Another Bank Fiasco

By
Real Estate Attorney with Bay Vista Realty BK671311
https://activerain.com/droplet/4Gs

The Banks Strike AGAIN! 

One of my friends has been dealing with an un-named bank for over a year working on a Loan Modification.  Suddenly and without warning, this bank discontinued the guys electronic payment system and blocked the web portal, so the hapless family called me wondering what to do.  I advised them to mail the cheque directly to the bank. 

Guess what was returned........?  Yep, all the subsequent payments....... 

Two months later they were sued for foreclosure and so they contacted the attorney directly.  No response....no response....no response.  Six months have gone by.....each month they mail the cheque and each month it is returned.

Multiple emails have been sent to the attorneys office asking for a reinstatement amount.

Last week they received an email from the lender's attorney.  The late fees for the payments that were mailed and returned total over one thousand dollars....the attorneys fees are three thousand.......Almost 15K total.

 

That's right ladies and gentlemen, 4 thousand dollars, just to re-instate the loan.....that they were trying to modify in the first place. Now they are considering just short selling the home and telling the attorney to pound sand.  (I think they used more choice language.)

So I ask you, my dear fellow Active Rainers, have you seen this and what happened?

 

Gary De Pury, SFR

Tampa Short Sale Specialist

Broker-Owner

Bay Vista Realty

 

 

 

 

 

 

 

Posted by

I certainly hope this helps and if you have any questions, as always, feel free to drop a line at Gary@BayVistaRealty.com

If you or someone you know needs assistance with a Short Sale anywhere in the Tampa Bay Area, please don't hesitate to call to speak with a certified Short Sale Specialist.

 

Signature

Gary De Pury, SFR

Bay Vista Realty logo

Broker-Owner

Bay Vista Realty & Investments, Inc.

YOUR FRIENDS AT BAY VISTA REALTY PROVIDE COMPLETE REAL ESTATE SERVICES FOR HOME SELLERS AND BUYERS IN THE TAMPA BAY MARKETPLACE, COVERING ALL OF HILLSBOROUGH, PASCO, AND PINELLAS COUNTIES.

WHEN YOU ARE LOOKING FOR A HOME, REAL EXPERIENCE MATTERS.

Bay Vista Realty & Investments and our team of Professional Full Time REALTORS are ready to help you with

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Florida
Tags:
bad bank
loan modification
short sale

Spam prevention
Show All Comments
Rainmaker
445,961
Rodney Mason
Guaranteed Rate NMLS# 2611 - Atlanta, GA
VP of Mortgage Lending - AL, FL, GA, SC, & TN

There is probably more to the story than you know, as is usually the case.  The only reason that I can see for a mortgage company discontinuing an electronic payment option is if the borrower was late on their mortgage payment.  Once a borrower is late on their mortgage payment, many will require the all outstanding monies due all be paid at once.

Jan 04, 2011 02:40 PM #1
Rainer
80,896
Gary De Pury, ESQ.
Bay Vista Realty - Land O Lakes, FL

I went through the entire file.  The friend is extrmemely meticoulous.  They never missed a single payment.  Also the Attorneys fees are far out of line.

They filed suit.  That is about 1,200.00.  The Judge will not award the amount they are asking in a Hillsborough County Court of Law.

Gary De Pury, SFR

Tampa Short Sale Specialist

Broker-Owner

Bay Vista Realty

Jan 04, 2011 02:51 PM #2
Rainmaker
836,472
Sheila Newton Team Anderson & Greenville SC
Berkshire Hathaway HomeServices - C. Dan Joyner - Anderson, SC
Selling the Upstate since 1989

wow.. I have never heard of that.. usually even if they continue with foreclosure, they want every penny they can get.. return of checks is strange...

Jan 04, 2011 03:59 PM #3
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
80,896

Gary De Pury, ESQ.

Ask me a question
*
*
*
*

Additional Information