I purchased my dream home which has now turned into the biggest nightmare of my entire life (even trumping my divorce!) Fifth third has got to be the most corrupt bank I've ever had the displeasure of working with.
I opened an account with 5/3 and purchased a home through them some months later. After having the home appraised, I was confident I had paid the right price for the home. I began working hard on fixing it up, sinking thousands into the home for improvements. 7 months later I had an in-depth property anaylsis done. The home had dropped $9,000 in value! What? How could that be. The realtor, a 26 year veteran, told me the grim news. 5/3 had allowed me to overpay for my home.
I've left the home in the hands of a realtor and moved back home. The home has now dropped another $35,000 and she's asking I drop the price again! Keep in mind this is all in the span of 6 months - yes 6 months! I urge all readers who may have fallen into this trap and now find themselves so upside down on a mortgage to consider a class action suit against 5/3 and other banks who have done the same thing to them. I have no choice but to walk away from this home, and give it back to 5/3. I am sick that my dream of home ownership has died, but I feel they deserve to keep the home on their books, along with many others until they change their lending practices.
Total consumer fraud as far as I am concerned. Would love to hear comments from others going through this heart-wrenching experience.
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