Posted on: 24th Jun, 2008 10:09 pm
I got a one time close construction loan about 7 months ago. So now that the house is almost finished we found out that First Horizon has gone in to bankruptcy and our broker is telling us that there is nothing we can do but find another lender, even though we have been through closing with first horizon and they have forked out all the money for construction. I am being told we have to find another lender and pay closing costs again in the amount of about 6000.00. Seems how first horizon already guaranteed the loan can I make them stick to the contract, and then they can sell the loan if they want. Thanks in advance any help you can offer.
oh yeah!
first horizon did not roll our construction loan to permanent financing as contracted either! this what they did to us, don't let this happen to you!
midway through construction we get a call from bob at first horizon, (bob does not work there anymore) he states that "met life is purchasing first horizon home loans" and that our "loan product was no longer available and you are not going to like what met life offers you!".
we finish construction of the home and receive our certificate of occupancy and move in to our new home and we are waiting for our mortgage documents to arrive so we can sign them.
we get a call from another first horizon person named chris (chris no longer works for first horizon either and seems to be a phantom person who cannot be found). chris says first horizon is going to automatically extend your construction for 3 months. we said there is no reason to, all documents have been filed and you are doing this under duress.
first horizon, automatically extended our construction loan for over 9 months under duress and did not give us a mortgage.
by extending the construction loan out so far, it allows them not to be sued under the truth and lending act because of time restrictions.
tricky, huh. we found that out, because we hired an attorney to look at any future documents that first horizon provided us going forward.
first horizon after 9 months of living in the house we built, says we need to provide them with additional closing costs, financial statements, and tax returns.
we said we already qualified for this all-in-one construction loan to perm, and have been waiting all this time for you to provide us with the mortgage note.
they said, "but you signed an allonge". (yeah allonge, look it up)
first horizon said they would pay us $12,000 in interest back and that we could not keep the home, but instead we could get a "deed in lieu of foreclosure".
we said you will be talking to an attorney from here on.
we are suing for breach of contract. first horizon breach the contract by not giving us the mortgage loan as promised, and they also shortened the length of the original note.
now we get to the good stuff. first horizon's high powered "special council" attorney interrogates us for 6 hours trying to insult us and scare us, until the very end when he realized that first horizon did in fact shorten the length of the loan and did not give us any mortgage after construction.
now the high powered attorney is trying the fear tactic. he is counter claiming bank fraud against us!
can you believe this! they know that burring us in legal fees and spending money on defending character instead of facing the real crime that was committed is a good defense strategy.
of course we are not growing any money tree in our backyard. we cannot afford to battle a bank that in addition received 866 million from the government. so this is a good defense strategy by first horizon / met life.
now what do we do, we cant afford to continue the case because our attorney fees have now doubled.
we are not giving up hope yet, but it is getting desperate.
i know there are many other victims of first horizon home loans, met life home loans, first tennessee bank, first tennessee home loans, or what ever their new name will be in the future.
a class action suit against first horizon is eminent.
first tennessee bank mortgage loan records subpoenaed
http://www.bizjournals.com/nashville/stories/2010/01/11/daily17.html?s=print
currently 308 cases involving first horizon and growing. (scroll down towards bottom of this link to see the first 20, then continue.
http://dockets.justia.com/search?query=first+horizon&search=search&stateorcourt=&judge=&lawsuittype=&documentfilter=allcases&after=&after=
dont let them take it to federal court like they want to! make it stay in your state!
federal magistrate remands foreclosure suit to state court in arizona
http://legalforeclosurehelpnow.com/?p=125
it just may be that first horizon is just too big to sue. they have more money and they can take your money, and your home, and threaten you if you try to sue to get it back.
email us your story about first horizon and all their alliases. we may be beaten down because they have more money, but we still have the truth on our side and we will warn everyone we can.
use the social media as eygpt did to fight these criminals!
here is a new facebook account set up for you to post freely without moderators.
welcome to facebook, foreclosurefraud.
http://www.facebook.com/profile.php?id=100002095836078
first horizon did not roll our construction loan to permanent financing as contracted either! this what they did to us, don't let this happen to you!
midway through construction we get a call from bob at first horizon, (bob does not work there anymore) he states that "met life is purchasing first horizon home loans" and that our "loan product was no longer available and you are not going to like what met life offers you!".
we finish construction of the home and receive our certificate of occupancy and move in to our new home and we are waiting for our mortgage documents to arrive so we can sign them.
we get a call from another first horizon person named chris (chris no longer works for first horizon either and seems to be a phantom person who cannot be found). chris says first horizon is going to automatically extend your construction for 3 months. we said there is no reason to, all documents have been filed and you are doing this under duress.
first horizon, automatically extended our construction loan for over 9 months under duress and did not give us a mortgage.
by extending the construction loan out so far, it allows them not to be sued under the truth and lending act because of time restrictions.
tricky, huh. we found that out, because we hired an attorney to look at any future documents that first horizon provided us going forward.
first horizon after 9 months of living in the house we built, says we need to provide them with additional closing costs, financial statements, and tax returns.
we said we already qualified for this all-in-one construction loan to perm, and have been waiting all this time for you to provide us with the mortgage note.
they said, "but you signed an allonge". (yeah allonge, look it up)
first horizon said they would pay us $12,000 in interest back and that we could not keep the home, but instead we could get a "deed in lieu of foreclosure".
we said you will be talking to an attorney from here on.
we are suing for breach of contract. first horizon breach the contract by not giving us the mortgage loan as promised, and they also shortened the length of the original note.
now we get to the good stuff. first horizon's high powered "special council" attorney interrogates us for 6 hours trying to insult us and scare us, until the very end when he realized that first horizon did in fact shorten the length of the loan and did not give us any mortgage after construction.
now the high powered attorney is trying the fear tactic. he is counter claiming bank fraud against us!
can you believe this! they know that burring us in legal fees and spending money on defending character instead of facing the real crime that was committed is a good defense strategy.
of course we are not growing any money tree in our backyard. we cannot afford to battle a bank that in addition received 866 million from the government. so this is a good defense strategy by first horizon / met life.
now what do we do, we cant afford to continue the case because our attorney fees have now doubled.
we are not giving up hope yet, but it is getting desperate.
i know there are many other victims of first horizon home loans, met life home loans, first tennessee bank, first tennessee home loans, or what ever their new name will be in the future.
a class action suit against first horizon is eminent.
first tennessee bank mortgage loan records subpoenaed
http://www.bizjournals.com/nashville/stories/2010/01/11/daily17.html?s=print
currently 308 cases involving first horizon and growing. (scroll down towards bottom of this link to see the first 20, then continue.
http://dockets.justia.com/search?query=first+horizon&search=search&stateorcourt=&judge=&lawsuittype=&documentfilter=allcases&after=&after=
dont let them take it to federal court like they want to! make it stay in your state!
federal magistrate remands foreclosure suit to state court in arizona
http://legalforeclosurehelpnow.com/?p=125
it just may be that first horizon is just too big to sue. they have more money and they can take your money, and your home, and threaten you if you try to sue to get it back.
email us your story about first horizon and all their alliases. we may be beaten down because they have more money, but we still have the truth on our side and we will warn everyone we can.
use the social media as eygpt did to fight these criminals!
here is a new facebook account set up for you to post freely without moderators.
welcome to facebook, foreclosurefraud.
http://www.facebook.com/profile.php?id=100002095836078
Thank you for such an eloquent post, Service1. It's rare that we see anyone with your abilities happen upon this forum. Keep up the good work.
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