There are erroneous charges on my account, and I have problems with how payments are applied. This causes negative credit reporting and extra charges every month.
1. The original loan was taken out in September. My understanding, and the paperwork, reflect that my payment due date was the 20th of every month, but BB&T attempted to automatically deduct my payment every month on the 22nd. They charged me NSF and late fees every month, so my payments were never applied to my principal correctly. This also caused my credit report to negatively reflect late payments for 25 months (nearly the life of the loan). BB&T has admitted that this was their mistake but will not fix my credit report or apply the money correctly to the account.
2. In October I received a right to cure with a due date in November. My daughter stepped in to assist me with paying these fees even though I did not believe that I owed this money. To confirm the amount, the Hampton BB&T representative called the main office in North Carolina to confirm the amount that would bring the account current and up to date. We were given a total amount of $2853.16. My daughter wrote a check for that amount with the memo line stating that this would pay for all payments and bring the account up to date. The representative then gave us a notarized statement attesting to that fact.
So when I made my November payment (on the third Wednesday), that payment counted toward the December payment. When my January statement came, it said I owed $788 for the regular payment and $788 in fees (the exact amount of the house payment), totaling $1576 due for the month of January. Why was I told that my account was current and up to date, and in fact ahead of schedule, if there were leftover fees? If there were any leftover fees associated with the supposed late payments, why were they not taken out of the advance payment in November?
When my daughter asked these questions, she was told that we were supposed to tell the teller to apply the payment to fees. But we were assured by the representative in November that the account was current, and we were even given a letter stating that there were no more outstanding fees, so how would we know that there were any fees? Also, the large lump sum was applied to fees without being instructed to do so; it just happened. I do not believe that there should be any late fees associated with this account. Furthermore, I do not have much confidence that these mysterious fees will not just keep appearing.
3. My recent January and February statements have arrived, and I see that my payments are still not being applied to principal. After all of these problems have been highlighted, after being told to monitor my statements, and after changing to make my payments by check as instructed so that we can track them, my payments are still not being applied to principal, as can be seen in the February statement. This is not what is documented in my original mortgage statement. My entire January payment looks to have been applied to interest, with no fees and no principal, even though my check states clearly that it is to be applied to the mortgage payment. How is this possible, and when are my payments going to be applied to principal or fees? If this could be explained, it would be most appreciated. This is another example of BB&T applying payments as they see fit, without following the letter of the written mortgage statement or the direction of the customer - ME.
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