First Franklin — Attempting to reduce arm!
I have been going through an adjustable rate reduction process with First Franklin Home Loan Services since November 2017. I purchased the home in 2017. They are horrible to deal with and are quite rude. I received a notice that advised me that my adjustable rate would be increasing in November 2017 to the maximum increase, in which I was aware of. I started the process that was offered advising that if you could prove that a $600.00 plus increase is causing you hardship, then you could qualify to have it frozen for two years under this program at the previous rate that I had for 5.75. I filled out all of the necessary documents and faxed them all of the bank statements since I had several extra household bills and an attorney fee that I was paying off from my business, which ofcourse caused my outgoing payments to increase with more financial responsibility. This went on for three months. Then, the came back and stated since I was self-employed that I did not qualify with all of the expenses that I listed. I think that it was off like by a small amount ( in terms of what they saw with my bills).
So, if you do not make enough to cover everything, you can not qualify for the program. Then, they said, well you have never been late 30 days, so you are getting the money from somewhere, and we really do not see a hardship. They asked for me to submit personal bank statements from my husband and I. They asked could we put my husband on the loan since initially he was not on the loan because I purchased the house before we were married and I was an independent contractor/self employed. After months of playing phone tag with a supervisor there in loss litigation, a rude negotiator that I played phone tag with, I was not given any answers. They gather ask for his social security number and said that they would get back with me. I received a message from the negotiator about a month ago just to call him and that was it. I have called him for three weeks leaving messages to call me regarding the rate reduction back to 5.75 and no one returned my phone call. I left messages with the supervisor as well. Then, as of last week a manager by the name of Mr. Stockey called me and left his number and we played tag for a couple of days and we finally talked. He advised me that I had requested a manager call me which I really do not recall. I left messages with the parties that I had been dealing with and no one returned my calls after weeks and weeks to give me a status on the new information submitted. Mr. Stockey called to say that, oh, well, when we added your husband on the account that made you not qualify, because his income added shows that now you make too much. They never contacted me to get his car note, credit card payments, student loans, or anything to represent his liabilities. He did not give me any figures on the phone. He just said, you have to show a hardship and you do not, simple as that. I advised him that I may not have ever had a 30 day late with my mortgages but the increase in the arm which was about $621.00 is/has causing a hardship and I felt like that have played games with me for 6 months, in addition to being down right rude. He was not able to give me any financial information. I asked what department was he represent and he told me. I asked who was over him and he told me that he receives routed calls for that Manager. He advised me that I could continue to try to see if we could qualify and he would pass the message on to the negotiator. The point is, companies like this claim that they have these programs that will assist you and they make it impossible for you to qualify. Meanwhile, you can not get your debt paid down quickly enough to go with another company because you are suffering trying to make payments, stacking up on late fees and its a never ending cycle almost, especially if you do not want to lose your home. You just need the arm freeze period to handle your financial business from unforeseen circumstances that came up. This company plays games and they do not follow up. My question is as a consumer, who do we complain to in these situations? It seems that we do not have any assistance as consumers and we just have to take back talk and down talk from these people.
I am sure I am not the only person with this situation. They claim that they are so backed up with all of the mortgage issues and applications for the reduction etc. I am clearly aware that it is my responsibility to pay what I owe. However, unforeseen circumstances do happen to good people at bad times and we just need a recovery period to get things in line.