Complaint #1775895 submitted on 02/05/2016 relating to Bank of the West. Complaint relates to Mortgage Other mortgage - Loan modification,collection,foreclosure .
Complaint was submitted via Web and sent to the company on Friday 5th February 2016.
We obtained mortage from Bank of the West on a business property that my wife uses as her business in XXXX of 2013. We have paid as agreed, however my wife has been XXXX, and can no longer conduct her business. We have decided we need to sell the property, but the bank will of course accelerate the loan and will trigger the due on sale clause. At this stage they also want to charge me a prepayment penalty. We can not afford to sell the building and pay approx {$18000.00} in a prepayment penalty. Kind of like a Catch 22 situation.
We would like the bank to take these other factors into account.
WE HAVE PAID FAITHFULLY AND UP UNTIL THIS POINT I HAVE TOLD ANYONE WHO WILL LISTEN THAT I THOUGHT THE BANK WAS GREAT TO DO BUSINESS WITH. I BELIEVE I AM RESPONSIBLE FOR AT LEAST XXXX OTHER PARTIES USING THEIR SERVICES.
I WOULD LIKE TO REMAIN ON A GOOD FOOTING WITH THEM, AS I HAVE OTHER BUSINESS WITH THEM. HOWEVER I FEEL THE ENFORCING BOTH THE DUE ON SALE AND THE PREPAYMENT PENALTY IS WRONG.
| Company | Bank of the West |
| Complaint ID | 1775895 |
| Date Received | 02/05/2016 |
| Product | Mortgage Other mortgage |
| Issue | Loan modification,collection,foreclosure |
| State/ZIP Code | CA 961XX |
| Consumer Consent | Consent provided |
| Company Public Response | Company chooses not to provide a public response |
| Company Response To Customer | Closed with explanation |
| Submitted | Web 02/05/2016 |
| Result | Timely Response: Yes, Consumer Disputed: No |
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