You won’t believe: Fifth Third Mortgage

I received the following snail-mail letter from Fifth Third Mortgage. Verbatim, it states:

By now you’ve heard about President Obama’s Stimulus Plan and the benefits for homeowners. Fifth Third Mortgage is pleased to play a key role in supporting homeownership by offering refinancing opportunities under the federal Making Home Affordable Program*. Your current loan may be eligible for a refinance under this program.

This new plan will make refinancing easier for many homeowners. Some benefits to refinancing under this plan now include:

Refinance up to 125% loan-to-value ratio…for instance, if your home is worth $200,000 and your current mortgage exceeds that amount, under this program, you may be able to refinance your mortgage up to $250,000.

No appraisal required on some single-family homes.

With the relaxed qualifying requirements available through the Making Home Affordable Program, it makes sense to review your current situation now. To find out more about your eligibility, please call us at 1-877-833-9979 during
our extended hours: (lists hours). You can also visit your neighborhood Banking Center or visit http://www.53.com/mortgagedream.

R. Wayne Blinn
Vice President
National Sales Leader

Excuse me!? Have they learned NOTHING? I can apply for a loan that is worth more than my collateral?? No appraisal required!? Well, shit, why spend the money on an appraisal when you don’t care that you’re practicing bad economics
in the first place!

Feel free to pass this on. Post it on your blog. Email it out.

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2 Comments (+add yours?)

  1. Lee Thornton
    Jan 11, 2012 @ 14:52:05

    Hi,
    I have received at least a dozen of those same letter, also signed by R. Wayne Blinn. In my case, my case, my mortgage balance and appraised value are in proper order, yet they still denied my refinance. Their appraiser concluded that my house is commercial, not residential, WITHOUT even visiting the house! There is nothing commercial about it! And the best part, after I was “approved”, this only came up after they collected my $400 non-refundable application fee!
    Lee Thornton

    Reply

    • Helen
      Nov 16, 2012 @ 10:03:05

      Right! Bogus All of it. We were forced into a loan modification for 18 months . At the end we were pushed back up to our previous higher interest rate with the added on years they made upon us. Now they say we’re ineligible to refinance “EVER”. NO Company or Financial institution can or will refinance us since we’re under 5/3rds Entrapment program. BEWARE! They are NOT trying to help you.
      Do the math at the end of your loan. Nothings for Free EVER!

      Reply

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