I’ve been a business owner or was a partner in business for 30 years. In 2002 I had a estate home built. Regions bank held mortage (but told later after bankruptcy that Freddie and Fannie held the loan). In 2007 when the economy was going south I watched a 50 year business drop.
We closed the doors in March 2010. I begged Regions to work with us to help lower our home payments. We submitted the required information 3 times and was refused due to being on time with no delinquent payments.
Regions told us to stay current during this time only to found out later that the key was to be delinquent on payments before any help could get started. I put 50K down on this home when built. It list at 386K. Sold on the Courthouse steps for 40K and then sold for 200K.
I’ve questioned who purchased the home for 40K and if sold for 40K why couldn’t someone work with us to help lower the house payments.
Since we were miss-lead or wrongly informed on how to handle the request, I would like to know if we have any course that could help my family gain our lost. Do we have any grounds to sue Regions and the government for how they forced my family into bankruptcy?
If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.Regions Bank Would Not Help Lower Our Mortgage Payment. - James by Steve Rhode