Report: #1398770

Complaint Review: Eastern Savings Bank fsb

  • Submitted: Fri, September 08, 2017
  • Updated: Fri, September 08, 2017
  • Reported By: Carol — Cincinnati Ohio USA
  • Eastern Savings Bank fsb
    11350 McCormick Road Suite 200
    Hunt Valley , Maryland

Eastern Savings Bank fsb Owed$49000 18 years ago still owe$43000 according toEastern Saying I only paid$6000 in 18 years! Hunt Valley Maryland

*Consumer Comment: What does the agreement state

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 We secured a commercial loan with Eastern Savings Bank 18 years ago for$49000 As we are trying to sell property I requested a payoff report and they are saying we owe $43000 still! h*e did we only pay off $6000 in 18 years! This got me looking up history of Eastern and saw we are not only ones they have done this to We have a 30 year loan! How are we supposed to pay off$43000 in the next12 years? I think they are practicing deceptive actions and want to know what to do next

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#1 Consumer Comment

What does the agreement state

AUTHOR: Robert - (USA)

When you got the business loan, you received paperwork that specified not only the length of the loan, but the Interest Rate, Monthly payment amount and monthly payment date. None of which you gave us here.

So what was the Interest Rate, and Monthly Payment amount?  

Have you made every single payment on-time and for the full amount due?  If the answer is no, then that is probably most of your problem right there. As even a single late payment especially early in the loan could wipe out the principal reduced over 5-6 ontime payments.

Have you plugged the information into an amortization calculator? As that will show you that as with all loans you will pay more interest up front, but as you pay down the balance the amount of your payment that goes to the principal goes up.

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