Fifth Third Bank, National Association Foreclosure Defense

Fifth Third Bank, National Association is owned by Fifth Third Financial Corporation and it operates as a bank. Fifth Third Bank NA offers bill pay, debit cards, mobile and online banking, insurance, savings accounts, and financial and investment services. The bank has headquarters in Cincinnati, Ohio, and serves customers throughout the United States, with branches in Florida.

Thousands of homeowners have mortgage loans with Fifth Third Bank, National Association. Unfortunately, many of these homeowners have fallen into financial hardship and are now facing foreclosure, or they have in the past. While Fifth Third Bank NA does sometimes have the right to foreclose, this is not always the case and they do not always treat borrowers fairly.

Options for Financial Assistance

Fifth Third Bank, NA offers many financial assistance options for people who are struggling to pay their mortgage. These are as follows:

• Repayment plans: Repayment plans are agreements to repay the total amount due on the mortgage loan within a specific period of time. The total amount will include the past due amount and any associated fees. The length of any repayment plan will depend on the type of mortgage loan and your ability to make a larger monthly payment.
• Forbearance plans: A forbearance plan can delay a foreclosure action for a certain period of time depending on the borrower’s financial situation. Once the borrower’s ability and willingness to repay the loan are established, a forbearance plan is often converted to a loan modification.
• Loan modifications: A loan modification will allow for the original payment, balance, term, or interest rate to be changed, if necessary. During a loan modification, a delinquent amount may be added to the principal balance, bringing the loan current. Or, the term of the mortgage can be extended to reduce the monthly payments. The interest rate can also be reduced or a portion of the interest or principal can be deferred until the end of the loan.
• Short sale: Short sales are the approved sale of a home for less than what is left on the mortgage. Short sales usually occur when homeowners have fallen into financial hardship and cannot repay the mortgage, so selling the home is the only option. Fifth Third Bank, National Association must approve any short sale before one occurs. A short sale also will not help homeowners avoid the loss of their home. However, a short sale does not affect a credit score as much, even though it will show on a borrower’s credit report.
• Deed in lieu of foreclosure: Like a short sale, a deed-in-lieu of foreclosure will still result in the loss of a home but will have a reduced impact on a borrower’s credit report. When a financial institution and a borrower agree to a deed-in-lieu of foreclosure, the homeowner gives the property back to the holder of the mortgage loan. Although this option is often requested, it is not always the best solution. Foreclosure must be unavoidable, the property must have been listed at market value for at least three months without an offer, and the property must be in marketable condition. There also cannot be any other attachments or liens on the property.

Complaints Against Fifth Third Bank, NA

While Fifth Third Bank, National Association states that they are trying to help homeowners avoid foreclosure, they are not always ethical or fair in their dealings. The institution has a customer rating of 1.09 out of 5 on the Better Business Bureau website. The company has also faced 1,581 complaints in the last three years reported to the BBB alone, and 574 of those complaints have been closed in the last 12 months. Some of these complaints are as follows:

• Unaccepted payments: Many customers have complained to the BBB stating that they tried to pay their mortgage payments but they were refused by Fifth Third Bank, NA. Payments are returned, often along with a statement claiming that there is no such account. Lenders and financial institutions have a legal obligation to accept payments in good faith and it is against the law for banks to refuse payments and then proceed with foreclosure.
• Unfair forbearances: Other clients have complained to the BBB that Fifth Third Bank, National Association forced them into forbearance when they fell into financial hardship and could not pay their mortgage payments. The credit reports of the clients were then negatively impacted, even though the bank did not want them to do this. Many people missed a payment on the forbearance because they were trying to get unnecessary paperwork for the bank, and that led to foreclosure.
• Dual tracking: Fifth Third Bank, NA has also been accused of dual tracking. Dual tracking occurs when a homeowner’s application for a loan modification has been submitted but is still under review. Some institutions, such as Fifth Bank, NA start the foreclosure during this time anyway, which is against the law.

Defenses to Fifth Third Bank, NA Foreclosure

Any time a financial institution breaks the law and treats you unfairly, it can serve as a defense to foreclose. However, there are other common defenses, as well. This includes:

• A lack of standing, if the institution cannot prove that they own the loan,
• The statute of limitations has expired, barring the institution from filing a foreclosure lawsuit against you,
• Chapter 7, which allows you to protect up to 100 percent of the equity in the property, or
• Chapter 13, will reorganize your mortgage payments into a more affordable repayment plan

The above defenses are only some of the most common and there may be another strategy available in your case. A Fort Lauderdale foreclosure defense lawyer can advise on which option is right for you.

Our Foreclosure Defense Lawyers in Fort Lauderdale Can Fight Against Fifth Third Bank, NA

If you have a mortgage with Fifth Third Bank, NA, our Fort Lauderdale foreclosure defense lawyers can help. At Loan Lawyers, we have a long track record of successfully helping borrowers keep their homes, and we will put that expertise to work for you. Call us now at (954) 523-4357 or contact us online to request a free consultation and to get more information.