Jody of Cumming GA (10/16/08) We contacted Suntrust to refinance our mortgage on September 15th, 2008. We were locked into a rate of 5.625% on 80% of our loan, and 8.99% on 15% of our loan. Mary said that she would set up an appraisal as soon as possible. After 10 days of us calling her, and not getting a return call back, we finally got the appraisal. The appraiser said that she would have the final number to Mary no later than 24 hours. 48 hours later, and no call, we finally heard from Mary who said that the appraisal was for enough money. She said she would send the loan to the processors immediately, and call us as soon as she had a date for us to close.
Another 7 days later she finally called and said that she had bad news. She said that the loan she had promised us and quoted us for was no longer available and the only loan she could offer us had PMI, which raised our payment 75/month. She claimed it wasn't her fault, and that it was Fannie Mae's fault. The next day we spoke to her supervisor, Martha to see what our options were. (this is one week before our lock-in expires) She took 2 days to finally tell us that there was nothing she could do. It was right before a long weekend (Columbus Day), so there was nothing we could do in the meantime.
On Tuesday October 14th, we saw a different loan officer in a different location, who told us that when we locked into our rate, we also locked into the loan that Mary promised us. She said something about this didn't sound right and she would contact the regional manager immediately as she knew our lock-in was up the next day. She told us if we didn't hear from the regional manager, Debbie, that night, to call her in the morning. That evening (Tuesday October 14th) Mary called us to remind us that our lock-in was expiring the next day, and to ask us what we wanted to do. We told her we wanted the loan that was quoted to us in the beginning. She said that was not possible, and that we should just take the new loan, since it was better than the loan we had now. It was like she purposely put everything off until the last minute, in hopes that we would take the bait feeling as though we had no other option.
On the day our lock-in expired, we called the regional manager. She asked if Mary had called us the night before. When we explained the situation, she said that she had a meeting at 12:00, and that she would start working on our loan as soon as she got out of the meeting, and call us that afternoon. We called 3 times. Once was at 4:00pm, once at 5:30pm, and once again at 6:00pm, with no answer or return phone call. Our rate has now expired and rates have gone up dramatically.
We were victims of bait and switch. Based on the regional manager's behavior.. the not calling back when she knew our lock-in expired that day, even when she promised she would, makes me believe that this is what she trains her employees to do. Offer a great mortgage at a great rate that the consumer is happy with. Then, don't return phone calls to buy some time. When it's a week away from the lock-in expiring, offer them the only option mortgage where Suntrust makes more profit. Back the consumer into a corner that they cannot get out of.
We are now unable to refinance our mortgage as planned since the rates have increased more than 1% over what we were locked into. We may lose our house because of this in a few years unless rates drop to 5.625% or lower again.
Henry of Jacksonville, FL October 5, 2008
Henry of Jacksonville FL (10/05/08) Recently paid off auto loan, seven months early. Was charged full amount of seven total early payments. Was told there is no unearned interest deducted because interest is compounded daily! Seems to me, if paid off seven months early, there should be no interest charged or earned by the bank for the money !!
Feel we were overcharged for unearned money
Debie of Celebration, FL August 21, 2008
Debie of Celebration FL (08/21/08) I have owned a retail store & small business for 15 years. Recently, my bank has been charging such outrageous fees on our credit card purchases, that we may go out of business. My June 2008 statement was 21.8%. This is true, I have a degree in Finance & know how to compute the percentages.( Our on-line account only charges 2.5 to 3%. )It gets worse. We own our own credit card machine & they have charged us rent for 18 months for the one we returned to them 18 months ago. I have called for months, there is no intelligent explanation. I would greatly welcome any advise or assistance. This can't be legal.
WE ARE ABOUT TO LOOSE OUR RETAIL STORES - We have been in business for 15 years.
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