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 Community bank is trying to make me default. View next topic
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Joined: 24 Oct 2011
Posts: 1
Location: florida

Community bank is trying to make me default.
PostPosted: Mon Oct 24, 2011 9:11 am Reply with quoteBack to top

This sounds wild but its all true. The attorney who represented my ex is former partners with the community banks attorney holding the 2nd on my home and 2 business mortgages. Also close friend of ex and former (?) business partner. My ex took all records, bank never notified me of mortgage non-payments for 2 months. I end up with house, business, 3 mortgages all 2 months behind, $8.52 in account. I contacted them immediately and said somehow would pay in 5 days. 2 days later I received voicemail threatening foreclosure. I was able to bring them current in the 5 days as promised.
They refused to give me any more on the business credit line though I told them utilities had not been paid and I faced being shut down and was left with $100,000 more in hidden bills. Somehow I kept utilities on, mortgages current and started whittling at rest of bills. 6 months later the 250,000 credit line ballooned. they said they wouldn't renew unless i added business as collateral to the 2nd mortgage of my home my ex had taken for 330,000. No choice I agreed, told not to pay until mod papers done. I called for 2 months still told not to pay. When completed they were brought to my office, quickly flipped through. Not till later did I find they changed my 20 year home equity to a 1 year balloon. Several months later I found they reported 60 day late payments to all 3 bureaus for my equity loan while telling me not to pay.
I called many times requesting a letter to correct credit, finally faxed a letter with no letterhead, my name spelled wrong, no account or identifying info, unsigned. I ask for another, ignored until out of the blue call. they had my letter, would hand deliver along with other papers needed signing. Other papers turned out to be agreeing to a scriveners error on a mortgage on a property ex took, placing it on a property we shared that had a sale contract. I refused to sign so they told me they would not give me the letter, fix my credit or renew my business or home loans both now ballooning in a few months.
I ended agreeing, paid half my exs mortgage having no funds for an attorney for court. This almost fell thru, having had enough, watching for their tricks, I refused to sign and walked out after reading should I end up defaulting, the properties not bringing enough in foreclosure auction they could take more than allowed by law from any future paychecks I might get. Basically they would take my home, source of income and if i was waitressing the graveyard at dennys wanted that too which they refused to take out. No mention was made of any liability my ex, on all mtgs, would have for repaying any of the debt.
After my walk out they took it out and i signed and they refied my mortgages for 3 years, took all of the money i had due from the sale, applying 50,000 to the equity loan principle, holding remaing 40,000 in reserve to ensure future payments. they added if the reserve fell below 6 months the 3 years changed to a 1 year balloon. To date they've given me no record of where this reserve money is and II assume I'm not receiving interest.
The modified payments increased my home equity payment 1000.00 a month, from interest only to int/princ.. im trying to mod my first, in foreclosure when i received settlement. i cant short sell with 2nd attached to business and though have caught almost all bills up can't yet fit another payment in budget with 2nd mtg so high.
there have been other things ive left out to make me come to above conclusion. my ex and they thought i would, and i should, have failed within first month or two. i didn't so they kept throwing grenades i was able to dodge. i know they are counting on my having to dip into reserve making everything balloon early and then will refuse to renew anything. my credit in shambles he plans on getting everything back in the foreclosure sales. his attorney was overheard saying this.
this cant be legal but i cant prove the reasoning. common sense though - why refuse to renew 2 very large loans when payments are made every month? do banks really need more foreclosed properties from customers making payments?
I don't want to stir more waves right now. I've got enough I'm handling but would appreciate any insight or guidance as I approach this balloon date. I am still getting my business fully operational, paying its old bills, replacing equipment ex stole. i dont know how im going to get a mod of the first when im just now breaking even or be able to find refinancing if, when they dont renew.
Evil or Very Mad

any input or ideas very welcome!
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