First Horizon - Forecloses on 2nd Mortgage for 125K lossJuly 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.