This all started in October when US Bank advertised a home loan program with no closing costs or fees. I only owe about 34% of what my home is worth and figured this would be a slam dunk and a way to lower my mortgage payment. I applied and was turned down after several weeks of more paperwork and phone calls. I was turned down due to the type of income I have (in the form of capitol gains).
I decided I would apply to their home loan modification program. I contacted them and they were reluctant to send me the paperwork, but after explaining my situation they finally agreed. I filled out the paperwork and sent it to Cincinnati as per their instructions. I never heard anything for several weeks so I tried to call them. The first number sent me to another number, the other number sent me to a different number, in all I got 7 different numbers to call. I finally talked with Anna, who said they couldn't locate the paperwork I sent in. I was told to call back in 24 hours. I called them back and they said the loan was in review. I waited several weeks and got no response. I called them back and again they said they couldn;t locate the paperwork and instead of sending it to Cincinnati I was supposed to send it to Portland, Oregon.
I wrote to their customer service address and told them about the problem I was having. They told me to call the number in Cincinnati. Obviously this was not the solution. I wrote back and told them this was the exact problem I have with US Bank, they don't follow up on issues and just try to get rid of the problem as quickly as possible. When they should have someone contact Cincinnati on my behalf. Then they wrote back and said someone would contact me.
In January I was contacted by Larry in Portland. He left me a message on my answering machine, he said he was in charge of the operation there and I should call him back. I called him back, however the phone number he gave me goes to some type of operator and they would NEVER let me talk with him directly. I talked with another woman who said she would overnight me the same paperwork I sent to Cincinnati and I would have to overnight it back to Portland. The overnight package arrived, I filled out the paperwork and sent it back overnight with a tracking number. I checked the tracking number and it had arrived overnight.
I never heard anything for several weeks, I called and asked to talk with Larry, of course they wouldn't let me. Instead I talked with someone who said they were waiting for my paperwork to arrive. I told him I sent it by overnight mail and gave him the tracking number. He assured me they must have the paperwork and said he would track it down. I waited several weeks and called back and asked to talk with Larry, of course there was no way to talk with him. The person in the line said Larry was in contact with Cincinnati and was waiting for them to send him my paperwork from Cincinnati.
Yesterday, March 1, 2010 Larry called me. He said he wanted to know where my paperwork was. As you can imagine this really lit the fire in me. I explained the whole thing and said they have some real internal problems with the company. I have heard about problems with this home loan modification program and I think this is nothing more than an attempt to frustrate customers with what could be called a fraudulent program. US Bank has nothing to gain by lowering my interest rate. So for sure why not just harass the customers.
Folks, this is the same company you may have your savings or checking account with. Let this serve as a warning to you. I will be paying off my mortgage early and getting out of Dodge with this bank.