- Report: #798583
Complaint Review: Fifth Third Bank Mortgage - Cincinnatti Ohio
Reported By:
Lynn -
Ocala, Florida, United States of America
Submitted:
Updated:
-
Author Not Confirmed
Why?
Fifth Third Bank Mortgage
201 E. 4th Street Suite A Cincinnatti, 45263 Ohio, United States of America
Phone:
Web:
www.53.com
Categories:
Business Rating:
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Fifth Third Bank Mortgage Fifth Third Bank Refused to permit insurance funds to be used for house repair, instead wants to now foreclose and use funds to offset loss on house. Cincinnatti, Ohio
We had a new home built (2006) and shortly after began to have issue with leaks and insurance problems. When I went to file a claim for a sink hole home, the insurance company denied the constantly cracking pipes and leaks were the result of a sinkhole. Eventually, I settled with the home owners insurance for $125k to make repairs on the home. All checks were cut to the bank and I. I was told to endorse over the checks to Fifth Third Bank and they would then release the funds to the contractors.
After they had negotiated the checks, they refused to allow for repairs on the house, forcing me to use my own funds to make the house as habitable as possible. The children and I for a short time were in a homeless shelter while leaks were being repaired.
I was never served with foreclosure papers, but now they want to foreclose on the home., I would like to sell the home, but the bank refuses to release the funds to repair the house, and if sold as a sink hole home, the home would be worth much less, and almost impossible to sell a sink hole home that is not stable. Real estate appraisers have said the house is worth only $35K without the repairs and $140K with repairs being completed. They have also said they would get a judgment against my husband's military pension IF they completed the foreclosure.
The damage continues to increase, as there is a huge cavity below where the house is, and we are constantly fighting bugs and rodents that are living under the home. We live in a horrible situation while they sit on the funds to repair the place.
As the insurance company now knows the repairs have not been completed want the funds returned from us, which the bank now has in an escrow account. I believe that Fifth Third Bank is a spider web of indecision and resolve not to help consumers.
After they had negotiated the checks, they refused to allow for repairs on the house, forcing me to use my own funds to make the house as habitable as possible. The children and I for a short time were in a homeless shelter while leaks were being repaired.
I was never served with foreclosure papers, but now they want to foreclose on the home., I would like to sell the home, but the bank refuses to release the funds to repair the house, and if sold as a sink hole home, the home would be worth much less, and almost impossible to sell a sink hole home that is not stable. Real estate appraisers have said the house is worth only $35K without the repairs and $140K with repairs being completed. They have also said they would get a judgment against my husband's military pension IF they completed the foreclosure.
The damage continues to increase, as there is a huge cavity below where the house is, and we are constantly fighting bugs and rodents that are living under the home. We live in a horrible situation while they sit on the funds to repair the place.
As the insurance company now knows the repairs have not been completed want the funds returned from us, which the bank now has in an escrow account. I believe that Fifth Third Bank is a spider web of indecision and resolve not to help consumers.
1 Updates & Rebuttals
I am the law
Chicago,Illinois,
USA
Missing detail.
#2Consumer Comment
Tue, November 22, 2011
Why would the bank not release funds to the contractors to fix the house? That doesn't make sense. After all, the bank owns the house until you pay it off. It seems to me that if they were holding the funds "just because they can", then they'd be letting something they own decay and lose money for them.
There's definitely more to this story than what you're mentioning.
