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  1. #1

    Default Am I a Victim of Predatory Lending

    My question involves collection proceedings in the State of: Florida

    in 2011 I obtained financing from Colonial Bank for a vacant lot purchase. I was not qualified for the loan. My income was low compared to total debt. I was almost certain of rejection because I had recently financed another lot in the same area. Before I could withdraw my offer on the second lot, the offer was accepted. I had to go through the process of applying for the loan so that I could be released from the contract on the contingency of failing to obtain financing. Colonial Bank processed the loan anyway. I believe the loan officer overstated my income after I filled in the loan application.

    Colonial Bank's Warehouse Lending Division caused the failure of Colonial Bank due to 1.4 billion in fraud. Lee Bentley Farkas, the former chairman was convicted on 14 counts of fraud and sentenced to 30 years in prison. Six other employees were sentenced to prison terms of varying duration.

    Branch Banking and Trust (BB&T) took over Colonial Bank. At that time I was no longer able to manage the mortgage payments. I attempted to work with Colonial Bank but was constantly stood up for appointments and received no response from my inquiries. Finally I was referred to a BB&T employee who instructed me to fill out a "hardship" form but no one responded. BB&T foreclosed on the property and obtained a judgement. I have made several attempts to work out a settlement over the years but got no response.

    I thought the matter was dropped but recently BB&T's attorney froze my bank account. I am now living on Social Security and 13K of additional income.

    Am I a victim of predatory lending? Is there any recourse?

  2. #2
    Join Date
    Mar 2013
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    17,150

    Default Re: Am I a Victim of Predatory Lending

    Quote Quoting Healthpointe
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    Am I a victim of predatory lending?
    No. You knew you weren't qualified. The lender figured the lot was worth the loan. You should have read the application before you signed it, and kept a copy. Without that you have no evidence of wrongdoing.

    Quote Quoting Healthpointe
    View Post

    Is there any recourse?
    No.

    But you certainly should stop keeping your money in banks.

  3. #3
    Join Date
    Nov 2013
    Posts
    6,431

    Default Re: Am I a Victim of Predatory Lending

    Quote Quoting Healthpointe
    View Post
    My question involves collection proceedings in the State of: Florida

    in 2011 I obtained financing from Colonial Bank for a vacant lot purchase. I was not qualified for the loan. My income was low compared to total debt. I was almost certain of rejection because I had recently financed another lot in the same area. Before I could withdraw my offer on the second lot, the offer was accepted. I had to go through the process of applying for the loan so that I could be released from the contract on the contingency of failing to obtain financing. Colonial Bank processed the loan anyway. I believe the loan officer overstated my income after I filled in the loan application.
    So you believe that the loan officer overstated your income after you filed the application? And yet you accepted the mortgage? Is that correct?

    What part of the application process do you exactly think was predatory? You freely entered into the mortgage knowing you could not make the payments.

    Quote Quoting Healthpointe
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    BB&T foreclosed on the property and obtained a judgement.
    Did they take the property? What is the judgment for? And you did not make an appearance at the foreclosure?

    Quote Quoting Healthpointe
    View Post
    I thought the matter was dropped but recently BB&T's attorney froze my bank account. I am now living on Social Security and 13K of additional income.

    Am I a victim of predatory lending? Is there any recourse?
    Social Security funds are exempt, or protected, from garnishment and other actions taken by debt collectors.

    I suggest you consult a local attorney for a free consultation to get your bank account unfrozen and keep your SS money separate from your other income.

  4. #4

    Default Re: Am I a Victim of Predatory Lending

    Thanks.

    No I didn't appear. I found about the judgement later.

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