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Flagstar Mortgage / unprofessional lender

1 Ocean City, MD, United States Review updated:

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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  • Ed
      17th of Aug, 2009
    0 Votes

    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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