Consumer complaint received 2021-07-23 00:00:00
Product: Debt collection — Mortgage debt
Issue: Took or threatened to take negative or legal action — Threatened or suggested your credit would be damaged
Company: FIFTH THIRD FINANCIAL CORPORATION
State: IL

Complaint narrative:
In XXXX I purchased a vacant lot in XXXX XXXX, FL for purposes of investment. The purchase price was {$340000.00}. I made a down payment of {$82000.00} and received a mortgage of {$260000.00} from Fifth Third Bank. Initially my monthly payments were {$1600.00}. I had hoped to sell the property within a relatively short time. It was at this time that, due to severe storms and other factors, that property values in Florida were dropping sharply. As a result I continued to make the payments in the hope that values would rebound. 

In XXXX, XXXX Fifth Third Bank increased the payment amount to XXXX XXXX/month. At this time the country was experiencing a major financial crisis and property values XXXX were plummeting. I requested some relief and Fifth Third reduced my monthly payment to {$1000.00}. As the financial crisis deepened I approached Fifth Third seeking relief in the form of a short sale. In hindsight I am constantly regretting that I did not let the property go into foreclosure.

To summarize, a short sale was executed with the proceeds going to Fifth Third. I then, not being a sophisticated real estate investor, unwisely signed a promissory note for {$160000.00} with payments of $ XXXXmonth for 300 months beginning in XXXX, XXXX. At this time I was given verbal assurances that a lump sum payment ( at a greatly reduced amount ) could be made in the future to satisfy the agreement. I made the monthly payments faithfully for 10 years. During that time, as I was reviewing my documentation, I found a promissory note for another Fifth Third client which provided terms much more favorable than those provided to me. I contacted Fifth Third regarding this matter and was told that " each individual 's circumstances were different '' and that they would not be offering a revision of terms to me. At this time I asked about the possibility of a lump sum settlement. The " offer '' from Fifth Third was payment of the entire outstanding balance. Some deal! 

This brings us to XXXX XXXX at which time I was concerned about my family situation. My oldest daughter has a XXXX year old son who has a XXXX XXXX which will confine him to a wheelchair for the remainder of his life. My son-in-law was faced with the possibility of job and income loss and I wanted to be able to provide financial assistance. The {$530.00} monthly payments to Fifth Third amount to approximately 15 % of my income. I made a written request to Fifth Third for a modification of terms. Their response was negative. I have suspended payments and Fifth Third has referred the matter to a collection agency. 

I am XXXX years old, a Veteran and was XXXX  last year with XXXX. I will greatly appreciate any assistance from the Consumer Financial Protection Bureau. I can provide substantial documentation relative to this matter including a copy of the promissory note which provided far more favorable terms to another client..

Company response to consumer: Closed with explanation