Terri sent a message to Greg D. Carmichael – Chief Executive Officer of Fifth Third Bancorp – Email Address that said:
Assistance with our Mortgage Loan
Dear Mr Carmichael,
We hope that you will be able to assist or direct us to one of your managers that can assist us with our current mortgage loan.
We refinanced our home with First Charter prior to them being acquired by Fifth Third Bank. At the time of our application, we were told that the best option available to us was a balloon payment loan. Unfortunately, shortly thereafter, the real estate market became soft resulting in a decline in property values from which we have not recovered.
We contacted one of your branches to discuss the possibility of refinancing our loan prior to the balloon due date. We were shocked to learn that we did not have a mortgage loan, but were given an installment loan. Since our loan is not a standard agency product and our property value has not recovered, we are unable to refinance our loan. If we cannot refinance our loan, we will be unable to make our balloon payment.
Our balloon payment is due May, 2017. We need your assistance in helping us to rectify this matter. We feel that we have been a victim of predatory lending with a “bait and switch” program.
Below is our loan information:
Principal - $117,000
Date 5/11/07
Maturity 5/16/17
Borrower: Mark S
Interest Rate: 7.2%
Sincerely,
Terri and Mark
