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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.
The complaint has been investigated and resolved to the customer’s satisfaction.
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.
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.
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
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 NACA.com and wondered if maybe they could help. Does anyone know more about them? To any who read this thanks for your time.
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.
Al
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?
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.