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Regions Bank Would Not Help Lower Our Mortgage Payment. – James

“Dear Steve,

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?

James”

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The Answer

Dear James,

I can only imagine how scary and frustrating that entire process was. I’m sorry Regions Bank did not do more to help you keep your home.

The underlying issue seems to come down to the fact that there are and were no mandatory modifications. If a bank elected to not modify the mortgage and instead was willing to take the loss, that was a business decision they made.

I’m not a lawyer and you should certainly find a local attorney to talk to about pursuing your issue. But can you help me to understand how your failure to meet the mortgage payments you were obligated to pay according to your agreement with Regions Bank then created a liability for Regions Bank? I’m afraid I don’t see what they did wrong except not voluntary modify a mortgage which they had no obligation to do.

Please post your responses and follow-up messages to me on this in the comments section below.

Big Hug!

Regions Bank Would Not Help Lower Our Mortgage Payment.   James
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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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