Mortgage Co fails to endorse payment check twice, charges consumer thousands of dollars in fees and forecloses on his home.

In 2008 Steve King refinanced his home with SunTrust, based on representation’s that they would be able to lower his monthly payments. In addition to increasing his principal by $5,295, his monthly payments also increased by almost $400 per month. In March 2015 King lost his job and fell behind on his mortgage payments. He then developed a medical condition that caused him to spend some time in the hospital, forcing him to miss time from his new job. On July 24, 2015, he received a foreclosure notice from Southlaw saying that SunTrust had elected to accelerate the debt, and advising him that a foreclosure sale had been set for Sep. 1, 2015. King was later advised that the reinstatement amount was $13,546.13, due by Aug. 31. King took out a loan from his bank to reinstate the mortgage, he delivered a cashier’s check for the full amount to Southlaw on August 31, 2015. On September 15 SunTrust reverse the credit and initiated foreclosure proceedings, citing that the cashier’s check was rejected. When King’s bank pulled the check image it was clear that the check was presented to the bank and each time it was rejected to SunTrust due to “ENDORSEMENT MISSING”. While King did hire an attorney, SunTrust added an additional $3,163.86 in fees that King was unable to pay, and the home was foreclosed.

King filed suit under the Missouri Merchandising Practices Act.

King’s case would not be possible under SB 5.