The complaint has been investigated and
resolved to the customer's satisfaction
First Franklin Loan ServicesOvercharged again and again

I have a mortgage with First Franklin and I send extra money to apply to my principal every month, either $126 or $626. On the statement coupon provided it asks how to apply my payment. I complete the coupon and even put it on my check. Every month they fail to post the extra money toward my principal and they put it inot an account called "Unapplied Funds" so I continue to pay more interest on my principal. I also have had a recent payment reported as late when I have their signature as being received on September 1st from the USPO and the payment is due on the 8th. When I called they could not locate the payment and finally located and posted it to my account on September 15th, even after I was told by a manager that they would apply the payment on the first since I had the signature.

I am looking for others that are having issues with funds not being applied to the principal or that payments are not being credited to the account in a timely fashion. Please post a reply if you are having this issue as I am investigating potential further action on this situation.


  • Ca
    Cassandra dandy Oct 23, 2008
    This comment was posted by
    a verified customer
    Verified customer

    We have had just about the same happen to me . First Franklin as called us over over about a payment since Spet.07 i faxed proof of payment that USPO. mailed us and showed us that they cashed it, then they told me it was Oct. that was missing. I faxed that and i haven't heard anything about it but it still show up on the payment coupon that it is a payment behind but at the same time they have messed up our credit. the lady i talked to told me that it would apply when they found that payment for spet. 07 not happened.BUT THE REALLY BAD thing is that we have a balloom payment that comes due in March of 09. We cannn't even get a FHA LOAN or any loan u have to be 12mo. on time before any want to help you!

    0 Votes
  • Br
    brian Nov 19, 2008
    This comment was posted by
    a verified customer
    Verified customer

    i totally disagree... i made a mistake sent my mortgage payment to my auto loan company and my car payment to the mortgage company. first franklin not only mailed my car payment back to me but waived the late fee, and also backdated the payment to the first.

    0 Votes
  • Pi
    PISSED in PS Dec 14, 2008

    I Find it ODD a Loan Company would to the extent of returning and not applying prnalties, much less post a payment date that was after the fact due to customer Error!..

    My Expierence with 1st Franklin has been HAIR PUING!.

    Not posting payments, adding penalties upon penalties, and not making modifications to their accounting errors on posting PAYMENTS on Loan accounts.

    I found I was trying to work with one Depatment to have them provide an AUDIT of my payments so, I can show them WHERE they have Not applied payments based on my cancelled checks, and or Money Orders.

    Their standing postion was may the payment and we will make any adjustments lateand credit your account if any amounts have been overlooked.

    While that was going on, they were filing FORECOLUSRE papers! In an effort to maintain my HOSE, and get it starightend up, I went into a Settment payment agreement to get the so called Arrears ( $18, 000) payed, stay current, and get it resolved.

    As I was making payments into the agreement, they filed the Filanl Forclosure Paperwork with their LAw Firm, and when I called them on it!, They said their was nothing they could do, it was a clecical error, and if I stay currrent and dont miss a month, I should have no problem.

    I stayed current all but the last 2 months, I called to inform them I would be late, and they said that was Fine. I found out they had infact already placed my property up for Auction on the following Auction date.

    I was Forced into a Forclosue Protection to get them to come to the TABLE!.

    I too am Seeking others that have Similar Auditing or failure on 1st Franklins part to keep Current CORRET accounts and Balances.

    This may be a Class Action Suit against 1st Franklin!.

    0 Votes
  • Er
    Eric Jan 28, 2009
    This comment was posted by
    a verified customer
    Verified customer

    we to had the same problem they told us that if we do a repayment plan and pay 9000.00 in three months they will put our late payments to the end of the loan and i sent 5000. for the first payment and i went out of state for 2 weeks got a call from my wife and she told me they sold the house so when i got home i called them they said sorry its sold and i told them there was a repayment plan and i want my 5000.00 back if they sold it so they told me to call back the next day to see about getting this fixed so i did and the loan manager spoke to me and told me it was sold already at auction so i told her im getting my lawyer and she told me she would speek to hers to find out if we have a case and guess what we won the house back and i continued to pay the other 4000.00 for 2 months well they didnt put our late payments to the end of the loan even when we did what was agreed !!!

    0 Votes
  • Tm
    tms319 Mar 29, 2009

    not only do they continue to misapply my payments, but they are charging me escrow for taxes that i paid on time and provided proof of receipt and timely payment of my taxes. now they arent applying my payments properly and when i callled them they said they did a drive by appraisal and are charging me $260 for it!!! WTF??? my loan is current and hasnt beeen late in over 18 months! now they are applying fees for insurance. My insurance is current and up to date with no lapse and they are listed as the mortgagee on my insurance.

    0 Votes
  • Er
    Eric Apr 20, 2009

    I agree! This is the poorest most inefficentlly run home loan compay on planet Earth! My wife and I are hard working middle class Americans. We fell behind when the economy began to tank. We filed paperwork with First Franklin's so call "Resolution Team." What a joke that has been. First off there is a 45 day turn around for any paperwork received. We cited income reduction as our hardship reason with "The Resolution Team." So anyway, Feburary 1, 2009 marked the 45th since our paperwork had been received by the "Resolution Team." I kept calling and calling them and was told not to worry because there is no sell date for our home and our paperwork was in process. Finally on February 28, 2009 we reached and agreement. The paperwork was faxed to me, I signed it, returned it and made my first payment as agree. When the time came to make my firts scheduled payment as per the agreement they sent me, I mailed it out days before it was due. Much to my surprise I got sent back to me BY CERTIFED MAIL!!! WT[censored] They said they could not accept REGULAR payments because my loan MAYBE in active forclosure. Are you kidding me???!!! I immediately call them. I was told had to call "The Resolution Team" so I did. Aparently I had sent to payment to the wrong address. UNBELIEVABLE!!! I sent the check out again to the address the "Resolution Team" gave me and guess what!! THEY MAILED IT BACK AGAIN!!! They said they could not accept my check because thier policy prohibits it!!! I intend to turn this over to the attorney general. I can't believe they won't take my money. I hope no else ever has to deal with mickey mouse company, ever.

    0 Votes
  • An
    Andy B Jun 17, 2009

    I too have continued to over pay and specify where extra $$ is to go filling out coupon, I too am told i'm late and behind and futhermore am showing late payments on credit report...

    What to do, I have called them to no avail

    Andy B

    0 Votes
  • Do
    document document document Dec 12, 2009

    I am going through the same mess with First Franklin and the unapplied funds. During closing, their broker made a mistake and did not include an escrow acct for our homeowner's or insurance. We were fine with that and just pay our homeowner's insurance to a local insurance agency and our taxes ourselves. We send proof of this to First Franklin by CERTIFIED MAIL every year and every year, "they don't get it". They take it upon themselves to "force" homeowner's insurance at a cost of $2800 a year which is $2100 a year more than what we currently pay. They tell us to just go ahead and pay this fee so that our payment doesn't get behind and that they will refund us the money when they receive the proof. I do not have the extra money to send nor trust that they would refund me. Well, this began in 2005 and has happened EVERY year since. We fight and fight. Now, they say that we haven't made a payment in 6 months! We wire the money to them because "they never received our checks" (even though they were cashed). Wiring the money gives us a control number as well as an instant receipt. Well, they have now begun forclosure proceedings. Our house is supposed to be auctioned off in 3 weeks! Needless to say, I have an appointment with a lawyer this week and I'm going to sue the crap out of them! I think I have a case! :) Oh, also we are supposed to be in loan modification with them too but they haven't received any of the 4 certified packages that we've sent them or the signed receipt of certified mail that they signed and I've faxed and mailed this to them to. Crooked Company.

    0 Votes

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