Associated Bank Mortgage Complaint

Associated Bank Mortgage department,

Other mortgage Loan modification,collection,foreclosure Minnesota

Dear CFPB, I 'm submitting my complaint regarding a consumer mortgage loan with Associated Bank that was obtained through the - - Mn branch at - - - - - Mn - on -/-/-. - # -The loan amount was for $41000.00. I became concerned when I noticed that despite on time payments, my principal balance had not changed. Associated bank offered me several explanations on my numerous visits to the bank to inquire, which never really made sense to me. I was told that it took several years for the principal amount to decease. My last visit to the bank to inquire about this was in -/-/-. I had gone into the bank and or called previous to -/-/-, at least - times a year, always trusting that the bank was correct and it would take time for my principal balance to come down. I was also told that my loan was an interest only loan ( though I specifically had requested a loan that was not interest only ) since my - mtg was an interest only and I did not want another one. The gentleman that oversaw my loan at its inception assured me it was not


to me that I really needed to get out this loan. At present I have paid off somewhere around $39000.00 dollars on this consumer loan, and still owe more than the total it was taken out for some - years ago. By the time I pay off this loan I will have paid $130000.00 dollars. I 'm quite concerned that this loan is predatory in nature, that I was taken advantage of because of my lack of knowledge of consumer loans and that the terms of this loan were never fully explained to me despite my numerous attempts at contacting the bank. On my last visit to Associated Bank, I asked the loan officer if he would have advised his Mother to take this loan? He would not answer me. I do not think a $40000.00 dollar loan should cost me -, and I m asking for the CFBP to intervene on my behalf. I have attached my original note for your review. Most Sincere Regards, - - --