Couple says bank's actions with home ...

Couple says bank's actions with home loan led to financial ruin

There are 37 comments on the WAVE-TV Louisville story from Aug 29, 2011, titled Couple says bank's actions with home loan led to financial ruin. In it, WAVE-TV Louisville reports that:

SOMERSET, KY For a Kentucky couple, the purchase of a lifetime left them with a broken home and broken dreams.

Join the discussion below, or Read more at WAVE-TV Louisville.

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big steve

London, KY

#2 Aug 30, 2011
Need details

“Eagle is in the HOUSE...!!!!”

Since: Aug 11

Location hidden

#3 Aug 30, 2011
Bank greed
big steve

London, KY

#5 Aug 31, 2011
Bank did these people dirty 150000 for a mess of a house!

Since: Nov 09

Location hidden

#6 Sep 2, 2011
Seriously no doubt this is a bank greed and nothing else.
ANGLEA

Sheridan, AR

#10 Sep 5, 2011
I understand there feelings. But these people treated others like they were a piece of crap in school. I really think they learned their lesson maybe this is pay back for treating others the way they did. You do usually reap what you sow
Hurry To Move

London, KY

#11 Sep 5, 2011
I don't blame the bank for this....I blame the buyers because they knew the condition the house was in! A wise investor would never purchase a home in this condition!!
lol

Louisville, KY

#12 Sep 5, 2011
big steve wrote:
Need details
Click on the link, retard...
lol

Louisville, KY

#13 Sep 5, 2011
Though I feel for what the bank did to these people, my question is - where were they through the building process? These are things that they should have noticed WAY before the closing date! I've been involved in building over 50 new homes, condos and patio homes, and during the process the owners were always showing up to check out the pprogress every step of the way, either due to excitement with their new home or just to make sure things were being done right. Where were these people? And why did they wait till the day before the closing to voice their concerns? Something just isn't right with their story...
lol

Louisville, KY

#14 Sep 5, 2011
On another note - what did they expect for only $150k? Even 3 yrs ago that isn't enough to correctly build a home that size. Thought the Builder did a s hitty job, I am shocked that he was able to do that much with a $150k budget. Let me put this in perspective - I have a small 3 br 1 bath, kitchen and living room home that I bought for $47k 5 yrs ago, but according to my insurance company it require $84k to rebuild my home in regards to labor and material cost these days. The home in the video is at least 3 times the size of my home. There is just no way they, the bank or anyone should have expected that home to be built 100% new for that price. I'm possible, unless the owner build it himself.
lol

Louisville, KY

#15 Sep 5, 2011
*Impossible, unless the owner build it himself.

Since: Nov 09

Location hidden

#16 Sep 6, 2011
This is really sad that you spent a time and money on everything and at last you didn't get anything in your hand.
Do the math

Somerset, KY

#17 Sep 6, 2011
I love how my comments about the chance of that bank having a loan on the house for the builder and they knew he was going belly up (he has been at that brink for a long time) were deleted.

Plenty of things wrong with this deal. I hope the federal regulators use this as a chance to look at the books of WC's bank.
whoa me

London, KY

#18 Sep 6, 2011
I am sorry but from what I seen the couple made several mistakes and the biggest was to let the bank talk them into going forward with the loan, etc. and/or not insisting for security (cant recall the word right off) when taking out the loan. The bank rep needed some scruples and she should have known better than to treat her customers that way. She should be removed from that position and disciplined. The couple should have their hind-end kicked for buying that house in that condition so therefore maybe they get what they deserve. Hard to cry when you know exactly what you bought..a pig in a poke.
Little Bit

Monticello, KY

#19 Sep 6, 2011
whoa me wrote:
I am sorry but from what I seen the couple made several mistakes and the biggest was to let the bank talk them into going forward with the loan, etc. and/or not insisting for security (cant recall the word right off) when taking out the loan. The bank rep needed some scruples and she should have known better than to treat her customers that way. She should be removed from that position and disciplined. The couple should have their hind-end kicked for buying that house in that condition so therefore maybe they get what they deserve. Hard to cry when you know exactly what you bought..a pig in a poke.
Oh no! Another boring bull**** post!!

“Everyone deserves a chance”

Since: Nov 10

Bring God back N2 your life!

#20 Sep 7, 2011
If this was an ARM loan. I can see why someone would think this. But I am sure they understood the terms before taking that kind... That is IF this is what the story is talking about. But since its not clear. I am just guessing.
fed up

Canton, OH

#21 Sep 7, 2011
should of been in writing at closing, both parties are to blame in this.
whoa me

London, KY

#22 Sep 7, 2011
Little Bit wrote:
<quoted text>Oh no! Another boring bull**** post!!
sorry you did not agree with what I believe to be true. oh well. you have a nice day
Do the math

Somerset, KY

#24 Sep 7, 2011
The builder is as shady of a builder as this county has ever seen and that is a long list to top.

I am sure the bank wanted the money before the builder went bankrupt and the mortgage was written and then to be sold off. Cant sell off a line of credit to an investor.

There is no way this deal should of went down.
But STILL

Sheridan, AR

#25 Sep 8, 2011
Do the math wrote:
The builder is as shady of a builder as this county has ever seen and that is a long list to top.
I am sure the bank wanted the money before the builder went bankrupt and the mortgage was written and then to be sold off. Cant sell off a line of credit to an investor.
There is no way this deal should of went down.
But still, the buyers should have had more financial savvy than to jump into this investment with blind eyes!!! Banks are not out there to advise, BUT to make money, any devious way they can. The old adage goes this way, "BUYER BEWARE", and it's a true axiom that's been around for YEARS!!!!
Do the math

Somerset, KY

#26 Sep 8, 2011
Yes it is true that the buyers were not too smart in this deal. However ther are no laws against being stupid or this county would have a fence around it and made into a prison.

However there are laws about how a bank must act during a real estate transaction.

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