- Report: #117061
Complaint Review: Dan Sadler - Fifth Third Bank - Dayton Ohio
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Dan Sadler - Fifth Third Bank
Dayton, 45401 Ohio, U.S.A.
Phone:
937-229-8316
Web:
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Fifth Third Bank Rental Real Estate Rip-off! Dayton Ohio
Back in 1992 I had acquired 5 rental properties and wanted to either refinance them (to pay off the credit cards I'd used in doing total rehabs to them (I did ALL the work myself turning NASTY places into the nicest houses around)) or to finally put an end to the buying/rehabbing spree I was in and finding other "ways" to make money. Most banks "sell" their mortgages to Fannie Mae/Freddie Mac, but at the time neither would buy loans made on people with 5 mortgages already. I knew this going in and wanted to refinance mine "ONLY" if I could get future financing on future projects.
I informed them of same, the Vice President actuall came into the office and told me that they surely would do any future refinancings of any new properties and that they loved my kind of people because they "housed" their own loans. On his insistance that they would co-operate with future property refinancings I then refinanced the 5 properties I owned and in the course of the next 2 years bought and did rehabs on 3 more properties. I went in for refinancings, they stonewalled me! I wasn't "allowed" to talk with Mr. Sadler at all! I hired an Attorney to try and help... he couldn't get in either. It eventually bankrupted me. They participated in a business decision and legally that is grounds for a suit.
I persued the suit... no attorneys would take the case without $10,000 upfront fees. I spent weeks trying to find legal help... they all wanted $10,000 up front before they'd even look at it. I spent hundreds of hours at the local Law library and finally put together a web site with all the pertinent information, precidents, scanned documents...everythihng I could think of make it easy for thte attorneys... 6 months of 60 hours a week work.
I then got a copy of every lawyer in Montgomery Co.'s email address and sent them a link. The only answer I got was from 5th 3rds attorney's saying they couldn't represent me. Then I had to file bankruptcy. 7 years later... I've finally got 5th 3rd (I think) to properly represent on my credit report that I don't presently owe them any mortgages. At one point they said (on my credit report) that I owed them $6,000,000.00... 1.2 on each of 4 seperate loans on lhouses located in neighborhoods where $40,000 is TOPS for a house.
They also collected double judgements on me for every property and they bought all the houses from the public auctions. Also, in the process of getting the original loans they tried using appraisals "from their apraisers" that were 20% below actual Market Value". other appraisers have told me that was standard policy because they don't like the risk. In my opinion.....they have proven to me (I lost over $500,000 to them) that they're just rip-offs. What else can I say or do? They got the money....I don't...so I can't fight!
John
dayton, Ohio
U.S.A.
I informed them of same, the Vice President actuall came into the office and told me that they surely would do any future refinancings of any new properties and that they loved my kind of people because they "housed" their own loans. On his insistance that they would co-operate with future property refinancings I then refinanced the 5 properties I owned and in the course of the next 2 years bought and did rehabs on 3 more properties. I went in for refinancings, they stonewalled me! I wasn't "allowed" to talk with Mr. Sadler at all! I hired an Attorney to try and help... he couldn't get in either. It eventually bankrupted me. They participated in a business decision and legally that is grounds for a suit.
I persued the suit... no attorneys would take the case without $10,000 upfront fees. I spent weeks trying to find legal help... they all wanted $10,000 up front before they'd even look at it. I spent hundreds of hours at the local Law library and finally put together a web site with all the pertinent information, precidents, scanned documents...everythihng I could think of make it easy for thte attorneys... 6 months of 60 hours a week work.
I then got a copy of every lawyer in Montgomery Co.'s email address and sent them a link. The only answer I got was from 5th 3rds attorney's saying they couldn't represent me. Then I had to file bankruptcy. 7 years later... I've finally got 5th 3rd (I think) to properly represent on my credit report that I don't presently owe them any mortgages. At one point they said (on my credit report) that I owed them $6,000,000.00... 1.2 on each of 4 seperate loans on lhouses located in neighborhoods where $40,000 is TOPS for a house.
They also collected double judgements on me for every property and they bought all the houses from the public auctions. Also, in the process of getting the original loans they tried using appraisals "from their apraisers" that were 20% below actual Market Value". other appraisers have told me that was standard policy because they don't like the risk. In my opinion.....they have proven to me (I lost over $500,000 to them) that they're just rip-offs. What else can I say or do? They got the money....I don't...so I can't fight!
John
dayton, Ohio
U.S.A.
