BB&T Financial Mortgage Complaint

BB&T Financial Mortgage department,

Home equity loan or line of credit Settlement process and costs Georgia

1. On the advice of a branch executive at the - branch, we decided to refinance our existing second mortgage to reduce the interest rate from 7.8 %. 2. We started the process with -, the market leader at the same branch, in -/-/- requesting to borrow $ -. Part of this was to pay-off the 7.8 % second mortgage, and the remainder we would use to do some work in our backyard. 3. - told us that that we would not be responsible for any finance charges, points, closing cost and appraisal fees. 4. Later we were then told that underwriting requested documents from -. because of an old timeshare loan that was still showing on our credit report as current, even though we had, through our lawyer, filed documents relieving us of the responsibility ; we provided whatever was requested.


6. - told us that an appraisal was necessary, and the " desk appraisal '' came in lower than market value. 7. We then were informed that the amount we were approved for was ONLY $ - because of the appraisal coming in at $ -, and the difference between what we owed, approximately $ -, and 80 % of $ -. Definitely not what we expected. 8. We were told the process would start with a HELOC that we could pay interest only for 10 years at a very low rate before the principal payment would start. We wanted a fixed rate for the life of the loan. We discussed this with - who informed us that she would " term it out '' at a fixed rate of 3.39 %. This would happen after the 3 days right of rescission, and the funds were taken from the HELOC. 9. We had asked prior to being given a date for closing, that a copy of the " good faith estimate '' be sent to us, but our banker did not know what that was. We the asked for a breakdown of the new loan that we could review prior to the closing, but - was unable to provide the information. 10. We signed the HELOC, and at the time of signing - and I asked the pointed question about the interest rate. - again told us it was 3.24 % on the HELOC, then once we used the funds that would convert to the [email protected] %. 11. On -/-/2017 I transferred $25000.00 from the HELOC to pay-off the high interest 7.87 % second mortgage, moved the balance of $7600.00 into checking account ending with - to be used to pay for the work on our backyard. 12. On -/-/2017 I visited the bank to discuss the " royal mess '' that had been created by some gross incompetence from the banker. The payoff amount that we made online that we thought would pay-off the $25000.00 mortgage was applied but the account still showed a balance of $120.00. The HELOC also showed a balance of $40000.00, and the FIT was showing $33000.00 already used. 13. - called and received instructions from another banker, and she again made payment of $25000.00 to the second mortgage account and reassured me that she would fix the " mess '' she created. Just before leaving she tried to explain, " this is the first I am doing this and thank you for being so patient with me ''. I left the bank feeling as if my wife and I had made the biggest mistake in allowing this banker to handle our financial future. 14. On -/-/2017 the bank called to alert us that we had made a payment of $25000.00 on the second mortgage even though our existing balance was $120.00, and wanted to determine how we wanted the overpayment refunded to us. My wife called me immediately to alert me. 15. I visited the - to talk with - or another banker about our experience, and to get some resolution as our second mortgage is in a total mess. I spoke with - who escalated our concerns. to date no call from any bank official as promised.