Truist Mortgage Reviews

SunTrust qualified my company and numerous documents were filed securing the Contract. I did not subordinate. Rusty and Liana Bennett lied on the residential loan application and SunTrust did not verify their income because if they had they would have easily caught the overinflated income. Liana Bennett did not even have a job when she moved four hours away and started to collect unemployment at the beginning of the project. SunTrust contributed by allowing the asset column to claim $175,000 for a home in which the Bennetts had not owned in over a month when the application was filled out. This was not an oversight because SunTrust also allowed the proceeds from the Sale of the home in the asset column. I believe that is called double-dipping. I signed a Disbursement Authorization requesting the funds to go directly in my account for construction as I had been in business for over ten years at the time and had an excellent credit rating. I would need the funds to pay subs, labor and material as it was clear among all parties that I had the Prime Contract. The day of closing the loan, I was asked to come and sign a new Disbursement Authorization Form requesting my funds be first wired to the Bennetts account and then they would hand them over within a specified period of time. I had no problem with that because I would be fulfilling the Contract and they were my funds.I had know idea at the time of the Bennetts and SunTrust's fraud concerning the loan application or her previous bankruptcy. First draw went fine. $27,610.99 I requested my draw directly to SunTrust, they had the appraiser come and inspect, the funds were wired to the Bennetts and then the Bennetts wrote me a check. Nine (9) weeks passed and the house had been framed, plumbing roughed in and heating. My lumber bill was over $34,000. I request a draw according to the Draw Schedule I signed with SuntRust (Exhibit B of the Construction Loan Agreement)for a percentage of the work done. SunTrust sends the appraiser, he verifies the work and SunTrust releases my funds to the Bennett account. The Bennetts keep the money and terminate the Contract kicking us off the land in which we occupied to fulfill the contract. SunTrust waited. We got an attorney. Our attorney was and idiot (really). He filed a material supplier's lien against The Bennetts/purchasers/borrowers and a Breach of Contract without even stating the Contract amount remaining unpaid which was $223,398.01. Nothing about the Commitment and Construction Loan Agreement, loan proceeds sitting in escrow, or Fraud (of course we didn't learn a lot of this until after trial about claims he should have brought). We have a malpractice attorney for that. We clearly did not breach our contract is what was stated by the judge. We also won a judgment for Defamation that was both willful and malicious. Our attorney failed to get us the material suppliers lien! There was, and still is a recorded construction mortgage lien which secures the funds for payment of such. The bottom line is SunTrust seems to get awards for servicing loans, etc. They remained silent about the construction mortgage. They have also stated they needed a right to a lien which is not true. There is currently $158,000 left in the escrow account and the Bennetts have surrendered everything in bankruptcy. It has been over three years and they know we have not been paid for even the lumber that went into this house (which is still only half finished as it has remained since we were kicked off). It was not our job to finance the construction of this house, as a matter of fact they knew we were to be paid out of the proceeds, only the unqualified persons they placed on title embezzled the funds by not handing them over. I would not trust this company and I am currently filing an extensive complaint against them with the Federal Reserve. And, to top everything else off, the Bennetts bankruptcy was confirmed about Nov. 24, 2008 and an Order was issued by the court for SunTrust to take the property back and SunTrust still has not defaulted them! They are well aware of our underlying right to be paid. Please be careful of this company whether you are a builder/seller, buyer/purchaser/borrower or debtor. This in my opinion is by far the P in predatory lending practices. I am waiting for my $1,000,000 fraud claim. It's not over yet...... Callie