Complaint from consumeraffairs

mary of Beaverton, MI March 25, 2010

in 2005 my husband and me refinanced our building with fifth third. we were told that it was a 20 year mortgage. last year the bank contacted us and told us that the mortgage needed to be refinanced. we did not know that it was a 20 year amorization loan with a 5 year balloon. they went ahead and did a refinance for 1 year. they said with the business being up for sale that was the longest they could do and that we needed to have it off the market for 6 months and then they would do another refinance.

when they did the refinance in 2009 we told them that the building and business was two seperates. the building was personal and that we would not put up anything that did with the business up for collateral. the loan officer assured us that there was nothing in the refi for the business assets. when we went to refi this year they said that there was not enough assets to do the refi and that we needed to come up with more money.

i told them i would not put up any equipment for the loan and she said that all the equipment, inventory and cash was up for collateral already. i told we did not put it up but the officer put it in the paper work and we already signed it. the building and equipment is worth at least 200,000.00 and the bank says there is not assets there for a 135,000.00 loan refi. they are trying to steal our business. if we cannot refi our business with what is already there for assets we will lose our home and everything. this is our only source of income.

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