BB&T Financial Mortgage Complaint

BB&T Financial Mortgage department,

Home equity loan or line of credit Loan modification,collection,foreclosure Tennessee

We own a home in - - -, FL. It is valued at around $ 550K We took out a HELOC with Bank - it was an interest only loan. When BBT took over Bank - we were at a balance of $240000.00 we were contacted by BBT and told, they do not service that type of loan '', we would be put on a 15 year payout with a 3 year balloon '' 6.875 % interest ''


the balance of the - mortgages we would have had to come up with $50000.00 to close. We did n't have the money to do that and so we accepted the exorbitant terms. We have remained current for the last three years and paid down close to $ 40K. I contacted - - with BBT - - business lending around - -, - knowing we were set to term on - -. I told her our situation and that the terms of the loan were creating a hardship and we 'd like to combine - mortgages of $360000.00 and that we had an excellent tenant covering what the combined mortgage would be saving us close to $3000.00 per month on a 15 year loan. I turned in our financials to - with the exception of - since we are on extension. Although I had our - income compiled I did not have the rest of the accounting done. - said we would not be able to proceed without it. At that point I decided to move over to the residential side and attempt running the loan through that department. Because of new restrictions I was told we would most likely not qualify. That department was also needing our - business accounting complete which we have not completed and are on an extension. So, we decided to let the loan roll on and continue to struggle making the $2800.00 payment. It is now - - and I have received in todays mail a maturity statement stating $200000.00 is 10 days past due. We feel we have been unfairly treated since they took over the loan from Bank -. It seems as though their aim is to bring us to financial ruin. Even if they did n't want to combine and add the - mortgage on, why will they not give us reasonable repayment terms? We have never missed a payment. While it 's true we 've been adversely affected in the last few years with less business income we have continued to adjust as needed to meet all of our obligations. We would like to know our rights and our recourse against this seemingly impossible situation. We would also like to request that the original terms of our Bank - loan documents be compared to the new BBT loan documents we had no choice to sign to see if there were any inconsistencies or mishandling in regards to the transfer of the loan.