dvhounddog
New Member
A few months ago, my mother and i had a loan come up for renewal. It was a 15 year loan with a 5 year balloon and it was on a mortgage. Well we took the information the bank requested in to the bank 30 days prior to the last payment due, so they could get started on the rework. She is a cosignor for me. Then the bank asked for a termite inpection letter, I got that to them within the next week. A few weeks went by then the bank called and said they needed 3 insurance quotes from 3 different insurance agencies and they would pick the one they thought was best. I got the 3 insurance quotes to them and then a few more weeks past and when I went to the bank to make my deposit, the manager told me she needed a name for a contact of the insurance. I did the insurance quotes online, so I didn't have a name. The branch manager assured me that she would find a local insurance contact. In the mean time, the collections department of the bank started calling me and then they started calling my mother. We were told that we needed to bring the loan current by paying the entire balance of the loan. I contacted the local branch as well as my mother. The local branch said oh just tell them the loan is in the process of being reworked and if they have any questions, give them our local branch phone number. We did that and the calls still came in. We had the loan officer call the collection department and she even gave them the local branch number as the contact number instead of ours. That way when the collection department went through their "call" cycle, it would ring to the local branch. Well low and behold last month my mother and I both received a foreclosure letter stating that unless we paid the whole loan off, it would double by the next month blah blah blah. And they put a negative mark on my mothers and mine credit. What we are wondering is why in the world would the local branch keep telling us not to worry about it that they were taking care of it, yet this happened. My mom ended up paying the loan off, because it scared her so bad. What the problem is is that in 30 years, she has never even had 1 bad mark on her credit. She is appalled and hurt that this bank did this to her. My credit is less than perfect so I wasn't as upset, but she wants to know what kind of recourse she has towards this bank. It has been almost 60 days and it is still on her credit. She is 73 years old and doesn't need the hassle of this. We were talking about suing them but don't really know what the suit would be for. Any and all help is greatly appreciated. This really has her shook up to the point of crying about it all the time. Thanks in advance. Helen in Alabama
