Our nightmare started in December. We went to SunTrust for help with one mortgage payment in January 2009. They suggested a forbearance and sent us an agreement to sign, covering non-payment for February, March and April. I think it is important to mention that before this, both of our mortgage loans with SunTrust were set up on automatic draft and our payments were never late.
In May we were able to resume our monthly payments, so in good faith we sent in April's payment. It was cashed, and we assumed our loan was as it had been before the forbearance. The following month we sent in our mortgage payment, and it was returned to us with a letter from collections stating our loan was in default. This occurred every month for the next five months. Our account was finally referred to their foreclosure attorney, Recontrust Company, and the foreclosure process had started.
We wrote letters and made phone calls, and without any help I finally contacted the CEO/President, Mr. Wells. Within one week we had a response from Mr. Wells indicating that someone would review our account and a response would follow. We received a response letter from the President's office indicating that the mortgage payment we sent in for May had been applied to January. The following payment was applied to February, which was clearly within our forbearance period. During this time we had been forwarded to the Loan Modification department, and our loan was modified and brought current.
We finally thought everything had been resolved, so we put the issue to rest and resumed making our payments as we had in the past.
Just recently we ran our credit and found that SunTrust reported to the credit bureau that our payments were late for 8 months. Our credit score dropped over 250 points. Since this discovery, we have been calling them and writing letters, and they refuse to acknowledge the errors or make any corrections. We are so frustrated and firmly believe they did this on purpose and that they benefited from the loan modification.
We are going to fight this and are speaking with an attorney. It is going to cost thousands of dollars to sue them, and it is over a silly accounting error. This company should not be in business. They are in breach of our forbearance agreement as well as guilty of wrongful negative credit reporting under the Fair Credit Reporting Act.
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