Let’s go bak to when SunTrust first discovered the issue.
1. Return all interest from both loans (since you couldn’t have a second loan without the first loan) from the date of discovery until now. SunTrust fails to recognize that counseling was reaquired as part of this loan.
2. Make both loans affordable according to MGL 183c Section 4, which states
There shall be a presumption that the borrower is able to make the scheduled payments if, at the time the loan is made, and based on the monthly payments as calculated based on the index plus the margin at the time the loan is made, in the case of loans with lower introductory rates: (1) the borrower’s scheduled monthly payments on the loan, including principal, interest, taxes, insurance, and assessments, combined with the scheduled payments for all other debt, do not exceed 50 per cent of the borrowers documented and verified monthly gross income, if the borrower has sufficient residual income as defined in the guidelines established in 38 CFR 36.4337(e) and VA form 26-6393 to pay essential monthly expenses after paying the scheduled monthly payments and any additional debt.
Unfortunately I will no longer have my job as of May 25. So my income will be unemployment insurance and my rental income. SunTrust has this information, as I have sent it to them.
This is what SunTrust should have done in the first place, however they decided to try to cover up the issue. If they had simply done things correctly when they discovered the error, they would have been in a better position.
So that is it, simply return the interest that they unjustly received and make the loan affordable.
However SunTrust continues to ignore me and come up with a reasonable solution. That is the reason that I started thsi site, I don’t want to be ignored any more.