We have had our home on the market for the past six month and finally after dropping the price several times receive a full asking price "Cash Offer". Midland Mortgage in turn declined it stating they needed to get 89% of the mortgage balance. These people are not naive but swindlers, they are completely ignoring the housing crash and think we could actually get close to what we paid for this home in 2005 during the housing boom. Our loan is a insured VA mortgage insured for $60,000, this my friends is what they are truly after. They will auction off the house and then scam the $60,000 from the VA who will in turn come after us for the $60k. It makes one wonder how many of these scams this bank has already pulled off and obviously is still pulling off. Also makes one wonder how this is going unnoticed by our beloved Veterans Affairs Office. When our home goes to auction on March 7th they will realize that they will not even come close to the Cash Offer we have received.
We have spent $80-$100k in remodeling expenses since we moved in and it was mainly due to a 48' Recreactional Vehicle that the house was built around. The steel sided walls were conceiled inside the sheetrock along with the cheap cranking windows along with all of the glass. This trailer was also at one time rodent infested (squirells) because as we were demolitioning all of their old nests were falling on us, along with their skeletal remains. It was disgusting beyond belief. Luckily we took a very detailed photo diary of the entire process. This went unoticed by two home inspections and if it had been discovered we would never have purchased the home, furthermore the VA would never have approved the loan. This was also explained to Midland Mortgage, of course to deaf ears. We originally financed through a reputable local lender who sold the loan to Midland Mortgage just over a year after we had moved in.
The original purchase amount of $335,000 and then we spent another $100k on remodeling. We got no one to look at the house at the initial $289k listing and almost no view at $269,000. At $249,000 traffic picked up a little bit but no one wanted to make an offer because of the severely depressed housing market. We finally received an offer at $229k which is considerably lower then our original mortgage and not even to mentioning the remodeling money out of our pockets. All that said it is a very fair offer based on our housing market and cetainly far more then they will ever get at auction. Their hope is that the combined auction amount along with the $60k from the VA they can make more then the offered $229k. This has been a very trying time for us to give up all of our equity, our home, selling off almost all of our personal belongings; all in vain.
This bank is so deeply engrained with their Scheister, Scheming and Swindling ways that you will never get them to anything in your favor. We had a mortgage payment at one time with them for a little over $2300 per month and then got into a jam and asked them to help us get caught up and their form of help was to raise out monthly mortgage payment by another $437 a month to $2737. Thank you very much for burrying us even deeper and making harder and harder to get caught up. I truly think "Satin" himself is on the board of trustees for this bank. If I had one wish it would be for the VA to look into how many scams this bank has pulled off. OUR VETERANS DESERVE BETTER THAN THIS!"
What ever you do, avoid this bank as if it were a deadly virus.
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