First FranklinAttempting to reduce arm!

F
This review was posted by
a verified customer
Verified customer

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.

Responses

  • Fe
    feddaf_ck Up Feb 24, 2010

    We purchased our home through First Franklin Services. My wife and I was told by the mortgage broker and the attorneys at closing that this would be a fixed rate mortgage. After closing we recieved our documentation then to only find out that it was an adjustable rate mortgage. After feeling stuck with the mortgage and making the necessary payments we started contacting them about not seeing any changes in our principal. After the turn in the economy, we started experiencing problems with making the payments so they gave us a modication that was higher than the actual mortgage payment. We starting making the modification payments to Radiant Insurance and at the same time First Franklin was still deducting our original payments from our checking Account. I contacted them to let them know that we couldn't afford to make the original payment so how would we afford a modification that is $400 more. The service told me to make my fisrt payment of $709 which was my original mortgage payment then contact John Peterson, well after making the payment I have been contacting Mr. Peterson for 6 months now and can never get a return phone call. I am sick of this run around from this company and would like to join a class action suit.

    0 Votes
  • Rh
    R. Harris Mar 27, 2009

    I have been trying to get a loan modification since October of 2017. I was told in late January or early February that everything was ready but the certificate of value had expired. They had to get a new certificate of value and I should hear something within 2 weeks. It is now almost April and I am still being given the run around. I continue to call and nothing happens. Denise Rhodes is never in her office. She gives you another number to call and then you are disconnected.

    I think a class-action suit is in order.

    0 Votes
  • Ma
    Martha Jan 28, 2009

    I agree with all the comments above. First Franklin is horrible to deal with, they give you the run around on every phone call you make. My husband I have been trying to get a modification from FF for almost seven months, yes seven months. We have been told to send over documents needed to modify over four times. They claim they did not get the forms needed. They finally received everything but still they give us the run around and no answers. You contact the people you are supose to contact and they never call back. I'm starting to to believe it's dummy lines they transfer you to. It's a complete headache to deal with these people. GOD bless us all who has to endure the unconcern people at FF.

    0 Votes
  • Ca
    Catherine Dec 19, 2008
    This comment was posted by
    a verified customer
    Verified customer

    Thanks to Home Loan Services for the straight up lies and false hope that will result in foreclosure after months of doing my part to keep from coming here. I will only go into the end of my story. We had never missed a payment until November when my loan adjusted. My current loan I was promised would only be for six months for a great loan we could easily afford. For that lie we are behind on our property taxes. Although my husband has been out of work for several months while I was workiing sometimes six days a week to keep up, but barely getting by. Paycheck to paycheck if you will. The hardship they offer I really wonder if it is real? That request was met with can't help until the hardship is over. Prior to the adjustment we were both aware I couldn't afford they told me get approved for an FHA loan in doing what is called a short refi. The time was getting close to that adjusted payment. The new lender sent all the required paperwork sometimes more than once. A customer service person said don't worry hold on for one more week for approval. I was lead to believe this was a done deal. My new lender said I would not have a payment in November. Since our finances have been so tight I choose to use a portion of my income for things like new tires and other things I have let go until my husband goes back to work. I did get that call a week later only to hear I have been denied. Whoever told me that had no right. Had I had a clue I was being set up I would have at least tried. Some talk about a loan mod, but after all this I feel it was more twisting of words for what have done so far for my family...nothing. Have these guys ever backed up their words with actions except to get you one step closer to foreclosure? The next I get a letter stating I was denied because I can afford my payment. The only thing I have gotten in writing. To my calling only to be told I need to face the fact I can't afford my home with a loan mod besides the fact they would rather take thier chances with a foreclosure. I asked about HOPE for homeowners since they are signed up with them. The reply is they are a waste of their time. Doing business like this is why hard working American families are ending up homeless with no where to turn for REAL help. We will be 3 months behind come the first of the year. The offer was for fair market value. My home has lost tens of thousands of dollars since then, but the investors refuse to take a loss? Do they even know they could have had more than that instead of letting my home go into foreclosure on a loan that started with a lie and is ending with one too? There are too many of us that have been treated like this from them. A website call the mortgage insider is full of stories like mine with several subprime lenders and how they really work with you. Can anyone help make it stop and get them honest?

    Catherine
    Paso Robles, California
    U.S.A.

    0 Votes
  • Wa
    Wanda Riley Oct 08, 2008
    This comment was posted by
    a verified customer
    Verified customer

    First Franklin has foreclosed on my home loan. I was calling them weekly to get my payments lowered for a few months since I was out of work and I have four children. The company assured me that all was ok and they would work with me and srt me up on payments of $800.00 a month from $1000.00 Well, they sent all my payments back, which were cashier checks from the bank and sent me a foreclosure notice.

    Now I will have this on my credit for 7 years!

    0 Votes
  • Valerie Oct 02, 2008

    Well to our dismay and working with the resolution team at first Franklin they have not done 1 thing to modify our loan we are in construction and the last year has been a mess i have given all the paper work that they asked for and well after 9 months we are in the same place we were at the beginning they do care about anything but them selfs after stacks and stacks of papers we are still not sure if we are able to keep our home so what was the purpose of doing all the work and no help on there part?

    0 Votes
  • Ju
    Juan Sep 12, 2008
    This comment was posted by
    a verified customer
    Verified customer

    Yes!!! I am in the same situation. The broshure they send for hardship is just for looks, there is nothing behind that. The quick deed sale is bolony, nobody in need ever gets approved for that. They will take the house back after you paid in thousands. The quick sale is another empty statement from them. If somebody wants to buy your house and makes an offer, First Franklin wont get back to you but after several months, who that has money is going to wait several months for an answer? Nobody, they will go elsewhere with their money. I agree with all the comments above, this company does not care about the consumer, they don't want to work with you. My advice is not to waste anytime with them. Stay in the house and don't pay. With their messy work ethic they probably won-t get you out of the house for months maybe years. If this is not viable than run elsewhere for refinancing. What a bad company, nobody can give you direct answers.

    0 Votes
  • Vl
    vl Aug 03, 2008
    This comment was posted by
    a verified customer
    Verified customer

    This has been the same for us as well. We have been trying to work with an organization called NACA. They are on the web at naca.com. Unfortunately it has been months as well, and our difference is $1000/month with the rate increase. It is a catch 22 cycle trying to stay on top of the increased mortgage payment and letting the unsecured credit cards go unpaid...but of course, First Franklin does not consider this a hardship!!!

    0 Votes
  • El
    Elaine Taylor Jul 19, 2008
    This comment was posted by
    a verified customer
    Verified customer

    I agree with the comments about First Franklin. My Loan with them is in good standing and they are still horrrible to deal with. If I mail a payment they " never get it" so I get charged a late fee. If you make you payment on the phone or on the internet you get charged a fee. It's ridiculous.

    0 Votes
  • Tt
    TT Jun 12, 2008
    This comment was posted by
    a verified customer
    Verified customer

    I agree with all thoughts above. I am in the same situation where phone tags, game play, ignorance, rude are all common. I am now 120+ day delinquent and there's nothing has been done. I have spoken to many reps who all have the same question, "are you going to sell your house?" I WILL NOT. How else can we negotiate

    0 Votes
  • An
    ANGIE May 17, 2008
    This comment was posted by
    a verified customer
    Verified customer

    I have just started this process and I have read many complaints about this company and I've realized First Franklin will not help it's customers in need of help. For all of you in similar situations, I urge you to file complaints. This website (Americans for Fairness in Lending) lists all of the organizations you may contact.

    http://www.affil.org/

    0 Votes
  • Mo
    momy Apr 30, 2008
    This comment was posted by
    a verified customer
    Verified customer

    I agree with you 100%. I know people that work there and it is exactly what you say it is. A big mess that nobody can fix. There is really no way out of the arm loan with this company. They sit on their work and do nothing all day, they all are relatives and friends that horseplay and don't give a damn about the consumer. The feel like if you are in this mess its your fault and you should sell your house if you can't afford it. This is what I was told. So don't look for any help from First Franklin Loan Services because you won't get any.

    0 Votes

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