Help with loan mod - tcf bank

[michgirl]

I would like some suggestions on how to deal with TCF bank. I have a 3 year balloon that is up in February. My current rate is 6.39 interest only. I have been dealing with TCF bank to get a modification. I have talked to 5 mortgage reps from this company. Each one I talk to wanted to put me in a fixed at 6.5, I cannot afford that. I told one rep that they can have the house and she told me that they will garnish my wages. I have had 3 proposals turned down. I have never received any paperwork from the bank stating that they have been turned down or any paperwork stating what their proposals were or a good faith estimate. The last rep told me that all they can do is turn my 6.39 into fixed or continue my balloon for another 3 years. I am strapped as it is. I also have a 2nd mortgage with them for 27,000 at 8.99 and they said they can't modify that one. I have never been late on either payment. I feel that my so called proposals are not getting past the mortgage manager at the branch office i am working with. I am considering having a lawyer deal with this, any suggestions would help! I live in Michigan.

Thank you

[Dan Bailey]

michgirl,
Glad you found the forum and posted.
In any modification, the decision to modify is up to the investor of the loan...it sounds as if TCF is probably both the servisor and the invester of the mortgage.
You may want to start with writing a hardship letter, and sending it certified mail to the TCF branch, with copies sent to the Main branch offices as well. (Hardship letter examples can be found in the Homeowners Toolbox section on the home page of the forum). This may gain the attention of someone other than the branch manager you are talking to.
Getting a mod may be harder dealing with a smaller bank than it would with a large company such as Countrywide, Saxon, etc...since they probably do not have nearly as many bundled subprime loans.
If you decide to hire a lawyer, check with the states BAR association to find one qualified to handle mortgage matters in your state. They would also be able to help you with the legal ramifications of walking away from the property in your state if you do decide to go that route.

I'm sure *** or Moe will be by and see your post and offer some more advice/direction as soon as they can. Hang in there and good luck!

[Dan Bailey]

michgirl, here is a link Moe posted to the forclosure laws in your state: Michigan Foreclosure Law

[michgirl]

Thank you for the help. I know tcf has alot of foreclosures and they are closing branches here in michigan and its going to get worse. I am going to find out the manager over this branch and send them an email or call them. It is illegal in the state of michigan to threatened garnishment of wages. They are trying to bully me into taking a higher interest rate. I documented that conversation and sent an email to rep that said it, with a confirmation on delivery. She never responded back, so she is admitting to that conversation. the other 4 reps said it would be no problem in getting me what i want, so its this guy. They are also required to send me a letter when my loan has been denied and this has not been done and that will be my next phone call. Foreclosure will be my absolutely the last step I will take!

[Dan Bailey]

michgirl,
I applaud your willingness to fight he good fight!! Document everything and send certified mail whenever possible to keep a running record!!

[michgirl]

talked to main branch this morning looking for the last persons manager. told the lady what was going and she was disguisted about what has been going on. she told me to contact collections regarding this matter and the remarks about garnishing my wages. the last rep i talked to was the regional manager, hmm he never told me that! i talked to the lady in collections and she is going to bring this up to the regional managers boss! i told her that my last resort would be getting a lawyer and doing something about these hard nosed practices. she also told me that the regional manager was the one doing the approving and dis-approving. that idiot told me it was somebody else. she said they don't want anymore foreclosures and i told her maybe they should check out the regional managers practices.

[michgirl]

I have been doing alot of research on modifying my loan. The one thing i did notice is to look over your loan. I noticed on my credit application they listed that I have a ira/401k as an asset of 75,000. I have never had this. I don't know where they came up with this as an asset. I am thinking i would of had to submit a copy of this to use as an asset. Anybody have any suggestions on what to do? Could this help since my loans are based on false assets? This is on first and second loans credit applications.

[Moe Bedard]

there would have been a copy of the same application that you would have signed at the closing on both loans...........so in order to see if that is the same one you signed you would need to do a QWR asking for the copies of the loan documents............and if that information is on the one that you signed at the closing there wouldn't be much help there.......

Qualified Written Request | Home Mortgage | Protect Your Home & Mortgage With Loan Safe

[michgirl]

I did find a class action lawsuit for predatory lending against tcf bank. So i sent the lawyer a email since my loan falls into this category. Not only of this error, so to speak. The only application I signed was at closing. The application was done over the phone. Can;t remember if I noticed that 3 years ago and said something. I think this is something for a lawyer to look at. I am sure there is other mistakes as well, just don't know all the legal crap in these documents.

[brenda]

I just want to say good luck with TCF BANK! I too have a loan similiar to the one you have (balloon) I have had nothing but trouble with this loan,I did not even have the loan papers, the loan papers were signed here at home and promised copies would be mailed, I had to hire an attorney to get on them just to get papers, thats when I saw the balloon on the end I surely do not remember that even being on the papers we signed. its been a battle with them ever since, I've tried to refi but we are told TCF loaned us more then the house/property is worth. the collection dept in Burr ridge are ruthless people, the first thing out their mouth is FORECLOSER. My husband whose 46 has dementia, we are now on fixed income with 4 kids, I called and asked to modifi our loan, that was in october 08, they still are jerking me around and now they know exactly what day my husband disability checks come so they go into the checking account and take the money(checking account is with TCF also) They claim we signed an "offset" allowing them to do this ??? I can go on and on, but I just wanted to let you know you are not alone with this bank. Godd Luck to you!

[michgirl]

I have just refinanced my balloon interest rate to interest free at 5.89. It has been a battle they don't know what they are doing. Please call the collections department in livionia, they now have special group to handle the remods, the mortgage specialist don't know what the heck they are doing. I am reporting them to attorney general here in michigan when i am done.