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Consumer Complaints

BBB Accredited Business since 03/03/2005

Traditions Bank

Phone: (256) 735-2121Fax: (256) 735-1121

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Customer Complaints Summary

1 complaint closed with BBB in last 3 years | 0 closed in last 12 months
Complaint TypeTotal Closed Complaints
Problems with Product / Service1
Advertising / Sales Issues0
Billing / Collection Issues0
Delivery Issues0
Guarantee / Warranty Issues0
Total Closed Complaints1

Complaint Breakdown by ResolutionAbout Complaint Details

Complaint Resolution Log (1)
12/16/2013Problems with Product / Service | Read Complaint Details
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Complaint
Unethical business practices.
Traditions Bank started foreclosure proceedings on our property, despite being in touch with ***** the mortgage company we are closing with. **** informed Traditions Bank that our loan has been approved and that we had been unable to close so far because of difficulty getting our survey performed (which has been done now). We received a notice on November 6, 2013 via mail that the foreclosure would be printed in the paper the next day. **** requested a mortgage update on November 7th, so that we may close. We still have not received it. I have a letter dated November 6, 2013 stating that we are not 30 days behind on our loan from Traditions Bank. However, they are still threatening to take our property by December 3rd. I also have email correspondence dating back to March 2013 whereas I asked when we could expect to have an appraiser at our property so that we may close. I was later informed that the bank would not do an appraisal, but an "evaluation". This made no sense to us because without an appraisal, how would the bank know the value of the property they were loaning against? Once we decided to go with another mortgage company we paid out of pocket for an appraisal. Our property appraised for $120k. We owe Traditions Bank less than $105k. Our mortgage company is attempting to pay this amount in full, but can't until they receive a mortgage update from Traditions Bank. They have given us a deadline and are now dragging their feet for, what I believe, would be their benefit.

Desired Settlement
I want Traditions Bank to send **** the documents they are requesting immediately so that we may close and be done with this institution. I also want them to stop printing foreclosure proceedings for our property in our local paper and for us to be held harmless for any attorney fees they've incurred by doing this.

Business Response


Final Consumer Response
This complaint has been resolved.

Thank You.

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Banks, Financial Services

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BBB Business Reviews are provided solely to assist you in exercising your own best judgment. Information in this BBB Business Review is believed reliable but not guaranteed as to accuracy.

BBB Business Reviews generally cover a three-year reporting period. BBB Business Reviews are subject to change at any time.