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Flag Star BankHome modification program

N

I've been trying for a home modifcation loan I lost ten percent of my pay and my wife is on disability. I paid legal helper $895.00 but didnt get no where then I went through this h.a.m.p program that charge me $700.00.In December 2010 Flag Star sent me a letter stating they were reviewing my file. I explained that i tried to refinance but couldn't because my house appraised $200, 000 and I owe $208, 000. The thing is because I'm just late on my home loan and haven't missed a payment they wont approve me.My wifes parents been paying my mortgage for seven months.My house three years ago was $285, 000 oh and my mortgage payment was $1, 436.00 and now its $1, 449.00 when I called flag star said property taxes went up. All my neighbors went down in property tax but mine went up and how when the housing market sucks.Right now I have a conventional loan and its 5.50% interest rate for thirty years.I even made a complaint to bbb but no help yet just keep sending the papers every month.

Responses

  • No
    Not Happy with FLAGSTAR Jun 25, 2013

    Flagstar raised our mortgage payment too. Flagstar said we don't have enough home insurance to cover our loan. Our insurance agent told us they can only insure the value of the home, NOT THE LOAN! We have a mobile home on our land with permanent foundation, Looks like a regular home. Our payment should be $1500.00 a month, but because Flagstar took another $30, 000.00 insurance on our home to cover the loan our payment is 1800.00 a month. We want to refinance but we have medical bills in collection because I fell off my ladder and ended up in ICU for 3 weeks and I was on a respirator because I developed ARDS. I had to have 6 surgeries on my leg( that was a jig saw puzzle) in 2 years. My husband and I had filed bankruptcy 2 month before I fell, so we couldn't add all the medical bills on the bankruptcy. We don't want to loose our home. We have 3 children living at home as well as 2 grandchildren living with us. My husband is getting close to the age of retirement, If he has to retire we won't be able to afford our mortgage the way it is . We need to refi so we can get our payments to lowered . Our insurance agent told us it is illegal for Flagstar to force us into buying insurance for the loan amount. Flagstar said my husband signed an agreement to insure the home for the first appraisal amount (back in 2007 before the market crash) I asked for a copy of the agreement over 6 months ago and still haven't received the copy. Maybe its time to see if we can get an attorney on contingency to help us. Flag star should NOT be able to get away with what they are doing to us as well as other people that have mortgages with Flagstar.

    0 Votes
  • Ja
    Janet Fairley Jul 25, 2012
    This comment was posted by
    a verified customer
    Verified customer

    Sounds all too familiar. I applied for a loan modificaion and Flagstar would not even respond to me. I paid a legal aid $1500 and it was a scam. I then contacted the Bethesda Project and never heard from them after my second visit. I tried to work with them and was finally told that they address requests in the order of those in foreclosure first and my mortgage was current at the time. I never got the modification. Now, I have a fixed rate interest at 6.5% and am trying to keep my payments as they are, however, my insurance (paid thru escrow) went up, which caused my payments to increase. Flagstar's letter stated that it was short by $115.08, so I paid it with a separate check along with the August payment. I got my September statement and the payment went from $769.59 to $782.19! I called customer service to ask why. I was told it was to cover the escrow deficit created by the increased insurance premium. I told him that's why I paid the $115.08! He said he understood, but I would still be short. So why did I get a letter saying it would be $115.08 short? He said his computer shows my payment should be $772.19, but I argued it should not increase after I paid the $115.08. They are determined to increase my payments, no matter what, so i am seeking an attorney.

    0 Votes

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