Complaints

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

• Initial Complaint

  Date:07/29/2024

  Type:Customer Service Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I received an SBA loan through this bank. They fail to respond to emails in a timely manner. They give misleading information. They will tell me one thing over the phone but another over email. When asked to do something they do not fulfill their end. Their communication for every matter has been completely non existent. I have had to call HQ multiple times to get 1 response from a representative.

  Business Response

  Date: 08/16/2024

  **************** is a guarantor of an *** loan that was originated by First Bank of the Lake (FBOL) in 2021. In 2023, **************** informed FBOL of his decision to close his business. FBOL provided **************** and other obligors related to the debt with a forbearance agreement to provide financial relief while the business assets were being liquidated. The obligors defaulted on their initial payment following the forbearance period, but later cured the default and resumed payments.
  
  Subsequent to the forbearance period, FBOL worked with **************** and his mortgage lender in an attempt to facilitate a refinance of real estate pledged as collateral to the *** loan referenced, with the goal of utilizing available equity to reduce the outstanding balance due to FBOL. **************** later informed FBOL that he was unable to move forward with a refinance and that his intent was to sell the real estate. Following payment default in May of this year, which remains uncured, and failing to receive documentation to substantiate his intent to sell the real estate, counsel for FBOL sent a default notice to **************** and other obligors related to the debt on August 6th.

  Customer Answer

  Date: 08/20/2024

  Complaint: 22060633
  
  I have reviewed the business' response and am rejecting it because: The bank did not work with my lender to assist with the refinance as they mentioned. Any attempt to work with the bank was rejected as they would not provide any written documents stating that after the refinance they would release the lien against my home. When I tried to get information about selling my home the bank took over 30 days to respond.  Once they responded I was told that I was then in default and 2 weeks after that my account was sent to the banks lawyer with no notice to me. 2 weeks later I receive a written letter from the lawyer saying I have 30 days to pay or they will move forward with taking my home. This bank does not communicate in a timely manner especially when a growing families home is on the line. The bank refuses to work with my mortgage lender to assist with getting the equity to pay off the loan. Also, I had a previous conversation with the bank about an Offer In Compromise which I was told by a bank representative "The *** usually does not accept those" after speaking to a *** representative they assured me that the *** always accepts those but the banks do not accept them. My lawyer has also mentioned that the bank was not supposed to take my home as collateral as the *** 7A loan is an insured loan so my home was not needed as collateral. 
  
  
  
  Sincerely,
  
  ***********************************

  Business Response

  Date: 08/30/2024

  Mr. ******* narrative is inaccurate, he has not made a request of FBOL through this process, and as such, it appears that he has filed this complaint as a retaliatory action following notice received from counsel representing FBOL.
  
  **************** provided confirmation to FBOL in May of this year that he was aware of the payment default that occurred in the same month, which remains uncured as of the date of this response. Counsel for FBOL did not send notice to the obligors until the loan was in excess of three months past-due, the notice itself providing an additional 35 days to cure the default.
  
  Additionally, as this matter has progressed following his decision to close his business last year, communication has become increasingly challenging due to Mr. ******* refusal to speak on the phone with FBOL representatives. **************** has been provided with the contact information for counsel representing FBOL, and FBOL will continue to entertain any reasonable proposals to address this matter, as relayed to FBOL through the banks counsel.