Third Federal Savings And Loan Bank
30 year fixed loan, lost 17 months of living in the house due to rehab dispute

I purchased a home through 3rd Federal's preferred loan program. This program includes a purchase and rehab in one loan.

My loan closed 6/10/04 and I was to move into the home by 10/23/04. The mortgage was paid from 8/1/04 to 1/1/05 and finally I ended up having to get the media and a prices attorney involved to get home completed and then finally moved in 4/28.

The 30 yr fixed (5.6%) loan was modified.in that loan was over $16,000 of what the bank considered to be owed mortgage payments. This amount was spreaded across the life of the loan (not at the end of the loan) inflating my monthly payments $215 more a month.

My question is why am I paying for the 17 months that I was not in the house?

Considering all that I went through no consideration was given and now I am expected to pay for months that I did not have a home. Not to mention that when the modification took place, my debt to income was not factor. I was told that "this is how it has to be done".

So, ultimately the house is in foreclosure and I will be filing Chapter 13 because i want my house. I have contacted the media again.

To add insult to injury the roof of the house flew off in the winter storm of 12 because the roof issues were not addressed when the rehab portion was of the loan was re-negotiated. I now have black mold growing on the ceiling, new window damage, carpet damage, and wall damage. I've had to close the room off so my asthmatic daughter does not get ill from the mold.

Company: Third Federal Savings And Loan Bank
Country: USA
State: Ohio
City: Cleveland
Address: 7007 Broadway Avenue
Phone: 2164295093

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