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I have been a loyal, on-time mortgage paying customer for over 10 years. I recently had to retire and my income dropped significantly, so I approached 53 bank for a modification of my loan, hoping for a lowering of the interest rate.

I was initially told that because I was NOT in default, the modification process would be streamlined. I found out one month later I was denied because I wasn't in default. I appealed the decision and was led by people in the "president's office" that I would be approved and they immediately paid my real estate taxes even though they NEVER were doing it before and I paid my taxes separately.

Just get notified today that because I have social security, I don't have enough income to get a modification!!! What a crock!!

Review about: Fifth Third Bank Loan Modification.

Reason of review: Poor customer service.

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Actually, the "crock" is the true reason for the refinance denial.

It is precisely because your income is ( I assume ) lower than before your retirement that your refinance application was denied.

Most refinancing requirements include a significant payment towards principal, extra squeeze fees such as "closing" etc. Even worse , they often demand that you pay supplementary mortgage insurance if you aren't already and those fees can be huge.

Default or lack thereof as part and parcel of this deal is absolutely baloney except for the part where if you ARE in default, they will begin foreclosure actions faster than you can say the word forclosure.

Even the term "modification" is misleading.

Is it yours, or theirs ?

You don't modify anything. It starts all over again from scratch. There will also be an appraisal conducted at your expense which may provide yet another obstacle for you.

I had our house appraised twice within a year and one came out $130,000.00 higher than the other. Or one came out $130,000.00 lower.

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