Fifth Third Bank Mortgage Fifth Third Bank Refused to permit insurance funds to be used for house repair, instead wants to now foreclose and use fund

15th of Nov, 2011 by User983933

We had a new home built (2006) and shortly after began to have issue with leaks and insurance problems. When I went to file a claim for a sink hole home, the insurance company denied the constantly cracking pipes and leaks were the result of a sinkhole. Eventually, I settled with the home owners insurance for $125k to make repairs on the home. All checks were cut to the bank and I. I was told to endorse over the checks to Fifth Third Bank and they would then release the funds to the contractors. After they had negotiated the checks, they refused to allow for repairs on the house, forcing me to use my own funds to make the house as habitable as possible. The children and I for a short time were in a homeless shelter while leaks were being repaired. I was never served with foreclosure papers, but now they want to foreclose on the home., I would like to sell the home, but the bank refuses to release the funds to repair the house, and if sold as a sink hole home, the home would be worth much less, and almost impossible to sell a sink hole home that is not stable. Real estate appraisers have said the house is worth only $35K without the repairs and $140K with repairs being completed. They have also said they would get a judgment against my husband's military pension IF they completed the foreclosure. The damage continues to increase, as there is a huge cavity below where the house is, and we are constantly fighting bugs and rodents that are living under the home. We live in a horrible situation while they sit on the funds to repair the place. As the insurance company now knows the repairs have not been completed want the funds returned from us, which the bank now has in an escrow account. I believe that Fifth Third Bank is a spider web of indecision and resolve not to help consumers.

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