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First Franklin / Home Loan Services / Lies about Mortgage refinance

1 United States Review updated:

First Franklin can not be trusted and be wary of any false hopes offered by this company. After dealing with them trying to refinace/renegotiate before an ARM comes due I have been strung along. They have told me I make too little to qualify (bill to incone ratio escew), next told I make too much (have too much income with same numbers as before), flat told they " don't regenotiate ", been offered another arm, told I must be the only one they have heard any complaint from. With 700+ credit score and never missing a mortgage payment they probably see me making the 11% and +7% mortgage payment with the latter capping at 12%. Recently I found out about the PMI insurance they are probaly looking to capitalize on at the expense of hard working americans. DO Not work with this company wich is operating under the name of HOME LOAN SERVICES. And I must point out that the manager I spoke too took pride that they are owned by Bank Of America.

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  • Di
      10th of Feb, 2009
    0 Votes

    I have a mortgage with first franklin also and I had never been late or missed a payment until my hours were cut. I called first franklin to see if my loan could be modified based on my pay history explaining to them that I have six children and a now disabled husband that is on dialysis and my income has been cut and I we really wanted to keep our home.We tried refinacing but we were told the value of our home had decreased.
    One thing for sure is that you can make all of your payments on time and never miss one but your creditability doesn't mean anything they rather say NO options available, rather than say I see that your history with us has been excellent up until now and to show you that we are just as committed we will review your loan and make modified adjustments so that your family can keep your home because under unfortunate circumstances home loan services realize that loan modification would be a great solution for families to remain in their home.

  • Ne
      10th of Feb, 2009
    0 Votes

    I too, am in the same situation with Home Loan Services. I was laid off 8 months ago and I was told that they would review a loan modification for us if all the documents were sent in. However, after speaking with the representative, I was informed that BECAUSE we are not in default and because we DON'T make enough money, we do not qualify for a loan modification. Are they serious? We have made every payment on time since we've had the loan. Despite the loss of my job, we have made all necessary adjustments to prevent default, yet now, we're being told that unless we default, we cannot receive any help. Everyday I read or see something about helping people in foreclosure but what about those who are not in foreclosure? What about the people who pay their bills on time despite economic hardships? Yes, we were misinformed about ARMs but with the magnitude of the affect of these ARMs, when will we receive a bail out?

  • Al
      11th of Feb, 2009
    0 Votes

    It is tough out there for us hard working Americans trying to make it in this upside down economy. I do not have a solution that can save the day but I hope I can shed a little light on the loan modification issue. Unfortunately the definition and purpose of the loan modification is not made clear to people and so I want to start there. The loan modification is designed to keep a person from losing their home and is handled by the loss mitigation department in most mortgage servicing companies. It is not relevant to a loan until the borrower is at least 2 months behind. Its purpose is to keep a borrower from losing their home and not to help a borrower who is paying on time to adjust the loan to reduce payments or to change interest rates. What the loan modification or a loan restructuring will do for those who qualify is take all of the past due or delinquent mortgage payments and add them to the end of the loan bringing the loan up to date. So basically, if you are making your payments on time and you see that things are getting tough and you want to head off the problem ahead of time, the loan modification sounds like the perfect tool but, unfortunately, it is not designed for that. That is pretty much the policy of most all mortgage servicing companies.

    You would think that paying on time for years would have an impact on the servicing company wanting to help in tough times, but they may look at the situation and say well, that is what you agreed to do in the note you signed; that you are not doing the company any favors for paying on time, you are just doing what you agreed to do. The plus for you is if you have a good credit history you can easily refinance if you want to.

    The plus to refinancing is the fact that the new loan is for the balance of the principal which, if you have a fixed rate mortgage is a good thing because the principal more than likely is less that when you started the loan. If you have an ARM loan or the much misunderstood option arm loan, then you may not save very much in refinancing. Another hitch are the penalties placed on many ARM loans at closing that must be paid before you can get out of the loan. Unfortunately many people are in homes that it would cost more to get out of than the appraised value of the home at present.

    I wish I had an answer to your problem that can help in reducing monthly payments or some special government program that could save the day, but at present but I don't have that information.

    Hope this help explain the situation and policies of most mortgage servicing companies when it comes to loan modifications.


  • Sc
      19th of Feb, 2009
    0 Votes

    I to have a Loan with First Franklin. I was laid off 3 yrs ago and my husband works with General Motors. They are cutting his work to three weeks on three weeks off. I don't know what we are going to do. We are just making the $1400.00 dollar payments now. We have an Arm loan now but the interest increase has been suspended until 2012. I didn't even know they did that until last fall. I tried to refinance, but like many others I owe more than my house is worth. I spoke with customer service reps from First Franklin last October about getting a modification and we were told we make to much money, they were taking our gross income and saying we could pay all of our bills on our monthly gross income. I was given the paper work to start the process of the modification but told it probably wouldn't be approved.
    About two weeks ago I spoke with a lady from H.O.P.E. she informed me because I was current on making my payments and I wasn't late that First Franklin wouldn't or couldn't help. I was then informed if I didn't pay for a month maybe they would see that I needed help and then I could get a modification. Now why on earth would I not want to make my house payment. I was also told not to make my credit card payments!
    Anyway I did call First Franklin and spoke to them to let them know that I may not be able to pay on time for the month of February. I was asked why and I explained to them again that my husbands job wasn't doing well. That he was being laid of every three weeks until further notice. The service rep then informed me of the modification plan and I told him that I tried that before and I didn't qualify. He stated I could probably try now and get the modification. So he sent the paper work and I hoped I would get enough money to pay the monthly payment. I called back on the 13th and paid the payment by phone with a $15 dollar charge. I figured thats better than being late. This customer service rep asked again why we were paying so close to the 15th. I explained to him that my husband was laid off and we didn't have all the money when the monthly bill was due. He had stated that there are so many people with the same story. He told me to have a great day and that was the end of that. I then received a call about 15 minutes later from the same rep that I should again apply for a modification. I told him I was informed I didn't qualify. He said that my situation had changed and we should try.
    As of now I am a little nervous in trying for a modification. Every time I try to get help I am informed they can not help. But then I am informed later to try again. I believe that something needs to be done here. If I knew what would help I would do it. I have been reading so many stories about people with loans from First Franklin and the run around they are getting. Many people are losing their homes because they are not getting the help they need.
    I did find a website about and wondered if maybe they could help. Does anyone know more about them? To any who read this thanks for your time.

  • Gr
      23rd of Feb, 2009
    0 Votes

    they have lied to me as well they want there money and wont work with me at all my now ex wife is on the loan and im on title i have told them and faxed them letters and still they wont work with me thats pretty bad, i even tried to sell the house to my dad and they said he couldnt buy it since he didnt live in it but he could as a investor but they wanted 25 percent down i really need some help can anyone help me out with some websites or anything thanks you greg

  • Da
      26th of Feb, 2009
    -1 Votes

    No offense people but you signed these mortgage papers with the intent to pay back the loans as agreed. If you dont pay the said agreement as agreed upon it is not the mortgage company's duty to help you out. There is noone to blame but yourself if you didnt put any down payment on the house or got yourself into an ARM loan with a house you know you would not be able to afford. That is part of the reason we are in this economic mess.

  • Cb
      2nd of Mar, 2009
    +1 Votes

    I am too a victim of First Franklin lies and predatory lending. I would love to see a lawsuit against this company. I have sent a letter to the state attorney office today and planning on contacting local news about them also.They should have to be held accountable for all the worries they causing so many families.

  • Pu
      5th of Mar, 2009
    0 Votes

    I am a victim of First Franklin myself. All they do is tell lies. They are the most predatorial lenders I have ever seen in my life. If you happen to fall behind a few months, because you was out of work due to pregnancy, they want give you grief.I told them now, that I can go back to work, can I do a modification to help get back on track. So the representative told me what paperwork, I needed summit.So I sent the faxed the paperwork to them, and even mailed it in. After 2weeks, checked back with them, since they didn't call me.The woman told me on the phone they still hadn't got my information yet.I told her I don't believe it, because I faxed and mailed in the information they requested.She told me the faxes didn't came in yet.I said, what about the mail.She said, they hadn't update the mail yet.Want except any payments, going on 5months no letter or phone calls yet.I told them I'm going to move out, they told me do not do that, but yall are not collecting money from, that is not nomal. I DO NOT WANT TO LEAVE MY HOME, BUT FIRST FRANKLIN, is starting to be little funny to me.So on my own, I sent them a FIRST CLASS MAIL, with the documents this time.I even called them at a later time.Waited 3weeks this time, and still no information update.So, I gave up this game their playing, and just stack my money, and keep the rest of my BILLS paid ahead.I am tied of worrying about it .So me and husband, pray that one day they get caught.We are all innocent families that didn' t know, and got caught up a terrible mess.I truely believe that GOD will help us in the end.{HIGHWAY ROBBERY}

  • Lo
      9th of Mar, 2009
    0 Votes

    Did you file a complaint with the Office of the Attorney General? You can do it online and from there they can direct you to appropriate agencies that can handle this specific complaint.

  • Lo
      9th of Mar, 2009
    0 Votes

    I also have a loan with first Franklin Loan Services at 7% and at 11.8% for the second loan. I was aware of what I signed but when you start paying your monthly $1700 + $740 for the second loan, and not seeing a difference in the total loan amount, that really takes a toll on you. On top of that, I have an ARMM loan. I am just glad that the government now has drafted a Home Affordable Modification Program with clear guidelines for refinancing. Now, we will see what happens. I am so glad we have this website, now I am aware that I am not alone and we can do something about this if First Franklin continues to deny any modification application even with these clear guidelines.

  • Po
      24th of Mar, 2009
    0 Votes

    Dear Darlene,
    As you already know your an idiot. Why is it everybody's fault because they signed the loan docs. People lose jobs, and get divorced and have loved ones die and get hurt. Many lenders are working with their customer base to "help" with their customer problems. It's called "good business" when they do. First Franklin's mortgages are mostly investor owned mortgages (AIG). They can't make decisions on these loans and they lash out at people because their hands are tied and the customer gets pissed because they can't do anything and they lie to stall or buy time before they get another call from that pissed customer. I have been down and I own a trucking company now and even in a bad economy the Lord has blessed me to be profitable. My advice to you is to donate some of your time to the less fortunate so you can the faces of the people you look down at. Pick up a book and educate yourself about ARM's. How did you deduce that people with this type of loan put now money down or knew they couldn't afford the loan? Lastly, "Alice" (trucker term for idiot, No offense if your name is Alice) take some time out of your busy day judge people and learn a little about economics. If you really think the mess we are in has anything to do with these "Mortgages" your clueless. We spent years with our heads in the sand. We as a nation have lost the very moral fabric that use to bind us. We spent 8 years ignoring the porn star president we had because we were making money. We continue to elect ###s into office because we "recognize the name" or don't show up at all. We complain about a war because it cost to much and think nothing of the mass genocide taking place (Hitler-Jews, Iraq-Suni-[censored]e, and on and on) and not to look like ###s we say "what about the troops". They signed up for it (I'm an ex marine who served in 3 different conflicts) and sorry you didn't get out before you were eligible for the GI bill. Finally, when did we become a nation of people that found more satisfaction from watching our own neighbors suffer then we did from lending them a hand when they down. I'm trying to help my sister save her mortgage and I'm doing some research. I'd rather make her payment myself then to read anymore ill informed and heartless drivel like yours, Idiot. Ken

  • Ev
      1st of Apr, 2009
    0 Votes

    First Franklin, Home Loan Services, Loan Services, Merrill Lynch, Bank of America - whatever you want to call them, they're all crooks and are federally regulated. They are not regulated by individual states. This I know because I reported to my state (Florida) attorney general / governor / department of finance who informed me that they could not help us because they are federally regulated.

    Darlene: These garbage loans were not intended to be permanent loans, this entire organization knew that when the created these loans. First Franklin is the designer of these garbage 80/20 loans. They have culpability in this. Without the ability to refinance these garbage loans, these ARM's are ticking financial disaster time bombs. They are WMD's taking out all of us who are left unable to refinance in a hugely downturned real estate market. Granted, the downturned market was not masterminded by First Franklin, but the clearinghouse manner in which they issued these loans, then conveniently packaged them up and sold them to unwitting investors as AAA securities was their forte'. While other lenders are attempting to work with borrowers facing this situation, even if it is just temporarily for 2 - 5 years, First Franklin is uncooperative and unyielding. Won't modify the loan and because of the 80/20 loan and part sold and part not sold, will not permit a short sale or a deed in lieu.

    Unless you are in this mess, you could not possibly understand.

    Everyone else:

    I belong to a foreclosure blog with many other First Franklin borrowers in financial distress, many have already lost their homes, many will lose theirs in the near future. Mine goes to auction on April 15, 2009. There is a group of three of us who are writing letters to the Whitehouse for help. We have established an email address where we are asking First Franklin customers who would like to participate with us to email us their stories. If anyone here would like to participate, please email your stories to or you can send them to my email address: Please refrain from using profanity and write your stories in clear and concise manner with as much detail as possible. Please do not include loan numbers or any other personally identifiable information, just your First Franklin story. I will be happy to include your emails with or letter. Please email them by April 5, so that we have time to print them to include in our package.

    Good luck to everyone battling with this company.

    ~ Evelyn

  • De
      11th of Apr, 2009
    0 Votes

    For information regarding a possible class-action complaint against First Franklin - Home Loan Services, National City Corporation, and all other d/b/a's used during foreclosure proceedings - especially if your payments were misapplied, etc, please email - immediately.

  • Aa
      14th of Apr, 2009
    0 Votes

    I completly agree with all the complaints on here about first franklin (home loan services). we are also battling the terrible so called modification they supposely set up for us is crap! It didnt help with anything, It took a year for them to get everything finalized. Still yet and all, with all the bull and hassel we went through to get approved for this poor crappy modification, it still didnt change anything. Our mortgage is still sky high our intrest rate is still sky high and now we are struggling more than ever. My fiance is laid off from his job and I am only working 2 part times. and we have 2 kids. This company is nothing but a rip off and they are not in it to help the struggling working class family. First Franklin gives you the run around to stall and waste time and then they tell you its nothing they can do for you if you dont make a certain amt of money or meet a certain percentage of a bracket. Its all a bunch of bull this home loan company. If I ever get a chance to do away with first franklin, Im going to make sure I will spread the word to any and everybody who is willing to listen, not to do business with this company.

  • Sh
      28th of Apr, 2009
    0 Votes

    Fun times with First Franklin Loan Services. AKA: View My Loan.
    This started for us in fall of 2008. While my neither my wife or I lost a job, we did have a small income reduction. We could still make our payments, but as soon as the first ARM rate change kicks in we knew we would be in trouble. So we applied for a loan modification. After filling out mounds of paperwork, we waited for the answer that we were told we’d have by Jan 2009. But no, they were swamped and behind in processing. Fax two new copies of your pay stubs and wait 30 more days. So our rate went up and other bills went late. The 30 days was up and we called. (We noticed that they do not do any correspondence via E-mail or post. No record that way?) We were told they still hadn’t got to it, fax two new copies and wait 2 weeks. Every time we call they wanted new copies of our pay stub.
    Well it is clear that they are stalling and have no intention of doing any loan modification, but in fact are just setting the stage for an aggressive collection of the debt. Now with a July bump in interest rates coming, (Does it EVER go down? Apparently not.) we knew we were toast.
    We decided on a Short Sale. This was hard for us since we were both brought up to pay our debts in full. However the reality now is that we have to protect our family, even at someone else’s investment loss. But the only Short Sale we know of with First Franklin that they approved came with a deficiency payment plan for the short fall. Here in Washington State we do not by law have to accept it, but we know FF will refuse the short sale otherwise. (We now have 8 offers over current market value.) So foreclosure here we come, unless First Franklin develops some common sense. More as the drama unfolds…… ShortJoe

  • Ms
      3rd of May, 2009
    0 Votes

    Iam a victim of this company they are horrible they are unprofessional and hard to work with. It took them nine months to approve a modification that did no justice at all. My payments went down $15.00 and Iam not kidding they gave me the run around. They would say they did'nt get the documents I was working with several people. because, everytime I would call back the other person no longer worked there. This company is full of bull. One thing I can say they are not in the business of helping homeowners. They are jerks and please advise anyone not to do business with them. First Frankiln / is not willing to help their customers who are struggling with this recession. I just hope they sign on with the new obama plan called HAMP because they do hath to but I sure hope they do.

  • Mi
      4th of May, 2009
    0 Votes

    I have been a victim of First Franklin. I went into bankruptcy to save my home. I had to request a copy of my original loan documents as I was not given a complete copy at closing. Upon review of my docs, I noticed that my Truth In Lending Disclosure is incorrect. It shows that my loan is fixed for 5 years before adjusting. Actually, it adjusted after only 2 years, which is what put me in hot water trying to make the higher payments much sooner than expected. However, by them showing the rate and payment fixed for 5 years, it also showed an incorrect total of payments as well as an inaccurate APR. In addition to that, my spouse did not sign the TIL Disclosure. I live in a dower state that requires both spouses to sign this document. I am in the process of fighting the loan in it's entirety. From the beginning, it was not properly disclosed and very deceptive to me. If anyone else has had this experience, please let me know. I think that would make a great class action.

  • Am
      12th of May, 2009
    0 Votes

    Dear Ms. Angry:
    According to the government website Home Loan services has "formalized their commitment to the HAMP through a signed contract".

  • Ms
      12th of May, 2009
    0 Votes

    Amy this is great news I hope so because I have already filled out an application. I was not sure if FF would sign a commitment with the HAMP program. Iam happy to hear this information.

  • Cc
      3rd of Jun, 2009
    0 Votes

    Like all of you, I too have had nothing but problems and outright lies with this company. My mother and I bought our house in 2006 with an 80/20-we were encouraged to utilize this plan. We did not get the closing dcouments from this loan service until three hours before closing-furthermore, our truth in lending statement came one month after the closing. Our interest rate is 7.6 and 11.9 %. My mother had a bad stroke 1 1/2 year ago and her income is goes towards a private sitter. I have requested modification to no avail--just fed lies after lies. I am a single working mother with a good job--Thank God! but absolutely no assistance from them. I have had to file chapter 13 to try and keep the house, but FF is protesting this. I lost my car trying to keep my house by making double payements. I asked for a modification and discovered--to my horror--that it was a forbearance with notes up to 3200.00 a month. If there is anything I can do to sue these people--please help. The stress of this whole process caused much grief to my mother and I really believe that her stroke was caused by their predatory lending practices. Now I have to pay the house note and an additional 800.00monthly--FF claims that I am behind this much--this is not true. Any advise will be appreciated.

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