Consumer complaint received 2016-11-03
Product: Mortgage — Other mortgage
Issue: Loan modification,collection,foreclosure — 
Company: FIFTH THIRD FINANCIAL CORPORATION (FL)

In XX/XX/XXXX, I purchased a condo through XXXX XXXX XXXX. I was a victim of predatory lending because I was given an adjustable rate mortgage, interest only, when I qualified for a fixed rate loan. XXXX XXXX XXXX was then taken over by Fifth Third Bank. XX/XX/XXXX, my mother was diagnosed with XXXX and needed to be taken care of 24-7 causing our family 's budget to suffer. She later passed away in XXXX XXXX. By then my salary had been reduced and was no longer able to make payments and inquired about partial payments, payment plans and refinance ; I was denied on all accounts. I put the condo for sale in XXXX. My financial situation can not sustain a home mortgage of nearly {$2500.00} per month. I want to sell the condo, avoid foreclosure and salvage my credit. I know that a foreclosure on my record will affect me for years to come, I would ask that you please assist me in avoiding this. I have accepted several short sale offers and all were denied by Fifth Third Bank. They wanted me to pay the difference of the short sale at the closing. I do n't understand why they wanted the difference from me when I paid for private mortgage insurance and I have a copy of it that was signed at closing. When I purchased the property, my loan amount was {$240000.00}. I accepted an offer of {$230000.00} in XXXX XXXX. On XXXX XXXX, XXXX, Fifth Third informs my attorney who is conducting the short sale and defending me in the foreclosure, that Fifth Third wants to net {$250000.00}, so that the property has to be put for sale for {$300000.00}. The property is not worth {$300000.00}. It is a XXXX and the XXXX are selling in the {$300000.00}. Furthermore, my property is not on the bay side of the building, although through my balcony, I can see the XXXX XXXX about XXXX blocks east of the condo. On XXXX XXXX, XXXX, my attorney consented to a judgment and I was given 6 months to sell the property. The buyers placed an offer in XXXX and want the property and have even been approved by the HOA. It is unfair that every time I bring a buyer, Fifth Third causes me to lose the buyer. I have a buyer that is purchasing close to the loan amount, which was never reduced because I was only paying interest. The bank received six years ' worth of interest only payments which total more than {$72000.00}. Today, XXXX, XXXX, my realtor received an email from XXXX XXXX, Fifth Third Bank which stated " The MI companies have their net minimum requirements also. Fifth Third must net XXXX % of the BPO ( broker price opinion ) value which is $ XXXX. The market time on this file will remain open until XXXX/XXXX/XXXX. If we do not have an acceptable offer by then I will have to close out the file ''. I do n't understand why they will close the file on XXXX/XXXX/XXXX but told my attorney that I had 6 months to conduct a short sale. Furthermore, they are basing the value on a broker 's price opinion and not from an independent appraisal company. Why ca n't Fifth Third have the mortgage insurance company pay what they promised to pay according to the contract ( Mortgage Insurance Rider )? I need assistance with this issue because I do n't want to lose my buyer and then have a foreclosure on my credit instead of a short sale. Fifth Third has never told me who the mortgage insurance company is. I need all the assistance possible. Thank you.