E*Trade Bank Complaint: Loan servicing, payments, escrow account

#1706156 17 Dec 2015

Mortgage Home equity loan or line of credit

Complaint #1706156 submitted on 12/17/2015 relating to E*Trade Bank. Complaint relates to Mortgage Home equity loan or line of credit - Loan servicing, payments, escrow account .

Complaint was submitted via Web and sent to the company on Friday 18th December 2015.

Narrative (may be redacted).

Etrade Bank agressively marketed HELOC in XXXX. I replied and eventually signed loan documents for a HELOC on my primary residence. The line of credit was {$350000.00}. All payments were made thru the Etrade website, which was XXXX of their marketing tactics since the HELOCs were targeted for current Etrade customers. I already had a brokerage account, a XXXX IRA, a XXXX IRA, and a banking account. They sold me due to the fact that I could make payments/monitor the account online ... .all in XXXX place, with my XXXX user name, log in password, etc. I had excellent credit and was receiving many offers at the time. I went with Etrade for the convenience and because I knew Etrade to be reputable, responsible and had a well designed website and method for making payments, transferring money, etc. XXXX then took over the processing of the HELOC ; I was still able to use the website with the one username, password, and see all accounts in XXXX play. I did n't have any problems for the almost 7 years of making monthly payments thru their website. In XXXX XXXX, things changes drastically. I continued to make my payments the same way I had for years ; eventually I saw that my payment to XXXX had been put back into my checking account. I thought.. '' Well, that is strange.. '' However, by the time this had happened I had already made the next month 's usual payment in the same way I had for almost 7 years. Then, I get a threatening phone call from a company saying they were a debt collection agency, that they were taking legal action against me. I called the XXXX customer service number for Etrade and explained what happened. I was then told that a company called " XXXX '' was now " in charge '' of my loan. I said, " What does that mean? My loan is with you. '' He agent replied, " I do n't really know..I do n't really do HELOCS '' I said, " Okay, can you connect me with someone who DOES " do '' HELOCS '' He said, " Mamn..there is n't anyone. You have to call XXXX. '' I said, " Did XXXX buy the loan portfolio or are they just a servicer? '' He said, " They bought it. Well ... maybe they did n't ... '' I said, " Etrade is a reputable company. I 'm sure there must be somone who has been designated to oversee the transition for the customers. '' He said, " There is n't ''. I then called the corporate office, explained my situation to the person hired to funnel calls and she came me the name and number for an employee who would " know what to do ''. After more than 2 weeks of speaking with this person, my problem with XXXX continues.

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