SunTrust Bank Mortgage Complaint

SunTrust Bank Mortgage department,

Conventional adjustable mortgage (ARM) Settlement process and costs Georgia

The borrowers have been paying diligently on an interest-only agreement since - -, -. Per the hardship letter the monthly payment of $2100.00 is difficult to pay during the remaining months of the interest-only period and will be even more difficult to pay after the period ends and the monthly payment increases - -, -. So they submitted an - to the lender. The borrower was offered a new agreement. The proposal is a short term agreement that will put the mortgage back into a foreclosure situation because the hardship is permanent. They completed credit counseling and a household monthly budget with a HUD approved agency. The final analysis for the brrws budget calculates a 61 % front end ratio which increased due to the loss of over 25 % of their income over a 6 month period. The brrws have reduced their back-end ratio by paying down credit cards and medical bills. The brrw submitted an appeal. The appeal is below : After reviewing the current Loan Modification Agreement it is my decision to appeal this offer for the following reason : Our - agreement lead us back to this point because the payments were not fixed and continued


at first glance it appeared that our rate was reduced to a price that was affordable reflected on the document dated - -, - informing us of the - original Loan Modification Agreements : ( page- - ), however after reviewing the Loan Agreement on ( page-- ) we realized that as the rate increase that it will lead us back to our current state resorting towards foreclosure. As we appeal this process we are going to escalate our efforts to our congressman to help us in our process to save our home. It is our prayer that you would reconsider this offer and seek to offer us a fix permanent solution to save our home and avoid foreclosure. The brrw is a - Veteran and was advised by the Veterans Affairs office to seek assistance from the local Congressman 's office. The Congressman office sent the appeal to the servicer and within 3 weeks the appeal was rejected and denied by the investor. Because the hardship is now permanent, the brrws do not feel that this agreement is a fair proposal to help save this property from foreclosure.