loan with SunTrust since XXXX. The history report that I have from SunTrust doesn't match with the history report they sent to the credit bureau. Also, this year I submitted more than 5 payments in advance trying to pay off the loan earlier but those payments ha n't help at all. According my report my last late fee was on XX/XX/XXXX. According the last reports sent to th the credit bureau I was late for {$36.00} as XX/XX/XXXX with a mark as a " delinquent ''. Please see attached both reports.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: FL
Zip: 33161
Submitted Via: Web
Date Sent: 2019-12-06
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-12-06
Issue: Problem when making payments
Subissue:
Consumer Complaint: My elderly veteran father was taken to Suntrust Bank in XXXX XXXX, NC. An approximate {$200000.00} line of credit was taken out against his free and clear house/property. The circumstances were nefarious, the moneys whereabouts suspect to date. Someone set up a Suntrust checking account set on auto pay for approximately $ XXXX/mo to pay the note. My Dad died XX/XX/XXXX. Someone fraudulently represented themself as his POA. They closed his account days after he died, then called the same local branch to inquire : How long will it take for the foreclosure to complete? They want the land. I immediately began to contact Suntrust Bank by XX/XX/XXXX trying to make the payments until I could get get to the bottom of who issued the loan to an old man with a XXXX? I am the sole heir to my Fathers estate. Suntrust refused to speak with me, for several months. I recorded my interactions and the Suntrust runaround. Dads account was set up to go into foreclosure long in advance. Suntrust has a senior executive on the inside related to the person who closed the auto-pay account, for starters. Suntrust sent third party scabs who demanded cash if I did not want foreclosure. Suntrust then claimed to my attorney that I have always been welcome to make the payments. Suntrust still refused to accept my money. Now? Suntrust has moved the account over to their Foreclosure specialist law firm of XXXX XXXX XXXX. This foreclosure law firm claims the loan is 326 days past due, in foreclosure, and that I owe them for their legal fees, and {$10000.00} in interest, plus {$10000.00} monthly payments due to the late, foreclosure status. These people should be drawn and quartered by the veterans association, and the feds for deliberately taking advantage of an elderly, XXXX veteran, and for intentionally forcing foreclosure proceedings to profit.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: MT
Zip: 598XX
Submitted Via: Web
Date Sent: 2019-12-06
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-12-06
Issue: Closing an account
Subissue: Funds not received from closed account
Consumer Complaint: i went to suntrust to close my account the day after XXXX. they wrote me a bad check for $XXXX which my new bank says has a bad routing number so the feds returned it and i had to pay my bank a $XXXX fee.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: FL
Zip: 33026
Submitted Via: Web
Date Sent: 2019-12-06
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-12-05
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: Please be advised SunTrust received a full short sale package along with a short sale offer. The appraisal was completed shortly after the driveway was repaved to the street and the pipes to the water being lead to the street were repaired. The builder of the home never added a pipe to the street when purchased the home no water and flooding occurred which no money was able to repair or to even go against the builder. This home had water damages it was extremely costly to get these repairs and resolve the problem with the Builder. SunTrust appraiser came in at XXXX0 my payoff is at XXXX and they closed our review of Short Sale and told the listing agent to list for a full payoff to Sun Trust. We listed the property on XXXX to market for that type of offer. Then Sun Trust right after set a sale date for XX/XX/20. I contacted FHA and a Housing Counselor to assist us with Sun Trust to allow 180 days to market for their request. Sun Trust them had their Plaintiff Attorney send me a Deed In Lieu right after stating the home should be sold for Equity? They want the Equity Sale that is why they set the sale date. Not fair to me at all this is my home I occupy this home and I have listened to change the offer to pay them off. I had a short sale offer on the property and sent all my docs? I need a fair response from the lender. 180 days is fair to market this home on the XXXX.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: GA
Zip: 30349
Submitted Via: Web
Date Sent: 2019-12-05
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-12-05
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: I am a XXXX practicing in Maryland for over 20 years. In XX/XX/XXXX my husband and I bought a property in XXXX. The address is XXXX XXXX XXXX XXXX. The property was sold for {$970.00} XXXX, with the down payment of {$200000.00} the original loan amount was {$720000.00}. We also have done the improvement for this property in the amount {$240000.00}. The investment in our part was {$400000.00} in hope that it would be a great property to sell someday. In XX/XX/XXXX SunTrust refinanced the mortgage. SunTrust solicited us for Equity Accelerator program and in XX/XX/XXXX we signed up for the biweekly payments starting in XX/XX/XXXX. On XX/XX/XXXX, the XXXX light in one of my XXXX rooms separated from its overhead mounting pole, fell, and struck me in the head and eye. A Registered Professional Engineer concluded that this lamp was defectively designed by XXXX, XXXX and improperly installed by XXXX XXXX XXXX. Since this traumatic incident, I have experienced numerous XXXX XXXX and XXXX symptoms for which I have been receiving medical treatment. I was also diagnosed with XXXX XXXX and had a XXXX in XXXX of XX/XX/XXXX. I also had to undergo an XXXX XXXX in XXXX and an XXXX XXXX XXXX XXXX on my XXXX in XXXX. I had to go through several XXXX XXXX and XXXX XXXX. Unfortunately, I continue to suffer from these symptoms and those symptoms are now XXXX. Throughout this ordeal I continued to work but only part time. I did hire an associate so I would not lose my practice. I contacted the SunTrust mortgage to ask for the loan modification in XX/XX/XXXX because I realized that we were in danger of falling behind. I was told that we have to be in default to be considered for the modification and that we could not make partial payments. I and my husband took the money out of retirement plan and all the savings to continue paying the mortgage until the money ran out. I contacted the SunTrust on several occasions and was provided with the application for the loan modification. I filled out the application, was refused and then directed to file an appeal. I did file the appeal, was provided with THE SAME APPLICATION. Filled a new application out and filed it ; was refused and directed to the appeal with the same APPLICATION provided. This circle was repeated 5 times. We had to file for bankruptcy. Our financial situation got so bad because SunTrust refused to consider the modification that would obviously help the situation. There was a mediation to try to prevent the foreclosure but the representative of SunTrust was not sympathetic and the house was sold to the SunTrust in XX/XX/XXXX. Now my friends offer to buy this house so we can rent it from them and dont have to move. We contacted the XXXX agent who instead of responding to us serviced us with the eviction papers. Both the real estate agent that was hired by your bank and the XXXX XXXX XXXX keep ignoring any contacts that were made by us and our attorney. Recently, I found out that SunTrust mortgage Violated Federal Mortgage Servicing Regulations that went into effect XX/XX/XXXX : 1. Telling homeowners that they must be in default to qualify for a modification SunTrust indicated that we MUST be in default to qualify for the modification 2. Requiring homeowners to resend information SunTrust repeatedly asked us to submit the application again and again with the same information. 3. NPV calculation were not included in any of denial letters or documents that we received. I do understand that modifying the loan is not in the Sun Trust interest but the way Sun Trust handled our case caused us to lose our savings, our money that we put into this house, we had to file for bankruptcy because we could not pay anything else but thee mortgage but we are ending up losing the house. This cased even more stress and aggravation on my health, I have to consult with XXXX on this issue because my XXXX became unmanageable. I am asking you to look at all of the documents and reevaluate the way this case was handled. I do not want to peruse the legal rout to resolve this issue but if we do not find the way to come to the mutual agreement, we will have no choice but proceed with resolving this issue in court.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: MD
Zip: 20817
Submitted Via: Web
Date Sent: 2019-12-05
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-12-04
Issue: Problem with a lender or other company charging your account
Subissue: Transaction was not authorized
Consumer Complaint: A check written on a SunTrust Bank Checking account was deposited at XXXX XXXX after the payee was altered with white-out and changed by the depositor. The check was accepted by XXXX and drawn on the SunTrust account. The fraud was reported by SunTrust to one of the named/authorized parties on the SunTrust account. A fraud case was opened by SunTrust but nothing has happened in over two months and SunTrust has refused to refund the account or provide any details of the progress to the authorized party.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: VA
Zip: 22031
Submitted Via: Web
Date Sent: 2019-12-04
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-12-04
Issue: Closing on a mortgage
Subissue:
Consumer Complaint: I am a first-time home buyer. In XX/XX/2019, I applied for a home mortgage loan with SunTrust Bank and worked with XXXX XXXX ( a mortgage loan consultant at SunTrust, NMLSR # XXXX ). This was for a conventional 30-year mortgage with the initial sale price of {$760000.00} and an initial loan amount of {$680000.00} ( 10 % down payment ). OnXX/XX/2019, this loan consultant was provided with the name and contact information for the title company which would eventually be used for closing in XX/XX/2019 ( see PDF document " XX/XX/2019 emails '' for proof ). At no point in time have we changed title companies. From XXXX to XXXX, we select finishings/make modifications and the house gets built. The final sale price of the house is {$750000.00} ( see PDF " Homeowner Transaction Summary '' which was put together by the builder ). This transaction summary is forwarded by the builder to the mortgage loan consultant at SunTrust Bank in XX/XX/2019. In late XXXX/early XX/XX/2019, the builder sets a closing date of XX/XX/2019 at XXXX XXXX ( see PDF document " Closing date set emails '' for proof ). The mortgage loan consultant is notified of the closing date and a mortgage loan commitment is re-issued ( see PDF document " Mortgage loan commitment '' ). Please note that the loan amount listed on the re-issued mortgage loan commitment letter was {$680000.00} ( this is not 90 % of the final sale price of {$750000.00} listed on the Homeowner Transaction Summary ... instead, the bank/loan consultant worked off of old information from XX/XX/2019 ). On XX/XX/2019 I text messaged the bank 's loan consultant and asked her to give me an idea of what interest rates would be if I were to put down 15 % of the total sales price ( instead of the initial 10 % noted above ). I ultimately decided on putting down 15 % and lock in an interest rate ( see PDF " Rate lock email '' ). After locking the rate, the loan consultant sent me an initial closing disclosure on XX/XX/XXXX ( see PDF " Initial closing disclosure '' ). I carefully reviewed the initial disclosure and emailed the loan consultant several questions ( see PDF " Rate lock email '' ). Please note that the closing costs disclosed to me at this point totaled {$14000.00} and the loan amount was now correct at {$640000.00} ( 85 % of the final sale price {$750000.00} ). On XX/XX/XXXX, I emailed the title company and requested the final amount that needed to be wired in order to close on the following day XX/XX/XXXX. The title company agent replied that they were waiting on the loan consultant at SunTrust Bank to provide them with the final numbers for closing ( see PDF " XX/XX/XXXX emails '' ). The loan consultant then waits for the bank 's Closer to " balance the figures '' with the title agent and a final amount to be wired on the day of closing (XX/XX/XXXX ) is settled upon by the two parties. This final amount was {$100000.00} ( of which total closing cost was now {$21000.00} ). The total closing cost was now {$6600.00} higher than what was listed on the initial disclosure sent to me on XX/XX/XXXX and so I was upset and shocked. I then asked the title agent for the breakdown / reconciled final disclosure so that I could review ( see PDF " Final Disclosure '' ). I carefully review this and found that bulk of the discrepancy was related to transfer taxes. Transfer taxes were initially disclosed to me on XX/XX/XXXX as being paid by the seller. On XX/XX/XXXX, the final disclosure now stated that I had to pay these taxes. Upon reading the CFPB website, proper disclosure of transfer taxes ( who pays and what amount ) is one thing that can not change between the initial and final disclosure ( https : //www.consumerfinance.gov/ask-cfpb/can-my-final-mortgage-costs-increase-from-what-was-on-my-loan-estimate-en-172/ ) and so I raised this question with the loan consultant. The loan consultant finally replied to my calls/email and admitted that the bank based the initial closing disclosure costs and transfer taxes ( including who pays what ) on a completely different title company called XXXX XXXX. This company is one we were never working with or had even heard of ( see PDF " Incorrect title company '' ). It appears that the bank 's Closer did not work with the correct title company or know/understand who pays what until the day before closing. I am filing this complaint because I feel that the bank had over 6 months to work with the pre-specified title company ( selected in XX/XX/2019 as noted above ) and create an accurate initial closing disclosure so that I would not have to deal with the shock of an unexpected {$6600.00} increase in closing costs on the day prior to closing. I am especially frustrated because the bulk of the unexpected increased in closing costs were related to transfer taxes. The bank made a mistake in my opinion, and I feel that if the bank would have just worked with the pre-specified title company to begin with, I would have had a more accurate estimate and understanding of my closing costs. I still have no resolution to this issue.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: FL
Zip: 34698
Submitted Via: Web
Date Sent: 2019-12-04
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A