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2.6 110 Reviews

Flagstar Bank Complaints Summary

43 Resolved
67 Unresolved
Our verdict: Engaging with Flagstar Bank, which has a below-average resolution rate, demands caution. Thoroughly assess their service reviews and explore how they handle unresolved complaints. If you encounter issues, document your experiences meticulously and be persistent in seeking resolutions.
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Flagstar Bank reviews & complaints 110

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5:38 pm EST

Flagstar Bank waste of time

What a waste of time and money. Flagstar took my application. Appraised my home at $170, 000 below market. My rep tried to get the appraisal re-done, but after several weeks of wasting time, I went to another lender who appraised my home $170, 000 highter than the appraiser that Flagstar used. I ended up having to put thru a credit card dispute to get back my appraisal fee. The appraiser actually comped my home against a modular home that had 1700square feet still unfinished. The whole second floor was 2 by 4's. Flagstar said that with the changes and controls in place by the feds that they have no control over who appraises the home, however they do hire the third party. What a joke.

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11:14 am EDT
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Flagstar Bank poor service

Having business with Flagstar Bank - the worst esperience from 20 years of having a mortgage loan.

1. Refinancing stalled without any reasons
2. Illegal request for private information 2 days prior to escrow.
3. No information sent to the Customer after more than 2 months from the beginning of the refinancing
4. Loan is not found (not by phone, nor online) 2 weeks after escrow
5. Unprofessional representatives answer call (after 40 min on hold)

Don't do any business with Flagstar!

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9:21 am EDT
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Flagstar Bank foreclosed without notice

I am a realtor who was doing a short sale for clients who had their loan with Flag Star Bank. I have been working diligently to get them to look at any of the 5 or 6 offers that I kept bringing to them. never did they once look at anything! we also had gotten the foreclosure postponed about 5 months ago. we had a good cash offer in and they kept asking for documents that I had already sent them, over and over again. they were just stalling to foreclose on the property. they didnt give my clients any notice at all of a sale date! then I called in today to check the status of the short sale and they told me they sold the house already on the 15th of Sept. how can they do this without any notice to my clients? why didnt they tell me that a sale date was set the last time I called them and checked on the short sale. they outright lied by concealing these facts to me and I had authorization for them to disclose this to me! now I have to tell the owners that its too late to do anything about it as well as the buyers who have been waiting patiently for an answer on their offer. also I had a sign and a 100.00 lock box on the home that is gone now. so I lost money, time and effort for nothing. they shouldnt be able to do this without anyone knowing about it!

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james mortgage 101
, US
Sep 23, 2010 11:45 am EDT
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Flagstar Bank did me the same exact way - while working on my modification. I am still in my house tell your clients not to move and go file an injunction.

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2:18 pm EDT
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Flagstar Bank bank card scam call

I received a Fishing phone call on 4-19-10 from a phone number of [protected] with an automated voice claiming that, my "Flagstar Bank Card has been disabled. Press 1 to reinstate your card, press 2 to leave."

I pressed 1 and it requested my bank card number. After several attempts to get to a main menu, the automated system hung up on me. I have no Flagstar Bank account or card. This was a scam. Attempts to call this number back were not answered. Beware attempts to get your account information from ANYONE.

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9:42 am EDT
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Flagstar Bank did not pay original insurance

°When we refi with Flagstar, I talked with the title co. to make sure they had everything and they said they did. Then afterwards Flagstar sends me letters stating we did not have Flood Insurance when we did, I sent them the proof, nothing was done, they purchases another one took out of my escrow. My son was having brain surgery at the time. Then they only pay 1 of 3 tax payments. now my payments have gone up to cover the negative escrow and all is not paid. Again. now they are saying my insurance is not enough. I am so tired of this and my loan agency has closed and cannot get anyone to do their job. This is not the only company to screw us on these problems. So tell me who is supposed to be on our side when companies take advantage of their customers and steal their money because they don't want to do their jobs properly.

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12:48 pm EDT
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Flagstar Bank nsf&s are a joke

THIS BANK IS ABOSOLUTELY A JOKE>>>> THEY ARE RACIST AND MOODY, I HAVE BEEN A CUSTOMER FOR 5 YRS AND I RECEIVED NSF, WHICH GAVE ME A BUNCH OF BS FOR EXPLANATION AND DECIDED TO NO REFUND THEM AND LOOSE A FIVE YR CUSTOMER, I WILL NEVER REFER ANYONE TO THIS BANK, EVEN THAT I USED TO BE AN EMPLOYEE OF THEM!

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1905
Atlanta, US
Jun 19, 2010 11:24 am EDT

This is my Bad experience with FlagStar account. Iam a customer with FlagStar. FlagStar Website always shows wrong regarding Actual Blance and Available Balance at Online statements.

So unfortunately i did couple of online transaction so ultimately my account results in negative around -200$ bucks. They never update this matter through Email. Suddently i found one of Postal mail saying that i need to pay back money to bring it to positive else my credit hystory goes down.

I was really disappointed a lot with FlagStar bank. Because it is problem from their side towards their customers.

1) No Proper FlagStar Website maintanance(Showing wrong Available balance).
2) Any urgent things are there they need to communicate it throuh either Phone or Email.

This is my sincere advice to every one. Please dont approach FLAG STAR Bank any where through out USA. Its a fraud bank with no principles like other Banks in this Competetive World...

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6:20 pm EST
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Flagstar Bank new maintenance fee

I had a checking account "tied" to a money market account for over five years with Flagstar. I was told I had to open a checking acct in order to get a higher interest rate on my money market acct. I realize this is actually a fairly common practice with banks, though. I was told that as long as I had activity in the checking account at least every 6 months, I would avoid maintenance fees. Well, last month, I noticed a $10 maintenance fee on my checking acct statement. I only had $41 in the account to begin with! They told me that they had changed the rules and that you had to keep at least $1000 in a checking acct or else face a $10 monthly maintenance fee. They said I was notified but I never was either by mail or in my statements. I asked to have the $10 credited back to my account since let's just say I'm a very good customer with my money market acct balance. The teller stated that she could not do that. I asked to speak with the manager, but, of course, she wasn't there. Therefore, the teller advised me to close out the account because it was no longer needed in order to receive the highest rate on my money market acct, so I closed it to avoid future maintenance fees on a useless account to me. I called Corporate customer service a couple of days later and was told that the branch would have to handle the matter. After I complained louder, he got in touch with the branch manager and put her on the phone. I explained the situation to her, and she said that she had to research the issue and get back with me. She called me back an hour later and said, "I'm sorry but I cannot do anything for you." Stay away from this bank. I probably have more in Flagstar Bank than probably 99 percent of personal customers, and they still don't care about pleasing me.

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Atm765
, US
Oct 12, 2010 9:17 am EDT

its not a service fee its because u didn't use the account... and to get higher rates you have to USE the checking account...

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10:49 am EST
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Flagstar Bank escrow problem

My brother-in-law has a loan on his house from Flagstar (his English isn't perfect so I'm doing the Complaint).
Flagstar Paid out 3 payments on properties that had nothing at all to do with the house or the loan from our Escrow account. We submitted proof of the mistake and they said that it would be taken care of in 2 weeks. It has now been over a month- and their latest response was that they would credit the funds back to the escrow account once they got refunded by the County.
I don't care where the money went or if they ever get it back- they had no right to take it out in the first place. They should have never made the mistake- it was obvious with one look at the "tax information" in the account that something was wrong- taxes don't go up $1000 in one year- It's just crazy.

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6:19 pm EST
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Flagstar Bank terrible escrow management

Never EVER use this company for a home mortgage if you can avoid it! - they are TERRIBLE - worst mortgage company I have ever dealt with, very poor customer service and the tendency is for them to NOT CORRECT THEIR OWN MISTAKES specifically with respect to escrow accounts, taxes, and insurance. When you call their customer service they talk down to you and lecture you and try to spin the subject away from whatever mistake THEY made that you are trying to fix. I think their CS training has a course in "how to talk down to your customer". (yes I am talking to YOU 'Vicky', I know what a fiscal year is you [censored]). In the two years we have had a mortage with them they have:
1)Not paid or sent insurance policy premium to the wrong address - almost letting our fire insurance policy expire - would have if I HADN'T CAUGHT THE MISTAKE - their excuse "we have no way of knowing if the insurance payment address changes. . . . " Yea whatever, then don't collect it in escrow if you can't manage it correctly.
2)Not paid on time or sent property tax installment(s) to the wrong billing address - same excuse, then after promising they would cover the late fee, they pay it out of OUR ESCROW ACCOUNT and collect more from us to cover their mistake.
3)Increase our escrow payment amount to cover "projected" property tax installments, meanwhile our property taxes are contunually DECREASING over the past two years, and Flagstar's escrow summary has never changed to reflect this.
These are only a few of the things I can think of right off the bat. I could write volumes of how annoying and unprofessional they were during our escrow and closing, and their ridiculously usurous PMI and so on. This company is NASTY - go back to Countrywide or one of the real players if you need a home mortgage.

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jordanmd
point of rocks, US
Jun 30, 2011 6:09 pm EDT

I have been on the phone with Flagstar for many hours now regarding my escrow and taxes. They have made several mistakes and try put the blame on everyone else (title company, tax office, etc.). After hours of research I gave them proof that they were at fault. Then they claim that everyone else is lying. Then when I provided written proof in a document provided by Flagstar, she just said " Well, that is not set in stone". They send you on several wild goose chases and it always comes back to them. The customer service representative "Evelyn' talks down to you and is extremely rude. Every time I call she answers and when I ask to speak to her manager she just changes the subject and puts me on hold again. Flagstar should train their representatives better and get rid of the ones who make them look bad.

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duzkiss
WEst Palm Beach, US
Jun 01, 2011 4:40 pm EDT

I agree with you. They are doing the same thing to me. What can we do to stop them? Is this illegal? Please respond. duzkiss@gmail.com

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12:01 pm EST
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Flagstar Bank stolen ss numbers

Received a letter from Flagstar Bank alerting me that one of their vendors had his/her laptop stolen and the laptop contained my (and other customers) social security number.

The letter also offered me one year of 'free' credit report monitoring to help me watch out for identity theft.

I went to a Flagstar branch to inquire as to why a 'vendor' would have my SS number especially on a laptop or how they could have gotten it.
Flagstar has refused to answer my question or even tell me who the 'vendor' is.

I tried to sign up for the 'free' year of credit monitoring but the company would not activate the service unless i provided them with 'my' credit card number even after I gave them the pass code that Flagstar gave to me.

Sounds awful fishy to me so am in the process of closing all of my accounts with this back. And would advise anyone to find a different bank.

The fact that their stock prices are in the $0.75 range should be enough warning to all anyway...

I have retained the original letter from Flagstar for proof of all of the above if needed.

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WhatTheF
Chicago, US
Dec 05, 2009 2:14 pm EST

I also received the letter today. I called Flagstar but the representative would not tell me when the breach occurred, who the vendor was, where it happened, or why the vendor had my information in the first place. She said the information was encrypted, but I'm not buying that.

I will also be closing all of my accounts with them next week.

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Angel Sempere
muir, US
Dec 05, 2009 2:00 pm EST

I wanted to thank you for your post. I received the same letter and went down to the bank yesterday to find out what was going on. I mentioned what you had written to them as well and this is what they told me.

They said that the laptop belonged to an auditor that was auditing their bank and that it contained ssn's of various people from 5 differnet banks. They said it wasn't really stolen but more like misplaced (but I don't buy that). I checked on-line and found that their policy of giving a year's free membership to ITAC is commonplace as other places (unitveristies, NIH, etc.) have had similar problems of losing computers (or having them stolen) and they did the same thing.

So, I called today and registered with ITAC and they did NOT ask me for a credit card number or anything. I did have to give them my ssn and address. I am also going to close down my account with Flagstar. The bank manager was nice but I don't feel they are very capable there and I feel it is not a safe place to keep money. I asked the manager whether someone could access my bank acct with my ssn and he didn't seem to sure about whether they could or not. Made me a little uncomfortable.

Good luck.

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9:12 pm EDT
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Flagstar Bank terrible service

I went into the bank the other day to find a middle aged lady with a bunch of binders on her desk. She was texting on her cell phone and didn't get up. I stood there for a while and she asked if she could help. She proceeded to have me sit down while she had confidential information about other clients on her desk. She did not know how to look up the rates and attempted to make small talk. I was planning on moving some money to Flagstar, but will not after this service. Why would they hire an assistant manager who didn't want to help their customers?

I'm going to a bank where there is professionalism and employees who will not look "busy" to avoid a customer interaction.

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Flagstar Bank is the worst
, US
Mar 26, 2011 7:09 am EDT

Flagstar Bank is a terrible company to work with and these words used are mild for how I really feel. After fourteen months of providing them with more than one hundred documents; our mortgage modification request was denied by Flagstar Bank. Talking to people in customer service is pointless because you get a different person in a different city each time and they give differing information. Mostly they don't really like their jobs and do the minimum to assist and can't function unless it is scripted. Flagstar Bank has repeatedly requested documents that have already been provided to them; which is nothing more than stall tactics as well as a great inconvenience in hopes of discouraging people who applied.

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7:16 pm EDT
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Flagstar Bank lost payment

I've make payments on a rental house consistently for as long as i had this loan. I use my web pay thru my bank. I get a call that im late on a payment... i always pay on the 15th of the prior month for the next month...Ok I'll check... maybe i made a mistake... NO ITS NOT ME... ever payments been made and taken out of my account... I call them back and the want me to do all the work to find their sloppy accounting skills... they say the burden is on me... WHY!... I gave them the check NO# and conframation #... they need to go look for it! I didnt lose it... IM ready to move this account ... that they profit from... because i have to clean up there sloppy accounting practices

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Flagstar Bank making home affordable - someday...

I'm in line. A saga that started in March continues to draw itself out. In March I contacted Flagstars loss mitigation department, requesting loan modification and/or assistance. I was sent the typical paperwork reason for claim, new finanacial, paystubs etc...which I filled out and returned promptly. Then waited. And waited, and then waited a bit more. I'd call every couple of weeks and check on it - the paperwork was being processed and would be assigned to adjustor. In July (yup, 3.5 months of waiting) I received a notice that I'd been assigned and adjustor, but becasue so much time had passed I needed to submit a new financal sheet, paystubs etc...I faxed it all back the next day and confimred the reciept via phone call. In late August, doing my routine bi-weekely update call I found that we had made progress, the Adjustor had now passed it along to the Loss Mitigation Loan Officer, I got a name and a phone extension. Finally - right? Nope, I left a voice mail for this person at the end of August (their recording says "don't leave multiple messages, I'll call you back) - Then 9 business days later I emailed them, then after 13 business days (3 calendar weeks) I did the unthink able of leaving another voice mail. No response yet - So here I sit being held hostage by my bank, because they don't have even the slightest bit of interest or common decency to say "I've got your package, we can work something out - It's just going to day a few days, weeks, months...) - Come on people - Throw me a bone, I've been honest, forthcoming, sincere and prompt on all dealings - return the favor.

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Jose Garcia Tucson
Tucson, US
Nov 01, 2013 1:07 pm EDT

Well we started our paperwork about a year ago. We have always faxed updated pay stubs and bank statements whenever we get them. I have always gotten different responses from different agents and depending on who answers the call I will either get some service or the run around. The staff they have are totally incompetent and some really have no idea what they are doing. I always get a different answer to the same question being asked in the same manner. I have left callbacks for Supervisors and also to the case worker handling our Loss Mitigation Paperwork and have not gotten a callback in over 3 months ! We are now 4 months behind on our loan and are very fearful that they do not intend on helping us. I do not understand how that Bank can still be in business with the lack of customer service that the agents have. They show nothing in terms of empathy or even any compassion to the situation.

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Chrissy68
muskegon, US
Mar 23, 2011 1:05 am EDT

If you are having the problems that EVERYONE is stating ...Read No further complaints...CALL HUD...go to their web site, it will guide you towards finding a counselor...as of today, they are helping my mother who has been LITERALLY experiancing the exact same things with Flag Star since August. Someone on this site made an appt with HUD and they got immediate assistance...thanks for posting! Today, my mother contacted a HUD counselor, she talked with him (very knowledgable) for 1.5 hrs, the counselor then called flag star on a 3 way conference call, and took over my moms case, he baisically put Flag Star on notice...This is absolutly the route you need to take...Do NOT give up, that is exactly what they want you to do... go toWWW.HUD.gov to look for the numbers to contact in your state... this is a good post...get on it!

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angjel01
West Branch, US
Feb 06, 2011 3:43 am EST

My husband lost one of his incomes, that put a strain on us to pay our monthly payment, when we asked for some sort of modification they told us nothing they can do unless we were 3 months behind, well we fell 3 months, asking for help, sent in all the darn paper work, I went back to work, wanted to just start paying something a month, but were told no, only send full payment owed, still sending paper work, they have trott and trott sending us letters now, its going on a year, we finally heard from flagstar modification dept. they said we dont qualify, isnt that a kicker, said credit is bad, well no kidding, after all the hell they put my family through. I feel horrible, have a little 4 yr old who loves her home, we are depressed over this, I cry every night knowing Im gonna have to leave, All we asked for was to push payment s back, lower interest rate, something would have been great, but to take my home, hard earned money I put in to the home. America is a joke, they take take and take, rich get richer and the middle class, well we are losing everything.

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mterrebonne01
Houma, US
Jan 06, 2010 9:54 pm EST

My husband and I are having the same problems. We even sent in a payment and they sent it back with no explanations. Now, I received a letter from an attorney that they are starting the "foreclosure" procedure. Very disturbing. Where's our bailout?

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Support for Homeowners
Plymouth, US
Nov 02, 2009 8:11 pm EST

There's all this talk about helping homeowners but nothing is being done. All the while banks have already received their government bailout funding. So unfair to people.
Former President Bill Clinton suggested a while back that there be a moratorium put on home foreclosures until the whole mess is sorted out. You can bet that banks would be eager to figure out something, make modifications to loans, etc., and call you back quickly at that, if they were not legally able to foreclose on you and kick you out of your house, even if you weren't making payments.
The banks are greedy and uncaring to people in trouble. It's not people's fault the economy tanked and they find themselves jobless. There has to be a system in place to deal with job losses. Banks don't care. I feel so bad for BlondieRacing, and other people I have known who have come close to foreclosure. She keeps trying to fix things and negotiate something but all the bank really gave her was letters from the lawyers of an impending foreclosure.
There needs to be some decency in this whole mortgage system. Stop the foreclosures. Putting families on the street is not an answer, it is greed and cruelty. Empty foreclosed homes destroy neighborhoods as well.

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BlondieRacing
Frisco, US
Oct 14, 2009 11:50 am EDT

Same problem, still waiting to get mine modified. Seeing this I feel there is no hope. I have made my montly payments, but barely and will not be able to make the full payment after December. I am at the point that I am going to go to my State Representative.

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tla59
Saint Joseph, US
Oct 10, 2009 7:34 pm EDT

I had exactly the same thing happen to me. I filed loss mitigation paperwork in early May, along with all of the documentation they requested. At the end of May - nothing. I called yes they had received it, but it had not been assigned to a caseworker. Call back in 2-3 weeks. I called back in June - still hadn't been assigned. They assured me not to worry - it would not go into foreclosure. July, I call again - still not assigned - AND they needed updated documentation as the original documentation I sent was now "outdated". I immediately sent them what they asked for. I continued calling back every two weeks as they instructed. No changes during the entire month of August. I was told to call back the first of September, it was getting closer to being assigned to a caseworker. Then in the mail I receive multiple notices from their Attorneys - Trott and Trott advising the loan was officially in default - going into foreclosure. I called back right after Labor Day and finally was given the name of the person assigned to my case but was told to give her until the end of the week to review it. I hear nothing from them. I continue to call her - nothing but voicemail that says she will return my call within 3 business days. She never called back.

Then I call again and am told that there is a sale date and I go into a panic. The loss mitigation person tells me not to worry, that they can probably postpone it. The sale date is 2 weeks away. I call my attorney who assures me there cannot be a sale date unless I have something in writing stating there is sale date. I call them back asking for this documentation and am told there is not a sale date and someone had given me the wrong information. I should have never been told this. Now I am wondering ...who do I believe?

I continue to call my caseworker about every 3 days - no answer, no return calls. A couple weeks later I receive a notice of foreclosure sale with a date that is 3 weeks away. Now I realize things are going in the wrong direction and no one is helping me. Approximately 3-4 days after receiving the notice in the mail, a civil process server walks up to me while I am outside cleaning up after a storm. He asked if this was my property and then tells me he has to stick a sale notice on my front door and take a photo, and I can take it down after he turns around, but he cannot remove it. He was very kind and understanding.

After he leaves, I break down. I call the assigned caseworker again and now her voice mail box is not accepting any new messages as it is full. So I pick an option to be transferred to another loss mitigation person because I now have what I consider to be an emergency. I speak with someone who puts me on hold while they try to locate my caseworker. They cannot locate her and tell me they will have someone else call me since she is not returning my calls. This person also states she will attempt to contact Trott and Trott to postpone the sale date. My caseworker finally calls me back 2 hours later, for the first time in the almost 6 months since I filed all my paperwork. She tells me there are other people who have foreclosure dates set ahead of mine and she was "getting to" my case. I tell her I have 3 weeks before its auctioned off. She states that since she has me on the phone she will quickly gather info that she needs to see what type of modification may be worked out. She asks me all the information that I have already sent in twice. Then she tells me I don't qualify for one of the programs, but I do for 2 others. She would have to refigure things as well as contact their attorneys to get a figure so they can ADD their attorney fees to my mortgage. She tells me she will call me back by the end of the day and if I don't hear from her to call her back the next day. I was also told that if I don't hear anything back to call 2 weeks prior to the sale date so they can try to postpone the date.

I don't hear from her, haven't heard from her and continue to leave messages and calls are not returned. I am to the point where they can have their house back. I have done all I can and they are not following through on their part. My credit is already ruined. The public sale notice will be posted in the newspaper so everyone can see it and I will be humiliated, even thought I have done everything they have asked for. Flagstar Loss Mitigation is a joke. I wonder how they would feel if it were their home? The auction of the property is in 12 days - and here I am.

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staymark
port st lucie, US
Sep 25, 2009 9:22 am EDT

My husband and I have had nothing but problems with them. They say they want to help, ask us to send the paper work, and then say "sorry" can't help you. Now they say after over a year of not wanting to work with us that we have to submit new paper work and pay three months, again... I do not trust this bank. Oh yea and just as we filed a making home affordable mortage through sterling home retention, we are not under a new mortgage company. they are horrible...

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9:45 pm EDT

Flagstar Bank sitting on making home affordable

Hi, I have contacted Freddie Mac and would like to know about how long the Hope for Homeowners loan modification process should take.
In Feb. 2009 before I was in default, (out of work Cal. teacher, husband is working), I contacted my Freddie Mac loan servicer Flag Star bank and told them I needed some assistance. They sent me out the wrong paper work.
I then contacted the Hope for Homeowners Housing Education Program a non-profit agency called Consumer Credit Counseling of San Francisco; they work in partnership with the Home Preservation Foundation;and they submitted my package on 4/16/2009 to Flag Star bank.
We still waited for Flag Star to send us out the correct paper work. Anyway at the end of April the first part of May 2009 we submitted all required documentation to Flag Star.
June they called and asked for the same documentation and we complied.
July they called and asked for the same documentation and we complied,
Aug. they called again requesting yet again the same documentation.
All the time never processing our request and it was not until they told us it would be another 90 days to get to our package that it had just been submitted to them by us in July! that we called Freddie Mac.
Here is a time line:
1. Called Flag Star in Feb. asking for Hope for Homeowners loan modification package as we were looking at problems keeping our home.
2. Flag star sends out wrong paper work.
3. Contact the Help program Hope for Home owners and paper work was submitted in April.
4. Flag star sends out right form.
5 Late April, early like 1st week of May we send in completed package.
6.May Flag Star request same documentation we comply again. (We have US mail green cards from where they signed for our packages).
7. June Flag Star requests same documentation and we comply again.
8. Late June early July another Consumer credit outfit calls us on behalf of Freddie Mac. They too submit package to lender again for loan modification under Hope for homeowners program.
9. By this time I have been in contact with Flag Star on monthly basis. They keep saying we should get a phone call any day.
10. July Flag Star requests same documentation again and says our package is a new package so it will be about 60 -90 days before they can get to it as it is first come first serviced.
11. Aug. 2009 We contact Freddie Mac directly. They will look into it.
12. Flag star calls us back same day we contacted Freddie Mac. All of a sudden our paper work is on someones desk.
13. Aug. Flag Star calls us and asks for... you got it the same documentation. We send that in again. We are now over 2 months behind in our loan.
14. Sept. 1st 2009 a Flag Star employee is in contact with us and says another 60 - 90 days to process our "New Package" as we just got them the documents, and it is on a first come first served basis. That she process in order received, this I understand okay; but How many dated from April, May are still awaiting being processed I wonder.
How can this be a new package?
They have had our information since April and early May.
Just what have they been doing sitting on our paperwork? Taking no action to help us? Has Flag Star intentionally done this? If so why.

Our other concern is that the moratorium on Foreclosure is running out in California this month, Sept., and that a 30 to 60 day loan modification process has already taken 5 months and now we are looking at another 2 to 3 more months making it in the 8 to 9 months range. Again is Flag Star intentionally doing this?
Why have they waited or are waiting so long to process our package? Could it be they don't want to work with us or with the Hope for home owners program? We have a lot of questions and are quite frankly, tired and frustrated with the way they have treated us. We have continuously asked them to keep us updated, and they have not done anything except ask for the same documentations that have been mailed, faxed and e-mailed to them.

Several red flags leave us with doubt and frustration with Flag Star. One is the landslide of complaints filed on consumer Internet sites from people just like us trying to get them to do the Hope for homeowners loan modification. Including past class action law suits against Flag Star and racial bias against Caucasian people that were charged more for their loans than other ethnic groups. The seemingly endless length of time they drag this process out. The endless asking for the same documents. The rudeness of their employees and the lack or answers with a big run a round.

Is this a common banking procedure to drag out this process? Given the thousands of people like us we can understand maybe 120 days, but this is getting unreal.
According to other lending institutions 90 days is more than enough time to process a loan modification.
Is Freddie Mac receiving many complaints about Flag Star servicing?
What is being done?
When can we expect our loan modification to come through?
Can anyone help us find answers to our questions?

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Kelly Kovacic
Chandler, US
Oct 19, 2010 11:52 am EDT

We put in a loan mod with Flagstar Bank in March 2010 completed nec paper
work faxed them. In May we received a letter stating they need one more
item 08 tax returns, faxed them over.

We had done a loan mod prior and were told we could not make any payments
in order to qualify so we did the same thing. Prior took 5 months signed
and done.

In July I start receiving junk mail that my house was foreclosed, call
Flagstar and they said yes they foreclosed because we didnt make the
payments. Sale date was set for 10-28-10, he said my file is inactive
because we didnt send every in every 30 days, I told them how it was
handled last time he said they just changed it from 60 day to 30, told them
it wasnt but at begining and end prior.

Sent everything in each month faxed over and mail to be sure they received,
We had never received a call from Flagstar once, so I would call to see if
received, they would always say no the file is inactive again.

One girl even told me I should be happy that my house is on the foreclosure
list because they might be able to look at the file sooner, Well that
never happened.

I do qualify for a loan mod, I lost 1 day a week at work, I broke my foot
and was off work for 7 weeks with no pay and pheonompia.

Please help!

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runs
Dallas, US
Apr 12, 2010 1:01 pm EDT

Call the ftc

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runs
Dallas, US
Apr 12, 2010 1:00 pm EDT

Call the FTC

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Tide
, US
Oct 02, 2009 5:21 pm EDT

My husband and I have been given the run around by Flagstar for over 6 months now. Today, I was at the very end of my rope. I called manager after manager and was told that people who aren't current on their loan (which we are) are "pieces of ###" and that "it is not flagstar or the governments fault that we made a bad investment!" This is from counselors at flagstar. Nice customer service.

Our newest obstacle is an imaginary piece of paper work that my husband is supposed to get from the unemployment office that Flagstar claims is a direct requirement from the US Treasury. BS! After calling both of my state senators, they basically told me that Flagstar is straight up lying to us.

Here's what bother senators offices told us to do, maybe it can help some of you... We called the National HUD Helpline number at [protected] and asked to be put in contact with our local HUD counselors. They told me that these people will try to help you but that your best bet is to decline their help, ask for your local office, make an appointment and go in to speak with someone.

So we did. Our appointment is on Monday. However, in the short conversation over the phone with the local HUD counselor, I was told that you do NOT have to deal with flagstar and their BS, these counselors act as you loan servicer and deal directly with Fannie or Freddie and can get it done in a matter of days.

I really hope some of you read this and it helps, Flagstar is ridiculous and you can bet that once this loan modification is over and done with, I will be raising hell with whomever I need to about Flagstar Bank. Jerks.

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kashreddy
Frisco, US
Oct 02, 2009 3:01 pm EDT

I'm in the same boat as all you guys. I sent in my paperwork 4/5/09. They still haven't modified my loan and now sold it to Nation Star. Something has to be done. Any advice as to what next steps should be?

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In Mortgage Hell
, US
Sep 23, 2009 7:11 pm EDT

I had the same timeline I sent my paperword the first week of May, I called them two weeks later because I never heard from them. That's when they told me that I was missing a page which was faxed the next day. And that is when I found out that it would be 90 days from that date. But I was told 3 weeks ago that they would make a decision in 2 weeks. I gave them an extra week because I thought I'd get something in the mail, and I did! They sent me a letter to let me know that they sold my loan. So now I have to wait until at least October 7th to talk to the new loan company Nationstar. I feel they led me on and lied to me for the past seven months.

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Michelo2000
Fayetteville, US
Sep 23, 2009 2:58 pm EDT

Funny, I just typed in Home affordable Complaints into Google and Flagstar Bank and your complaint was the top one. Our time line is identical to yours only we haven't made a payment in 6 months because they told us not to. After all this documentation and communication they finally said we don't qualify because they would not get enough payment based on our income. Duh... That's bogus because that's the purpose of the Government subsidy money is to offset their loss for 5 years. I do believe they are playing a game and do not want to comply with the program. They received 500 million bailout and also have access to 75Billion for this program

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Flagstar Bank bad all around

I was propositioned in a Walmart to open a checking account. The clerk was flirting with me while the other male teller ogled me.
Anyway, I ended up opening a checking account. They had a great promotion. I mentioned that I was buying a house. I was referred for a loan and was also encouraged to open a CD. It was only after everything turned into a disaster that I learned the tellers get a commission for the amount of business that is done. What a disaster!
The branch is closing so i can't do my business there anymore.
I was approved for the loan buthe underwriter dragged her feet and money was not appropriately transferred on the closing date as the mortgage lender told me - - - so we had to have a second closing to resign papers.
Finally, the CD has grace periods where you can withdraw with no penalty but everyone keeps giving me a date that is diffeerent so I don't know when i can officially close out.

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edcojo
Oakland, US
Nov 24, 2010 9:36 pm EST
Verified customer This comment was posted by a verified customer. Learn more

I applied for a refi loan thru the new federal program to reduce my monthly payment. It's been almost 4 months since I started the process. I was told by the loan offficer that he would only use a portion of my income to qualify. Lo and behold, I received a denial letter about a month later saying I did not qualify based on my income. I contacted them and asked why all my income was not considered in the first place. Then, I faxed over proof of all of my income, which was more than suffcient. Another month passed and I received an email indicating conditional loan approval. More time passed nd I called to find out what happened, only to discover that they had done nothing more. They said that they needed more clarification of income verification which I had already sent them previously. I faxed over the info once again and heard nothing further. On Nov 22, I called again since I had no response and they said that they needed the same income information I had faxed them previously. I was irate, to say the least and told the processor to just cancel the loan as I was fed up sending the same documents over and over! I did not hear from her again as I suspect that they had no intention of funding this loan from the beginning and were just stalling by asking for more and more documentation even though I have excellent credit, no bills, (other than my house note) and more than sufficient income. This is a travesty!

Valerie
Valerie
, US
May 02, 2008 12:54 pm EDT

Flagstar is the investor purchasing my clients loan through lending.com. Both companies are horrible. Won't return calls, promise close dates that they can't meet (several times). No consumer should have to go through this or risk as much money as my client has because of an incompetent lender. Lending.com keeps trying to blame Flagstar as the reason we have not closed (repeatedly), but I really think they are as much to blame for this terrible situation.

There are plenty of good lending companies out there that have your best interest in mind - these two are definitely not one of them!

Valerie
Valerie
, US
Sep 03, 2008 12:59 am EDT

I'm a RE agent. Buyer put in for a loan to buy a home (FHA). Property address in Aledo, TX. Loan agent-Darrell Smith, [protected]. Darrell said no problem getting loan approved. Their FHA underwriter had it for over 3 WEEKS & then denied it! Buyer in hotel & seller screwed.

Worst service I've ever had in my RE career & I will recommend all my clients not to use the screwball company. I will advise my clients never to accept a pre-quell letter from Flagstar, unless disciplinary action is taken against the underwriter and/or loan officer. If they strive to provide the best customer service in the industry they can only go up because they are the bottom ### of the barrel now in my client's books.

Valerie
Valerie
, US
Apr 25, 2008 9:03 am EDT

I just recently got a home loan with Flagstar and my ex boyfriends name ended up on the title to my house and he keeps getting letters at my address from my loan company. I have to get his name off my house since I am the only one making the payments so I should be the only one on all the papers. I think customer service is everything so take care of the ones that pay your salary. I hope no one has to go through this and having to straighten out a mess like mine has turned out to be on my first home.

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TresG43
, US
Sep 29, 2009 1:08 pm EDT

Flagstar Bank forcde insurance on not just one but two of my proerties. They do not call the insurance companies and request to be mailed renewals or changes. You the home owner
must get them and on time or they send you a letter. Then you send them the information three or four times and then they dont tell you there are two insurance deparments at Flagstar. one handles General liability and the other flood and hazard. They also dont tell you during your loan that they require specific personal insurance policies after they issue you the loan. Then in my case they said they only recieved part of the policy due to fax problems on there end and instead of calling me to refax, they force issued policies on my properties for some three times the going rate. Then sent me a letter that states my escrow account is now in the rear and i need to send them money. I have refinanced one of my properties and i am in the works on the other. will never use Flagstar again and have filled complaints with MD state board of Mortgage Finance.

Valerie
Valerie
, US
May 08, 2008 3:01 am EDT

I am a first time home buyer, I initially have my mortgage pre-approved at Flagstar bank. I called their " Senior manager" a few times to check mortgage rates and different questions about closing costs. I never get a straight answer. They told me one thing, and turned around and did something else.

So, after our home inspection, we are getting ready to write up an estimate, I called again and ask for their rate. I was told, "Flagstar Bank is aggressively working to get you the best rate." I was quoted a rate of 5.875 over the phone. After I received my estimate, it said 5.99% and they have bought a point WITHOUT MY KNOWLEDGE to the closing cost.

Really, THEY DID NOT TRY TO HELP ME. THEIR RATE WAS 6.250 ALL ALONG. The reason I got 5.99 is because they applied $1495 out of what the seller agreed to contribute to my closing costs and bought down a point for me. I WAS NOT AWARE OF THIS AT ALL.

When I called their senior manager to ask him what the deal was, he told me that I am wasting his time and his assistant's time. What a ###. I promptly cancelled my application with them and will NEVER recommend anyone to Flagstar bank again.

Valerie
Valerie
, US
Jun 09, 2008 11:57 pm EDT

Flagstar froze my eq line claiming my fico score went down I checked my score it had gone up!

They said prove it, I did 6 months now and still the run around. They said send it again.

I did they now say we will look into it like they had no idea we had talked before 10 times It not an issue of loan to value the line is for $125, 000 on a house worth $200, 000 with only $67, 000 out on the line with a perfect payment history. Man they like to play games with phone tag they don't call back.

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Florida home buyer
Punta Gorda, US
Sep 11, 2009 10:30 pm EDT

I placed a bid on a Fannie Mae owned, due to foreclosure, home. I was told by the seller's agent that I was required to use a Fannie Mae backed bank. Flagstar Bank was suggested. The entire loan process has been a nightmare. Flagstar comes up with a reason to extend my closing the day or so before each closing date. They make sure they let you know very close to or the day before the closing date to correct a "new issue." This way they are assure they will get an extension. I have had my closing postponed 5 times! I startede this process in mid June. It is now September 10th and I have still not closed on the home. Per their usual Flagstar has noted a new problem on this Friday afternoon. When I finally got my loan office to pick up the phone, I asked if the closing would take place on W?ednesday as scheduled. Response, "Oh, I don't know." Can you believe one of my extensions was due to the Underwriter not being able to read my Agreement of Sale. Almost 2 months after the document was submitted to them! Another problem with Flagstar Bank; refusing to answer their phones. Stay away from Flagstar Bank .

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stevie3
Cleveland Heights, US
Oct 30, 2012 2:18 pm EDT

That sounds about right, Flagstar is notorious for stalling tactics, you'd be better offf going elsewhere.

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firstohiowasthebank
nofrolk, US
Jan 27, 2010 2:01 pm EST

We have Flagstar too. They are the nastiest people you can imagine. They pretend that they didn't get your papers. They pretend they didn't receive payments. They pretend they are doing whatever they are supposed to be doing- but they don't.
You can send payments two weeks ahead of time and still be charged for late fees!

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Flagstar Bank scam

I've had a mortgage with Flagstar for four years now. Recently, I had changes in family employment and needed help with my mortage. Flagstar Bank sent me documentation and included with those documents were a letter stating what I needed to do in order to get the process rolling. In this letter, they gave me a dollar amount that I had to pay which according to the letter included my 2/1/09 mortgage payment. Now, I've been receiving phone calls from Flagstar asking when I was going to make this 2/1 payment. To make a long story short. I was informed by Flagstar that the date on the letter to me was incorrect. They are not taking responsibility for their mistakes. They are basically telling me that they screwed up and I still owe them the 2/1 payment. They also told me that they won't waive the late fee. They are not trying to accomodate me at all for their screw up. Will never do business with them on any level ever again...They treat their customers like Crap. They don't care.

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Flagstar Bank home lending division - 203k

I don't even know where to begin with this complaint. We were referred to Flagstar bank by our realtor. The house we wanted to buy needed some work so we found out about this FHA loan called the 203K. The 203K loan (streamline or Full) allows you to borrow additional money on top of the purchase price of the home to make necessary (and approved by the 203K consultant) repairs. We began this process with Flagstar in March of 2009. Here it is, July 2009, 1 day away from our second extension and close date and we STILL do not have the CLEAR TO CLOSE. Flagstar Home Lendings guidelines for this loan are absolutely unbelievable. It has become very evident to me that they do not want to close these loans. They are coming up with condition after condition after condition. Heck there are conditions FOR conditions if that makes any sense at all. My loan officer here in Indianapolis is Tim Paul and I would recommend staying as far away from Flagstar home lending as possible. Tim Paul is basically a paper pusher and he does not care about you or the dream house you are wanting to get into. All he cares about is the loan origination fee so he can get PAID. Granted, my case wasn't the easiest to attempt to close but no case is easy unless you have prestine credit and boatloads of money for a down payment. I would guess that maybe 5% of loans are like that. The rest of us folks - like you and I - suffer.

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Totems
, US
Apr 07, 2011 6:40 pm EDT

Keep your eye out for Tim Paul...we have had some extremely frustrating interaction with him and caught him in a flat out lie regarding the status of a property we were trying to purchase. He moved on to U.S. Bank for a while and is now the Sales Manager for West Town Savings Bank in Castleton. BEWARE!

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RHarris
Washington, US
Oct 07, 2009 12:35 pm EDT

I totally understand! I had the exact same problem with Tenacity Group in Greenbelt, MD for a home purchase in DC. I put the contract on a house in April 2009, up until the last week of July 2009 and up to my fourth extension they were still unable to get to closing. As a single mother going at this for the first time I was in tears! I'm thankful for having the best realtor in the entire world! I fired Tenacity Group and went through a different agent who was able to get me to closing in 3 WEEKS for the same house! Go figure! Sometimes the conditions are a sure sign of the lender and underwriter not knowing what the hell their doing and not willing to admit to it. Not sure what your state regulations are, but if you can find another company able to do your loan and guarantee in writing getting you to closing on or before another extension with the same or lower interest rate. I recommend you fire your current lender and take a chance with someone else. Banks are allowed to charge daily fees for every day you're unable to make it to close. So be careful.

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Flagstar Bank unneeded accounts - late on cosing

I originally opened a Flagstar checking account because they had a good sign-up deal. After that I was plagued to open up more accounts, had to deal with telemarketing calls.

Prior to this I had decided to use them to obtain a mortgage. I have excellent credit and was approved. I had set a closing date of July 1 because my apartment lease was up. Today they are telling me hopefully by the end of the month.

Then even though I don't have my mortgage yet, the contacted me and asked if i wanted a separate checking account for my mortgage payment!

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Flagstar Bank denial of loan the day before closing

We are in the process of trying to get our motrgage approved. The underwriter at Flagstar informed us (tthe night before our 1st scheduled closing) that they do not approve of a FEDERAL grant that we recieved to help us with closing costs. We had to wait (and get our seller to wait) over 45 days for that grant to process. The money is now here and this lady says we can not get a FEDERAL loan because she does not "like" this grant program and she thinks it is not "legal".

She first came at us at 4pm the day before the closing (a Wed) to tell us that she does not approve of the fee that our Grant Organization charges (a processing fee). The day of closing with get the Org. to agree (reluctantly) to drop their fee and just give us the grant. She does not get back with us until Friday.

Friday, late in the afternoon; she tells our realtor that now, she just plain doesnt approve of the grant money in general. She tells us this at 4pm on the Friday before a holiday exended weekend. Thanks alot. She had been informed that there was a poor couple sitting in an empty apartment with a full moving truck waiting.

Flagstar has approved hundreds of loans with this same first time home buyers grant program. This one underwriter decides that we cannot. All of our things are in a storage facility near our new house. We had a uhaul truck loaded and ready to go for closing. We could not afford to keep the uhaul any longer and we dropped our stuff off near our house. Now, we have dropped the grant and we are waiting on approval without it. She has now drawn this out a whole week. Over a 5k FEDERAL grant.

We are considering legal options.

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Anonymous
, US
Jun 15, 2009 3:54 pm EDT

I had problems with flagstar, but did close. My rate jumped over 1.75% the day before closing! I didn't have another place to go. I'm now in the process of trying to refinance or modify for over 7 months now. They just keep dragging feet. Something about these people I do not trust.

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Flagstar Bank unprofessional lender

I am the seller of a mobile home property. The buyers went with Flagstar Mortage. On the day of settlement, Flagstar informs the title company that they need proof the mobile home is a permanent structure. In MD, once you remove the wheels and attach a mobile home to the land, it becomes a permanent structure. The title to the mobile home becomes void and a Deed is issued. Flagstar Mortgage would not accept this explanation from a Maryland lawyer. Their settlement instructions listed an invalid phone number and the settlement company had much trouble in getting anyone in the underwriting department to listen. Once they finally agreed that it was permanent structure, they still held up the loan due to the HUD1 being prepared ACCORDING to their guidelines. At this point, it seems they are just trying to be difficult. Apparently, when the buyers shopped the loan, they were promised many things free of charge. For instance, they never required a location survey which would have indicated the permanent structure among other things. It seems to me that you get what you pay for. As a seller who will soon be shopping for a new mortgage, I will stay far far away from Flagstar Mortgage. After having this problem today, I could not believe all the complaints I found online. I wish I could contact the buyers myself and tell them to run and get another lender. With banking practices being tightened, how can they get away this stuff. When I threatened to call the banking commission, I was told that it would take a year for someone to review the complaint and then it most likely wouldn't be dealt with. I still have not received the funds from the settlement. In this market, I don't want to lose my buyers so I guess I have to wait it out. STAY FAR AWAY FROM FLAGSTAR MORTGAGE and sellers ask who your buyers are using for a lender. It may make a difference in your deal!

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Edwin Velez
, US
Aug 17, 2009 8:08 pm EDT

Description of the complaint:
My mortgage servicing Flagstar Bank received my application for a loan Modification and three months and a half after I sent all my documents they contract Sterling Home Retention Services so they can process all the Loans Modifications. So, know I need to sent all the paperwork again, because my bank is not capable of transfered. Ms. Shereta Murphy was asigned to handle my case I sent all my documents to her on 05/29/09 that she request on 05/27/09. She confirm was received and she forward for approved to Fannie Mai. I call her two weeks later she confirm that they approved Forbidian Plan I just need to make one payment in June 1... I sent my payment as required. After calling almost every day to this company leaving messages and calling my bank know one was able to provided any information about the status of my modification, finally a human bean answer and stated the the person tha was on charge of my account was fire and my case was left out... my Modification wasn't finalized, the bank continue the Fourcloure... The company that manage my condominum association received the court documentation confirming the my property still in Fourclosure and they are charging me some other fees additional to the one already added to my loan, just because this people doesn't care if I lost my property. I call today spoke to a Supervisor Rafael Santiago from Customer Service call ref#3412767 that stated they don't care because we are the one who fail to make the payments and I explain that I didn't fail because I whant to is because I was in Short Term Disability for more that three months.

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