BB&T Bullshit | One Day Late with Mortgage Payment, Gas Station Owner Could Lose Business to Foreclosure
"This is the idiocrasy of this stuff. This is why we're in a worldwide financial crisis because there's no business sense any more in the foreclosure industry, none. And it blows my mind. Totally blows my mind.''
Circuit Judge Amy Williams
Much more to come on this one, but for now the foundation of the story...
One Day Late with Mortgage Payment, Gas Station Owner Could Lose Business to Foreclosure
ST. PETERSBURG — Saji Mathew missed the Oct. 12 mortgage payment on the Mobil gas station he co-owns.
On Oct. 13, he took the money to the bank, thinking that would make things right.
He tried to make his November and December payments as well. But each time, BB&T kicked back his money.
Ten months later, Mathew is still trying to pay. In circuit court on Tuesday, he offered BB&T $50,000, the total amount due since October.
BB&T didn't want the money.
It wants the gas station.
"They won't take my money,'' said Mathew. "I want them to take it. I was one day behind paying the mortgage."
BB&T's stance flabbergasted the judge in the case.
"All the people that understand anything about mortgage foreclosures need to know this stuff," Circuit Judge Amy Williams said in court. "This is the idiocrasy of this stuff. This is why we're in a worldwide financial crisis because there's no business sense any more in the foreclosure industry, none. And it blows my mind. Totally blows my mind.''
Mathew, 41, leased the gas station in 2001. He bought the property in 2003. Court filings detail his side of the story.
In 2009, he signed a $504,000 mortgage with Colonial Bank. The deal allowed the bank to withdraw the $4,964.93 mortgage payment on the 12th day of each month. Months later, Colonial failed. BB&T acquired the mortgage.
Late last summer, Mathew spent $75,000 for new underground storage tanks at the station. That led to a cash flow problem in October.
On Oct. 12, BB&T tried to withdraw the mortgage payment from the gas station's account, which lacked sufficient funds.
Mathew deposited money the next day. Because the bank had sometimes not taken the payment until the 14th of the month, Mathew said he assumed everything would be okay.
Instead, on Oct. 25, he received a late notice. Mathew said he visited the bank, where a representative told him the payment would be reprocessed. Eleven days later, Mathew received a notice demanding $5,243 for the October payment, which included a penalty.
Mathew said he did nothing because the bank employee had already told him the October payment would be reprocessed. On Nov. 20, a BB&T attorney sent Mathew a letter demanding the total amount remaining on the loan, $473,000.
Mathew said he contacted the bank but was told it wouldn't deal with him because he was involved with another company in an unrelated BB&T foreclosure in Charlotte County. He contacted the bank's attorney, who directed him back to BB&T.
Mathew made mortgage payments in November and December. The bank refunded them and filed foreclosure on Dec. 20.
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Oh, and this is from their “Philosophy” under “Integrity”…
“Because we have developed our principles logically, based on reality, we will always act consistently with our principles. Regardless of the short-term benefits, acting inconsistently with our principles is to our long-term detriment. We do not, therefore, believe in compromising our principles in any situation. Principles provide carefully thought-out concepts which will lead to our long-term success and happiness. Violating our principles will always lead to failure. BB&T is an organization of the highest integrity.”
Light ‘em up folks….