Farmers And Merchants Bank Premature Foreclosure St. Clair Missouri
My father took out a loan in 2001 with the bank and I took over the payment. I'm in the navy so my father took care of the land and house that's on the land for 3 years. As soon as I got back into it (4 months after being stationed here in St. Louis) they sent a letter because the payment was 2 months behind... the letter stated that they wanted the payoff or they would CONTINUE with the foreclosure process...
They started the process 2 days after the 2nd payment was late! And now they won't work with me at all. They also own the property next to me because of a foreclosure. My property is going to double in value in the year 2006 because of an on/off ramp going on the bridge over the highway I live close too so it will be of commersial value.
The bank wants to get a hold of all of this property in order to make a profit, not concerned that they are kicking a family of five onto the street, I don't have the money to keep living here and was in the process of a refinance loan so I could cut down the burdon long enough to sell but they got the letter out first screwing up my chances for a loan approval. I did not join the US Navy because of the Fat paycheck because there is no fat paycheck with the navy, it's the honor and feeling you get from knowing that you are serving your country and doing your part to protect our freedom, and their rights to foreclose on people trying to make it!!!!
If anyone has any ideas or suggestions, I'm open, I have a few roads I'm walking right now to fix the problem... bridge loans and such, I also plan to call channel 2 news if they try to go thru with the auction of my property, I'm sure the news would eat this up! Please submit a rebuttal if you have any ideas I haven't mentioned yet and if you are in the area... do not bank with Farmers and Merchants Bank (FMB) period, they are crooks!
Jon
Saint Clair, Missouri
U.S.A.
3 Updates & Rebuttals
T
Anoka,Minnesota,
U.S.A.
File chapter 13 a way to save your house
#4Consumer Suggestion
Tue, March 29, 2005
I know alot of people don't like to go by-way of bankruptcy, but its a way to save your house, as long as the sheriffs sale hasn't started. you can do this.
A chapter 13 is where you pay your debt back, along with your normal mortgage payments, as you said you are only 2 months behind, so your payments wouldn't be outrageous, and you have 5 years to pay it back. The money for filing has to be paid right away, but the attorneys fees are added into the bankruptcy payments.
I hope this helps you to understand how this works.
T
Anoka,Minnesota,
U.S.A.
File chapter 13 a way to save your house
#4Consumer Suggestion
Tue, March 29, 2005
I know alot of people don't like to go by-way of bankruptcy, but its a way to save your house, as long as the sheriffs sale hasn't started. you can do this.
A chapter 13 is where you pay your debt back, along with your normal mortgage payments, as you said you are only 2 months behind, so your payments wouldn't be outrageous, and you have 5 years to pay it back. The money for filing has to be paid right away, but the attorneys fees are added into the bankruptcy payments.
I hope this helps you to understand how this works.
T
Anoka,Minnesota,
U.S.A.
File chapter 13 a way to save your house
#4Consumer Suggestion
Tue, March 29, 2005
I know alot of people don't like to go by-way of bankruptcy, but its a way to save your house, as long as the sheriffs sale hasn't started. you can do this.
A chapter 13 is where you pay your debt back, along with your normal mortgage payments, as you said you are only 2 months behind, so your payments wouldn't be outrageous, and you have 5 years to pay it back. The money for filing has to be paid right away, but the attorneys fees are added into the bankruptcy payments.
I hope this helps you to understand how this works.