Complaint Review: Eastern Savings Bank

my name is emmanuel i am in court with this bank as i send this message eastern saving bank is trying to take my home right now! they would not modify my loan there attitude are nasty and cut throat they took me for $30,000.00 at the closing table scamming me with one of there appraisal in a escrow account agreement,this bank only loans money to people with equity in there homes and the equity is what they what.the prepayment penalty was for 2 years so what ever your trying to do concerning fighting this bank i am all for it!

The report states:

"They appear to not agree to modify loans they refuse to work with homeowners and have been known to treat them with disrespect and a cold calculating manner. They appear to be going after the properties rather than working with homeowners in an effort for them to stay in their homes."

As a financial institution employee let me tell you - without any doubts - that no bank or other financial institution wants to own your home.  They want you to make your payments.  It costs about $6,000 to foreclose on a house (depends on the state I'm sure plus a bunch of fees and broker commissions to sell it) if they foreclose and end up with a profit on the sale they have to give most of it back.  Most foreclosures these days result in the bank taking a loss (because most people owe more on the home than it is worth - especially after broker fees etc)

You say that the bank is somehow wrong not to modify your loan.  You made a deal - with the bank, with the seller of the home etc.  Why should the bank agree to take a loss so you don't have to?  If you buy stock and the value goes down do you get a refund from the broker?  If this is not your loss that occurred as a result of bad timing on your part why not contact the seller and demand a refund?   Because you know there is no chance - but somehow you think that the bank should take the loss so that you don't have to. 

Would you be a bit cold if somone is attempting to get out of a legal agreement and make you take a loss on it?  Would you be a bit cold if your employer was in trouble because a bunch af deadbeats have decided not to pay - and you have to wonder if you are going to be in the next round of layoffs - and how you are going to take care of your own family - because some guy wants out of a done deal because his house lost value? 

Sure - some lenders did some crappy things.  Most of the worst abuses were by freelance mortgage brokers - not financial institutions.  Unless the bank somehow committed fraud you have no right to stiff them.  You sure have no right to have them make it easy and pleasent for you to stiff them. 

If we just agreed to modify every loan that has negative equity we would be closed by the end of the month.  So we take the homes - because if people can pass the loss to us with no problems for them, and word gets out, who wouldn't demand a mod - regardless of their ability to pay? Then our bank would fail and the govt would have to pay.  (we didn't get a govt bailout)  You made a deal - you didn't know that the bottom would fall out on real estate - it is not your fault that you lost money on your deal - but sometimes that is how things work.  It is not our fault that you lost money either - why should we take the loss???

I am not an employee of Eastern Savings - I work for another financial institution.

I got a no doc 10 1/2%  on a $612.00  loan with esb two years ago and I'm paying $5530 a month. I lost money last year and what ever finances I have left in the bank will run out in 2 years.  I have called esb several times for a modification and they refuse to budge.  They are the worst bank I ever had to deal with in my life.  I could go and get a traditional loan at a lower rate but I have 3 late mortgage payments and no other bank wants to touch this even thought I can afford up to $3,000 pm.  Anyone that wants to file a law suit for preditory lending against esb I'm in.  But I do think before matters get worse you must get an attorney to deal with this fuc.....bank. Thats what I'm in the process of doing, it's only $2,500 from beginning  to end and kelattorneys google it is helping me get a mod.  I will keep you all posted  

Wow how do they get buy with this? They are given handouts from the government to help homeowners out, but refuse to accept any modifications, government programs that help the homeowner. We went back and fourth with them for well over a year now, for the past 7 mths we have were working with their refi office to try and restructure our loan with them. Every month we would be told at the beginning of the month that it would be wrapped up by the end of the month, that would come and go. they stopped returning our calls and emails, then poof notice of sale arrived in the mail.

BOYCOTT Eastern Savings Bank - Get a class action going asap!!! I would jump on board.

My dad's Second mortgage came due and was being foreclosed (he didnt know it was a 10 year note) anyways he had a few liens on the house so filed for bankruptcy to get them removed. Also his business wasnt doing to good another reason why he filed. A customer filed a police complaint against hm even though he filed for bankruptcy. Well the house was appraised for $380K, And he owed the other mortgage company about $180K (1st and 2nd mortgage) ESB said they were going to give him $247K, sent him a good faith estimate that he signed. Well the bankruptcy case got extended because of a mess up. ESB wouldnt do the loan unless the bankruptcy was cleared. It got cleared. Also ESB during this time told him to stop paying his First Mortgage, because it was gonna get refinanced. And in the process he had the criminal case going on and the judge got impatience, and ordered full restitution or he would go to jail. ESB even went to as far to need my dad's lawyer to tell them if he paid the restitution he wouldnt go to jail. Anways ESB dragged their feet more and in the process their was a foreclosure sale date, ESB didnt agree till 2 days before the sale date, to decide to do the refinance but ready for this.. they told him the house dropped $65k in 4 months. And they also had originally told him the percentage rate would be 9%. But at the closing he was told it would be 13.99. But he had no choice he had to do the deal because he and my mom would lose the house. So ESB knowing my dad would go to jail if he didnt get the money they decided to do it anway, knowing my mom couldnt afford the mortgage on her own. Anyways a few weeks later my dad and a broker (a friend of a friend of my dads) got another mortgage company to agree but to give him enough to pay ESB and what he need for Restitution. Turns out when the other bank called for the payout, turns out there was a 6 month (of payments) pre-payment penalty fee. (my dad was unaware) The new bank decided they couldnt do it. And my dad ran out of options and got sentenced to jail (judge thought he was playing games with the promise of resistution) And my mom managed to make 1 or 2 payments but her and my dad marriage went bad she left, Its been in foreclosure for almost a year me and my brother have filed motions and are trying to fight them. My dad filed a stay and is gonna try to get it to a trial. He asked the bank about a forbearance and they said we would have to pay $20k for one. If we could pay $20k the house would be current.

It boggles my mind on how these banks can do this. They knew what they were doing when they didnt give my dad the money they had already agreed. I mean they must have looked it at this way, "if he pays, that's good, if not we will get a house worth more $200K more then we gave" This is the definition of predatory lender, the government needs to step in and stop banks like this. I mean a pre-payment penatly, those are illegal as far as i know. If i had the money i would try to start a Class Action lawsuit against them. I mean are there any ideas on how to start one maybe that wouldnt cost big $$$ for a lawyer

Renee, in McHenry County please provide an email account. We should get together, We are in the process of preparing a lawsuit against Eastern Savings Bank for Predatory loan practices in Illinois. We found a similar lawsuit filed against them in Mississippi. I can be reached at (((Redacted)))

They appear to have violated numerous Illinois mortgage RESPA laws and TILA's



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We are in the same situation, as the person who wrote this. We have a mortgage with Eastern Savings and they are not willing to work with us in any way, shape, or form. We have threatened bankruptcy, and they laughed at us. We have asked them to re-write the mortgage, and nothing is working. We are now in the process of meeting with a bankruptcy lawyer to find out our rights, they are also trying the absorbent prepayment penalty and $5,000 plus in court and lawyer fees on their end.

Perhaps we can ban together and file a class action suit against this bank.