As a REALTOR, I was asked to help a client work out a short sale on her home, after she lost her job. The 1st mortgage was thru 5/3 and the 2nd was thru PNC. I spoke to 5/3 and they agreed to let me handle the account for her and began conferring with me. We aggressively marketed the property and received an offer in less than 3 months, in which 5/3 would be paid off including the fees, penalty and interest and the 2nd would get about half of their payoff. PNC agreed to this, since they had an ex-husband to go to collect the rest of their money from. We had everything in order and was waiting for the final payoff from 5/3. They managed to drag their feet for another 2 weeks until their was 1 day left until the closing. The prospective buyer had inspections done and had to have utilities turned on to do so. The day before the closing, an employee of 5/3 strategically emailed me the final payoff and it was over $7200.00 more than the payoff that had been given to both me and the 2nd mortgage co. !! Since they had refused to give me anything in writing the entire time I had the property listed, I had no recourse. They were already going to get COMPLETE PAYOFF PLUS ABOUT $4500.00 AND THAT WASNT ENOUGH. They claimed the excess fees were attorney fees, however, it is over a month later and they still have not served papers to the owner, nor is there any evidence that Foreclosure is in process. About a week ago,they told me to go ahead and continue to try to sell it because it wouldn't go into foreclosure for a while. I asked if it hadn't gone to foreclosure yet, what were the excess fees for. I talked to the manager of the loss mitigation dept, after much ado, and he said he would make sure someone didn't make a mistake. I have yet to hear from him.
THE END RESULT:
1.the house is sitting empty and un-winterized.
2.The seller is going to file bankruptcy.
3.The prospective buyer (single parent of 2) found out 3 days b4 Christmas that her and her 2 kids were NOT getting the house they had anticipated and are now out several hundred dollars. 4.Both the buyers agent and I wasted a lot of time and effort to find out that Fifth Thirds' staff are LIARS, THIEVES, and flat out CRIMINAL.
ALL REALTORS AND 5TH3RD MORTGAGE CUSTOMERS BEWARE: DON'T EXPECT THEM TO CARRY THRU WITH ANYTHING THEY SAY. GET IT IN WRITING AND THEN HOLD YOUR BREATH. FROM WHAT I'VE READ ON THIS SITE AND MANY OTHERS, THEY ARE GETTING AWAY WITH ROBBERY!!!