Fifth Third Bank 5/3 artificially inflates the price of home to suck you into buying! Internet
I purchased my dream home which has now turned into the biggest nightmare of my entire life (even trumping my divorce!) Fifth third has got to be the most corrupt bank I've ever had the displeasure of working with.
I opened an account with 5/3 and purchased a home through them some months later. After having the home appraised, I was confident I had paid the right price for the home. I began working hard on fixing it up, sinking thousands into the home for improvements. 7 months later I had an in-depth property anaylsis done. The home had dropped $9,000 in value! What? How could that be. The realtor, a 26 year veteran, told me the grim news. 5/3 had allowed me to overpay for my home.
I've left the home in the hands of a realtor and moved back home. The home has now dropped another $35,000 and she's asking I drop the price again! Keep in mind this is all in the span of 6 months - yes 6 months! I urge all readers who may have fallen into this trap and now find themselves so upside down on a mortgage to consider a class action suit against 5/3 and other banks who have done the same thing to them. I have no choice but to walk away from this home, and give it back to 5/3. I am sick that my dream of home ownership has died, but I feel they deserve to keep the home on their books, along with many others until they change their lending practices.
Total consumer fraud as far as I am concerned. Would love to hear comments from others going through this heart-wrenching experience.
8 Updates & Rebuttals
Karl
Highlands Ranch,Colorado,
USA
THE ECONOMY STINKS POEM.......
#9Consumer Comment
Wed, October 26, 2011
is available at this website.
Just type in 684178 and it appears in the consumer comments section at Ripoff Report #684178.
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***MORTGAGE ALERT: Don't forget to stay at this site and type in- MERRILL LYNCH, and read St. Clair's Ripoff Report for valuable information if you have a mortgage in the USA. (It's Ripoff Report #481508.)
I am the law
Chicago,Illinois,
USA
Um, the economy?
#9Consumer Comment
Wed, October 26, 2011
So, someone else goes for the "hidden agenda at the bank" theory right off the bat again.....
Look, I don't suppose you happened to consider the fact that real estate values are in the toilet across the country? Of course your home dropped in value; the entire economy is on the brink of collapse thanks to the idiots in Washington. The real "fraud" in this story is from your realtor. He obviously made some commission when you bought the home and when you brought a financial concern to him, he shifted the blame to the bank (lied, passing the buck, whatever..) just to get you off his back.
Come on... you have to think. Fifth Third doesn't control the entire American economy.
Karl
Highlands Ranch,Colorado,
USA
Mel, The bankers and the FED obviously believe that fraud........
#9Consumer Comment
Tue, October 25, 2011
is something that's necessary in order to keep their profits high, wouldn't you agree?
Make sure to 'Google' the following videos and watch them on the web for proof-
FRONTLINE: THE WARNING
FRONTLINE: INSIDE THE MELTDOWN
BIG BANKS RESUME FORECLOSURE PAPERWORK PBS
THE NEXT HOUSING SHOCK
*In the first video above the former Chairman of the Federal Reserve, Alan Greenspan, apparently believed that fraud wasn't really a bad thing, correct?
**In the second video, we can plainly see that fraud was taking place in the banking sector, especially regarding 'mortgages' and 'mortgage backed securities', which led to the meltdown of the entire system in 2008, right?
***Forgery was mentioned in the third video, regarding mortgage documents, correct?
****Forgery was also mentioned in the fourth video, which was a 60 Minutes segment regarding the mortgage industry, and how some of the banks were attempting to foreclose on home-owners by forging names on legal paperwork, right?
To sum it all up in a nutshell, it appears that the banking system in the USA (most of it) has its foundation solidly built on lies, deception, fraud, greed, manipulation, trickery, deep corruption, & the constant pursuit to financially injure the innocent people living in America, wouldn't you now agree?
Have a nice day.
***MOB ALERT: "MOB SONG 11" was submitted at this website on October 25, 2011. Just stay at this site and type in- WALL STREET, to see if it is available in the consumer comments section at Ripoff Report #684178.
Thank You
Flynrider
Phoenix,Arizona,
USA
You've got to be kidding!
#9Consumer Comment
Mon, October 24, 2011
I don't think I've seen such a lame, whiny post in quite awhile.
"5/3 had allowed me to overpay for my home "
5/3 is not your financial advisor, or your mommy. They "allowed" you to overpay? Are you in the habit of having banks tell you what you are allowed to pay for things? If so, I suggest a reality check.
" I have no choice but to walk away from this home, and give it back to 5/3. I am sick that my dream of home ownership has died, "
I don't understand this post at all. The housing market has been dropping steadily for the past 3 yrs. If you bought the house and could afford the monthly payment, it shouldn't matter what the market value is after 6 months. The payment doesn't change, the house doesn't suddenly become unlivable. What's the real story?
The only reason that a drop in the market value would affect you is if you bought the house and planned to flip it in 6 months. If that's the case, you just made a stupid investment and it is no ones fault but your own.
Ken
Greeley,Colorado,
USA
My neighbors 2600 sq. ft. ranch home sold 12 years ago for $212,000
#9Consumer Comment
Mon, October 24, 2011
2 months ago this same house that had numerous improvements made on it by the former owner sold for a bargain price of $179,000. If the market wasn't so bad it should have sold for about $250,000.
Our home has declined over 30% in value over the last few years....we're staying put.
You can check housing prices around you by going to the xxxx county assessors web site and typing in addresses. (The xxxx is for your county).
Sorry for your bad experience, but I think the housing market is the only thing ripping you off.
Robert
Irvine,California,
U.S.A.
Basic Question
#9Consumer Comment
Mon, October 24, 2011
Here is a basic question that you need to answer. Why do you need to "walk away" and loose money?
You won't "loose" any money until you want to sell the house, and someone who is putting in all of these improvements does not sound like someone who is planning on selling the house anytime soon. That is unless you actually bought this as an investment wanting to "flip" the house, only to find out you are going to loose money. But if this is an investment, just like other investments you may loose money.
Whether or not this was an investment, what other research did you do to be "confident" that you paid the right price? Obviously there was an asking price from the seller, did you offer above or below the asking price? Did you compare the market in your area? What did you do now to get the idea it went down? A single appraisal? What has the market done in the last 6 months? Has it had a similar decline?
Here is another question. What if the house increased in value, over the improvements you made. Would it be okay for the bank to complain about you because the house now appraises for more than when they sold it? Or is this complaint only a one-way street?
Karl
Highlands Ranch,Colorado,
USA
Mel, Make sure to 'Google' this- INDYMAC BOYS GET SWEETHEART DEAL, and watch.......
#9Consumer Comment
Mon, October 24, 2011
that video on the web to see how some people are making a lot of money by purchasing homes that have gone into foreclosure.
Then type in 481508 at this site and read St. Clair's Ripoff Report for valuable information regarding mortgages.
It appears that homes all over the USA will continue to depreciate as our economy deteriorates. Home ownership never was the 'American Dream'. It has become a nightmare for millions of people all over this land. The ones who made all the money are the bankers. And the bankers obviously control our government. That's why they are profiting on what has taken place in America over the last few years. The video above proves it, wouldn't you agree?
Good luck to you.
***BANK ALERT: Don't forget to type in the following at this site and read the Ripoff Reports for valuable information if you have a bank account in the USA-
WELLS FARGO
CHASE
CITIBANK
ONE WEST BANK
WACHOVIA
JP MORGAN
US BANK
BANK OF AMERICA
ALLY
BANK
voiceofreason
North Carolina,United States of America
Not seeing the ripoff
#9Consumer Comment
Mon, October 24, 2011
YOU bought a home from them in a steadily declining market, without doing your own due diligence, and claim they ripped you off because the market continues to slide, taking your home value with it?
Did they put a gun to your head and said, "Buy this house or we'll kill you"?
YOU stated you had an appraisal done. Well, your appraisal was probably correct on the date it was made. However, the market continued to slide after that, and yes, it can slide significantly in just weeks, let alone months.
Did you bother getting your own appraisal? Or did you consent to just go by the bank's? Did your broker, assuming you used one, do comps of similar properties in the neighborhood? Did YOU do this, if you had no broker?
The bank didn't owe you a bargain or a a steal. They simply owed you as much house for the dollar as you were willing to pay.
And never mind the dollar drops. What PERCENT were the drops. $35K off a $400000 house is not the same as $35K off a $200000 house.
How much did you put down? How much financed, I assume through the seller?
Not defending 5/3 here so much as questioning your claim to a ripoff. They can be a scumbag bank from what else I've ever read about them. but you appear to simply be the victim of lousy timing and poor pre-purchase research.