• Report: #1120954

Complaint Review: BB&T

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  • Submitted: Tue, February 04, 2014
  • Updated: Tue, February 04, 2014

  • Reported By: Steve — Hendersonville Tennessee
BB&T
PO Box 2467 Greenville, South Carolina USA

BB&T Misappropriation of Payments Greenville South Carolina

*Consumer Comment: This is a serious violation

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I have been making extra payments toward my principle. As a responsible consumer, I have been checking to confirm these payments are being posted properly. I discovered once last year these funds had been misappropriated and applied towards a future payment. The result is BB&T collecting interest on funds which they took as interest. In the past month, this has occurred numerous times. They have had more than a week and have done NOTHING to correct the payments. I contacted Freddie Mac (the investor on the loan) only to discover none of the corrections had been made. As of today, BB&T cannot even give me an accurate pay-off amount. I asked what I should do if I wanted to pay off the loan. Their response was "Well, just pay what we say and we'll try to reimburse the difference."  If these people cannot apply funds properly, how can I trust them to properly reimburse properly?

When I pointed out all of these issues to the "Customer Service Group" and how applying these payments to future payments versus applying the payments to the principle as I stated on the payment, none of them have understood how this negatively impacts me as a consumer. This means none of these "Customer Service" people understand loans, and they are trained not to admit when they have made an error.

If mortgage companies charge a $50 late payment fee, why are they not charged a fee when they misappropriate funds? How many more mortgages are they doing this scam to collect higher interest payments from customers unknowingly?

In short, BB&T is a mortgage scam company. If your mortgage is held by this company, ask every month for an accurate loan history and question how EVERY payment is applied.

 


This report was posted on Ripoff Report on 02/04/2014 06:19 PM and is a permanent record located here: http://www.ripoffreport.com/r/BBT/Greenville-South-Carolina-29602/BBampT-Misappropriation-of-Payments-Greenville-South-Carolina-1120954. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

This is a serious violation

AUTHOR: FloridaNative - ()

The loan servicer is required to accurately post your payments. It sounds like you have a record of each of your payments plus the additional principal payment. The first thing to do is put the servicer on notice (in your case, the servicer is BB&T). Look at your mortgage statement to see which address to which you will need to send your written notification.  Before you do that, you will want to send a written request to the servicer to provide you a detailed payment analysis. Search online for a sample letter. Send your letter return receipt request. Keep copies of everything. The lender has a limited time to respond to you (I think it is 60 days). Once you can prove that the payments were not applied contemporaneously to your account, you can file a complaint with the CFPB and bring a suit against the servicer. The servicer will have to correct your account. It is possible the servicer will have to pay a fine (or damages) too.

Before you go through the above, check your mortgage statement to see if there is a separate procedure for sending in additional principal reduction payments. It will be in the small print on your mortgage statement.

Don't let them just apply the payments now without also providing a credit for the interest you would not have paid had the payments been applied correctly right from the beginning.

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