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I have a problem with First Horizon. I have had a Home Mortgage with them for the past 6 years; and never had a late payment. I am currently paying my loan on line with them. I received a letter from them letting me know they were going to start charging a "convenience fee" of $11 in the future. They did offer me other options that are 'free.' I can join their bank. Or give them my bank and account number so they can withdraw the payment from my account. I feel as if I am being blackmailed.
Their letter states "The monthly automatic draft program offers a convenient way to have your payment deducted from your checking or savings account automatically - saving you the step of having to call us or go online each month to make your payment." If they want to charge a "convenience fee" they should charge anyone who wants that 'convenience'. I would prefer not to have anyone have access to my bank account.
Why can they do this and call it a "convenience fee"? The online payment will still be available. Why charge me $11 to transfer money from my account to theirs by myself but if I want them to do it is free? That makes no sense to me. Someone there is being paid too much to come up with silly ideas to make more money from the consumer who is left with little choice. So they blackmail us.
First Horizon
PO Box 630327
Irving TX [protected]
First Horizon (First Tennessee) used to offer telephone check verification. They had an 800 number printed on their checks for ease of use. When I took checks from their account holders, it was super easy to verify them before I accepted them. I felt that the chances of the check being returned were greatly diminished because I could verify them. First Horizon then decided to discontinue this service. I immediately accepted a couple of checks which were bad and caused me to stop accepting 1st Tennessee checks. It cost me business and it causes upset customers when I won't accept checks anymore. Why?
First Horizon doesn't care about their account holders enough to provide this basic convenience!
July 2009 – I had made payment arrangements with First Horizon to satisfy my past due amount of $ 5, 330.58. A payment in the amount of $ 1, 467.24 was made.
August 2009 – I tried to make the 2nd payment under the agreed upon terms and was rejected by the same representative that developed the re-payment terms. The reason given to me for this action “I was overruled”. I was not given any options and terms would not be discussed until my account was current. Total Due was $ 5, 330.58. I could not make this payment by the final deadline given to me – 09/21/09
November 2009 – I receive a Notice of Trustee Sale. According to the document, I was behind on payments from March 2009 and must pay a balance of $ 307, 905.76.
November 2009 - Phoned First Horizon to discuss any other type of payment options. None were given.
February 2010 – First Horizon purchases the amount due of $ 307, 905.76 for $ 240, 500.00. First Horizon pays Citicorp, the first mortgage lender, the total amount to satisfy the loan – approximately $ 321, 500.00.
March 2010 – First Horizon places the house on the market for $ 599, 000.00. The house is sold on the first day of listing within two hours for $ 599, 000.00. This property was appraised 13 months from the sale for $ 850, 000.00.
I do not understand how or why you are asking me to satisfy an amount of $ 136, 197.34. First Horizon made a decision to buy a piece of property, satisfy any lien holders, and then sell it below market value. The only asset I had to pay you back with is now gone. I have lost my 18 years of homeowner equity.
Cause you didnt keep up your mortgage, went into foreclosure and you are being asked to probably pay lawyer fees, tranfer fees, ect.
Its a sad situation but none of the profit belongs to you because it was no longer your property
so it doesnt go to paying your debt. If you didnt get the payment agreement in writing there is no way to prove it happened, Im sorry to say.
I have a first Horizon Home Loan on a Galveston house damaged by Hurricane Ike in September, 2008. It has take 7 months to get through the Insurance process and to get First Horizon to release insurance checks that they required to be put in escrow. The First Horizon roadblocks in the funding and repair process have been more severe than the insurance appraisal process. Every step with First Horizon seems to take at least 2 weeks, and there have been many steps, from requesting a loss claim kit to providing over 50 pages of documents before claims could be initiated. Setting up escrow and getting the 1st 20% draw took 2 weeks, scheduling inspections took 2 weeks, verifying inspections took 2 weeks, writing and sending the 2nd check too 2 weeks, and now I need to provide a notarized affidavit of completion. Requesting the form and getting it sent is taking 2 weeks, and I imagine after I send it back it won't be processed for another 2 weeks. People at the First Horizon Loss Draft department are either the most incompetent people I have dealt with or are stalling the release of funds at every step for their own gains. JHR
I too am a First Horizon customer. Being a First Horizon customer is a nightmare...too many examples to list. I will refi as soon as possible and recommend to all to avoid this company at all costs. My CU does not sell their loans (which is how I ended up with First Horizon) so that is who I will be going with. Recommend you do the same or similar.
It's 2009 and I'm having real problems with First Horizon. I called them to get a rate and after having refinanced with them twice over the last 12 years, was lulled into believe they were telling me the truth this third time as well. I was WRONG! Not only did I agree to the refinancing based on several lies they told, they now are charging me $500 to cancel THEIR bad verbal disclosures to me! Specifically: Their verbal Good Faith estimate was not accurate, they didn't tell me I could get my own settlement attorney and they said I couldn't buy down the mortgage rate by paying a point! I'm just really glad I never signed on the dotted line to take their refinance this time. Wow. Talk about BLACKMAIL: Do the mortgage or we'll take $500 off your credit card. Complaints are in to the appropriate government state and federal agencies.
I'm in the same boat... And quite frustrated. Take a look at their user agreement for their "Equity Accelorator" program before you sign up for it... They start by taking $300 out of your first payment to pay for the service, then another $5 a month... How convenient. Oh, and as for that truth in lending thing... I had to scroll forever through the user agreement to find this info (that many people would just click "I accept" to proceed).
I won't be recommending anything other than Running from a First Horizon Loan!
I am angry, too. I e-mailed them to assure them that I will go back to snail mail to make my payments, and that once my loan is paid off I will never use their financial services again, nor will I recommend them to anyone else.