Mortgage Forum

Joel Fraser

I have two problems: REFINANCED FROM SUNTRUST TO FIRST FRANKLIN IN 12/06 took abit in equity, but took the rest in 2 city lots of land. (meaning we outright own 2 lots, the whole property is 6 lots) the reason we did this is everytime we fell even abit behind we were completely treated horrible by suntrust and finally was told by a customer Rep. "Your property is flagged due to the amount of land" he said if you fall the least behind they'll foreclose on you. Which came close to happening before refinancing they raked us over in attorney fees, wouldn't speak to us etc. We requested a detailed statement of what "saving our home cost us" i.e. attorney fees, etc and they never complied. I vowed I was going to bring a suit against them after refinancing but I never did. We got with First Franklin, no problem... This past January fell behind in payments my husband was on work disability 40% of pay, I fell into a depression after loosing my father suddenly and we got behind quickly. We had just hit the 3 past due payment part and everything turned around for us, I landed a job making as much as my husband, he's back to work full pay, I go online last night to make 2 payments, thats when I found out something was wrong. Up until today first franklin wouldn't talk to me saying I wasn't on the loan? I was at closing, name all over the papers, but not on the loan. They talked to me today telling me to hurry and send in request for payment plan because our house was to be sold in two weeks? I hadn't received anything in the mail, and boom today the certified letter came, basically stating sale date from an attorney. Our loan is a conventional fixed rate 7.250. for $105,000 borrowed I prepared all my paperwork to overnite them tomorrow, financial update, paystubs, 1040, hardship letter, evidence of husbands surgery, property taxes paid (copies of checks) I guess my questions are since the attorneys are involved is it going to be outragious to pay the fees to try to work this out. Or should I rush to sell the property and take the profit. We were told by an appraiser in 1996 that the land in worth more without the house and a builder would probably bulldoze the house down. It was built in 1929, gorgeous with original wood trim, staircase, etc. The house and 4 lots were appraised at 160,000, in 1996. Not counting the 2 extra lots. But I really wanted to keep it for our 4 kids to pass the land down to. The property is located in a very popular small area inside of Knoxville, TN older well kept neighborhood. We purchased in 1995 for 70,000. Sorry for the long read, I would love to hear as many opinions as possible!