2 years ago my husband lost his job and we were late on payments on our 2nd mortgage (TCF Bank). We were also late on our 1st mortgage (GMAC).
GMAC filed for foreclosure 4 months later and TCF as well.
We received all sorts of helpful federal paperwork from GMAC about our different options, but nothing from TCF.
After I got a job, we filled out the paperwork for a loan modification thru GMAC and were approved and began making payments and the foreclosure was withdrawn.
We called and asked Jeff Baumbach at TCF if they had a loan modification program. He said, send us the paperwork you filled out for GMAC, so we did. (Apparently TCF has no paperwork of their own or loan mod. program in place).
We never got a letter of formal reply from Baumbach just an email saying send us 3 payments and then we will review you again and see if we will do a loan mod. He would not put anything in writing signed by anyone at the bank. Oh yes, he did make one offer. We could change our 30 year fixed loan to a 5 year one with a balloon payment at the end.
In talking to the Public Trustee, they said you should always pay the trustee what was owed and not just give money to a collection department of a mortgage co. without anything being in writing, so we didn't.
During this process we would get phone calls from Brian Keegan at the TCF collection dept. in Greenwood Village as well. When we told him we were considering a loan mod. or short sale with GMAC and would TCF be interested, he said "they (TCF) would not even consider a short sale and tell your realtor we aren't going to bend over and take it from them" and he used other foul language as well.
We sent a written complaint on the TCF website and when we heard from Jeff Baumbach again he laughed about it, since the complaint was sent about his employee Brian Keegan and as Jeff was the supervisor, nothing was done!
We did have a short sale offer for $182,000 but TCF would not consider it, since GMAC only offered them 10% which would have been about $6300. Fast forward - home sold last month for $125,000 and GMAC gave them $4800.
Brian Keegan also said TCF would do whatever they could to make us declare bankruptcy. They did evict us even when were were current with out 1st mtg. co and that is apparently legal in CO. Then they put our home on the market for sale but they still had to deal with GMAC.
Papers were just left in our door saying we owe TCF about $70,000 plus interest. They have not deducted the amount GMAC gave them. They are suing us and taking us to court, even though GMAC has forgiven us the rest of the debt after the short sale.
We also had problems that they never or sporadically would apply our payments only to interest and not to principal. We have a printout of that too. They are such a ripoff. Below is part of an email from Jeff about why our payments were not applied to principal:
You have been offered an excellent opportunity to get your loan back to current, under decent terms, and all you do is complain. You are not entitled to a modification.
TCF has followed the terms of the Note. What you fail to recognize is
that your sporadic payment history is the cause of the minimum principal
I am taking the modification offer off the
You can start making regular payments of
****. If you do not, I will proceed with foreclosure and take the
Ph (720) 200-2483
Fx (720) 200-5043