We were able to sell our land today, at a loss . We took out a personal loan to cover the balance that we owed Flagstar. We did this for two reasons:
1) We wanted to fulfill our commitment to our obligations. We told you that we would never default on our loan, that we would not walk away, even though Flagstar walked away from us. We fulfilled our obligation.
2) Flagstar required a loan modification of a Balloon Loan. We didn't have a 30 year or 15 year loan, it was due in a year. Every year we had to do a modification of this loan, every year we had to be reminded of our failed construction loan. We couldn't wait to end this yearly reminder.
I was sad (though not surprised) to see at our closing a fee of $196.65 for "Overdrawn Unapplied Funds." What kind of fee is that? We have always been current with our loan. I called to speak to a Flagstar loan specialist to ask about this fee, even the specialist couldn't articulate why we had been charged this fee. He was baffled. I wasn't. This fee surmised my entire dealings with this company.
The irony of this charge was that we were credited back prepaid interest of $198.34, but then charged for being overdrawn...
This whole experience with working with Flagstar has taught me; that when the economy tumbles and push goes to shove, the Howe family will respond with honor.
Loan Number:
Lesley Howe
VP of my family
who strives to be
Honest Obedient Willing and Excellent
3 comments:
I wish your last name had an extra "e" at the end. Then your name could stand for honest, obedient, willing, and "extremely excellent."
The Lord giveth and the Lord taketh, blessed be the name of the Lord. Flagstar giveth and Flagstar taketh, may they burn forever in He**.
I totaly think that this Flagstar, is bogus. They are liars. You should have had your brand new house on the land. Yesterday we went to 7 Peaks, but I would have much rather have you guy's here. Love ya, PEAS
What a yucky thing in the midst of a little relief! You are experiencing a little relief, right? So happy you don't have to worry about the land itself anymore...but so sorry that you have leftovers to deal with. I agree with Lindsey, you are extremely excellent and I wish I hope I can be more like you when I grow up!
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