US Bank Home Morgage

Extra Principal Allocated to Future Interest Paid in Advance

 

My Complaint: If you have a mortgage with US Bank and pay additional principal, please read this:

I am extremely unhappy with this bank and I want to pay the 15 year loan soon as possible. To lower my balance I send additional principal in addition to my regular monthly payment.

U.S. Bank Home Mortgage arbitrarily allocates the additional principal payment to un-accrued future interest paid in advance, instead of lowering the outstanding balance by the amount of additional principal included.

Every month I have to call the bank and they claim that an error was made and they credit the future interest payments to principal. The following month I have to go through the same routine to avoid being robbed again.

In my case, I have the statements to prove that deliberate FRAUD is committed every month. Here are two examples of fraudulent activity:

For September 2015, I paid $4000, which included $2,672.71 as additional principal. Only $613.97 went to principal reduction. They paid themselves future interest of $357.57 for October 2015.

For October 2015, I paid $4,160.46, which included $2,800 as additional principal. Only $623.90 went to principal reduction. They paid themselves future interest of $347.61 for November 2015.
The fact that U.S. Bank Home Mortgage conducts this scam month after month is a clear indication that this IS NOT an oversight, but a scam designed to rob millions of dollars from the unsuspected borrowers who believe that the additional principal payments are used to lower their loan balance – What a rip-off!

 

My Demand: Customers Beware

Share Review:
Yes it is. Based on the user review published on Beware.org, it is strongly advised to avoid US Bank Home Morgage in any dealing and transaction.
Not really. In spite of the review published here, there has been no response from US Bank Home Morgage. Lack of accountability is a major factor in determining trust.
Because unlike Beware.org, other websites get paid to remove negative reviews and replace them with fake positive ones.
US Bank Home Morgage is rated 1 out of 5 based on the reviews submitted by our users and is marked as POOR.
Never trust websites which offer a shady ‘advocacy package’ to businesses. Search for relevant reviews on Ripoff Report and Pissed Consumer to see more unbiased reviews.


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