Third Federal Savings & Loan

Loan Service

The review below applies to Third Federal Savings & Loan as a bank and not a particular branch.

When I purchased the house in 2002, I originally had a loan with the builder.

I then found a lower rate with third Federal. I went with them because they had this passport program.

It was explained to me was that so long as I was a customer and had paid my $500 fee for the program at closing, I could modify my loan at any time, Provided I would pay the closing costs.

This was not a one time option. In 2005, I exercise the option to reduce the interest rate.

The 2005 closing settlement statement does not show the payment for the passport program but, the 2002 settlement statement probably would.

At the end of 2005, I became a mortgage broker and started working in the banking industry.

As I got more familiar with the industry, I realized that I was in a really bad position with third Federal because they are a private bank and have such aggressive practices.

In 2010 when I asked The bank to reduce the rate again the bank did not want to do this because the property market in Palm Beach County was so bad.

I explained to them that I was a passport customer and that hat that I had exercise my option in the past and would like to do so again.

They said that program had changed, and they would no longer be offering an option to refinance. At that point, they became very aggressive with me.

One of the spokespersons even suggested that I sell my jewelry after I had cashed out my small 401(k) to be able to make my payments.

I exhausted all of my financial options and was unable to pay my October mortgage in 2012.

I repeatedly asked for a payment plan or for a loan modification not a reduction in the mortgage amount but simply a reduction in the rate and to be put on a 10 or 15 year mortgage so that I could accrue equity in the home again.

In January 2013, I was finally able to rent the property and was able to make mortgage payments.

However, they would not withdraw the payments from my account.

And explained that the payments had changed because of the escrow which was astronomical.

I asked them to forgo the escrow so that I could pay my own property taxes and they refused.

When I was unable to pay for three months, they then raise the escrow so high that I was unable to make the monthly payment.

I was never able to get anyone who would help me revise modify or simply bring the payments up-to-date.

When I would ask to bring the payments up-to-date, like for a payment plan they would simply say when can you pay us in full.

They would also have collection agents call me and when the collection agents would call they would say, if you pay us we will get you a modification.

There were several months that I did pay and as soon as I would pay they would tell me that I was not eligible for a modification.

In the last 20 months they have charged me more than $32,000 related to my mortgage fees and the original mortgage was only $178,000.

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Third Federal Savings & Loan reviews are no way affiliated with yelp & reddit. Their business is located at 4709 Reed Rd, Upper Arlington, OH 43220, USA. Third Federal Savings & Loan could be contacted by dialing (614) 451-2033 or logging on their website thirdfederal.com. Third Federal Savings & Loan business page on Dirty Scam received 7 consumers reviews/complaints, page views and 4585$ of monetary losses. The most of the users reported the severity of the scam is High.
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7 reviews on Third Federal Savings & Loan

  1. I can not recommend this organization and will never do business with them in the future.

    With over 100K in home equity they declined a HELOC for 40K due to high revolving credit card balances even though my stated purpose of the loan was for debt consolidation.

    Debt consolidation is one of the primary advertised purposes of their product yet they seem unwilling to offer credit for this purpose. I can not recommend this organization and will never do business with them in the future.

  2. use another company that understands it because this company sure doesn't.

    Don’t deal with this company if you are self employed. They do not understand that depreciation is not a cash expense. I applied for a HELOC with $294,000 equity in my house and a FICO of 767 but they denied me because of my income being from self employment.

    By some miracle, I am able to pay all of my bills timely with income Third Federal says doesn’t exist. If you are self employed, use another company that understands it because this company sure doesn’t.

  3. RUN FAR AWAY FROM GETTING A MORTGAGE WITH THIRD FEDERAL

    RUN FAR AWAY FROM GETTING A MORTGAGE WITH THIRD FEDERAL!! As other reviewers have stated I have been a loyal customer for over 10 years with a first and 2nd mortgage. Was late for the first time in December, they reported to credit agency and dinged my credit down over 100 points, try to dispute it by writing and calling them to no avail.

    They treat you like a number (one customer service person even said “we have to treat everyone the same” so no special treatment for long time customers. As soon as I can refinance my mortgage (when my credit score gets better!) I will !!

  4. Do not respond to any fliers you receive from Fifth Third.

    Do not respond to any fliers you receive from Fifth Third. It is a completely binary process formula driven that is a complete waste of time. They appraised our home at $793,000, our first is $448,000 and we have credit ratings in the high 700’s…..if your debt to income does not come in at 36% or lower forget it. Of course they don’t bother to tell you that until you have gone through the entire process.

  5. Avoid doing business with Third Federal.

    Avoid doing business with Third Federal. They are not interested in customer satisfaction. They have denied legal access to funds for their own gain.

  6. Scammer

    With over 100K in home equity they declined a HELOC for 40K due to high revolving credit card balances even though my stated purpose of the loan was for debt consolidation.

    Debt consolidation is one of the primary advertised purposes of their product yet they seem unwilling to offer credit for this purpose. I can not recommend this organization and will never do business with them in the future.

  7. Stay Away

    Online experience is awful (maybe their brick and mortar service is better). ‘Loan Officer’ was merely an administrator–unknowledgeable, non-committal, slow to respond to email. Took two-three weeks to make it to underwriting, finally declined after six weeks because their DTI ratios are so much more stringent than most lenders.

    If they’d been forthcoming about this at the onset I would have moved on. Instead, they wasted their time and money (they paid appraisal and credit costs) and six weeks of my time while rates rose. Except for the rise in rates, I’m glad it didn’t work out: applied for a cash out refi with ConsumerDirect and closed in 20 days, no problems whatsoever.

Reed Road 4709
Upper Arlington 43220 OH US
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Reviews:7
Reported Loss :4585 $
Severity of Scam :High
Reported by : Anonymous
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