SunTrust Banks, Inc. Mortgage Complaint

SunTrust Banks, Inc. Mortgage department,

Conventional fixed mortgage Loan servicing, payments, escrow account California

In - of - 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 - after a careful review of my financial obligations. During that conversation, which was with - -, she explained the escrow change ; then said ( and I 'm surmising ), " ... hmm, what 's this? I 'm seeing a step modification back in - that was supposed to start in -. Your interest rate was supposed to go up in - - to 3.0 %, then - - to 3.5 %, then - - 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


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 - of -, 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 - - 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 -, - and - of - showing the interest rate at 3 %, but the monthly payment was the same as - 's w/the adjusted escrow amount. Then the - - 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 - - on - -, then no call back ; and - - referring to modifications in -, -, and -. Most concerning ; knowing how upset I was, there were no call backs! I wrote a very earnest and factual letter to SunTrust on - -, - 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 - 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 - 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 - -, -. ( 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 - 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 - - to - -! It seems evident that SunTrust did not get the - 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?