http://loanworkout.org/2009/11/us-bank-regulators-prudent-commercial-loan-modifications/ - Free Mortgage, Auto and Student loan Calculators by LoanWorkout.org Tue, 18 Oct 2011 02:57:27 +0000 hourly 1 http://wordpress.org/?v=3.1.3 http://loanworkout.org/2009/11/us-bank-regulators-prudent-commercial-loan-modifications/#comment-21256 Ron Starr Sat, 24 Jul 2010 13:55:08 +0000 http://loanworkout.org/?p=6636#comment-21256 I have been working with Flagstar Bank for 10 months to modify or short sale my commercial loan. In fact, just yesterday I informed them that I had a buyer who would buy the property and I would make up the difference between his price and the appraisal. Flagstar refused to do so, asking me to cash out my 401 plan and sign over the building to them and sign a 10 year note to repay them $500 per month with a $60,000 balloon when I am 70 years old! I cannot believe these predatory, blood sucking, people. Keep in mind they received TARP monies. Also, I mentioned to them the orginal loan was granted by their appraisor, etc. Shame on them. They belong in prision, but I can't seem to find an advocate in Washington that can help me. I have been working with Flagstar Bank for 10 months to modify or short sale my commercial loan. In fact, just yesterday I informed them that I had a buyer who would buy the property and I would make up the difference between his price and the appraisal. Flagstar refused to do so, asking me to cash out my 401 plan and sign over the building to them and sign a 10 year note to repay them $500 per month with a $60,000 balloon when I am 70 years old! I cannot believe these predatory, blood sucking, people. Keep in mind they received TARP monies. Also, I mentioned to them the orginal loan was granted by their appraisor, etc. Shame on them. They belong in prision, but I can’t seem to find an advocate in Washington that can help me.

]]> http://loanworkout.org/2009/11/us-bank-regulators-prudent-commercial-loan-modifications/#comment-18550 Foreclosure News Thu, 10 Dec 2009 02:43:58 +0000 http://loanworkout.org/?p=6636#comment-18550 The commercial real estate crisis is going to bring the whole system down. Where I live in North Florida, rows and rows of strip malls sit empty. They were completed and not a single tenant moved in. The banks holding these mortgages are doomed. The commercial real estate crisis is going to bring the whole system down. Where I live in North Florida, rows and rows of strip malls sit empty. They were completed and not a single tenant moved in. The banks holding these mortgages are doomed.

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