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homowner / Mortgage

1 NY, United States

We financed the purchase of our new home four years ago with fifth third. Because our home was a new buy our escrow account took the bank three years to figure out correctly. During the second year in our home, we were notified of a shortage in our escrow of almost $3000. We contacted the bank and said that we could not pay the entire amount but would pay half up front and asked that our payment amount be adjusted. The bank rep that I spoke with was agreeable to this arrangement and agreed to set it up. Unfortunately this was the beginning of our problems with this bank. In June of that year I sent our mortgage payment in one check and a second check to cover the underage in escrow that we owed. Both of the checks were cashed but the money from the check sent to cover the escrow shortage was lost. However, the bank denied ever receiving this check and said we were in default because our June payment was short the extra escrow amount that would have been covered by the lost check. Next began an at least once a day phone call from this bank for the next three months. My approach to solving the problem was faxing a copy of the canceled check that they lost on 7 different occasions. Many of the people that called were helpful and apologetic but a frequent theme in our conversation was that the notes system was down for our account. I finally was connected with a supervisor who I faxed a copy of the check that they had cashed and the problem began to be resolved. However, it still continued for another month and later we found out that we were reported to credit agencies for their mistake.

Two years later we had the opportunity to refinance and get away from this bank. We went through the process and received a payoff amount and refinanced. We stayed current on our loan and everything seemed great. However, three weeks after refinancing we recieved a letter saying that we were three months behind on our pmi payment. The bank was asking us to pay them an additional $500.00 instead of refunding the balance of our escrow account. Our mortgage broker worked with the numbers and determined that we had actually paid in that money and that it was owed to us. However, the bank is not returning his calls on this issue and the attorney at the closing put up the money. We have documentation for both of the incidents and plan to fight our current perdicament. Unfortunately this bank just can't stop sticking it to you. Stay away if you can and if you are affiliated be careful and move on if you have the chance.

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