Flagstar Bank — sitting on making home affordable
Hi, I have contacted Freddie Mac and would like to know about how long the Hope for Homeowners loan modification process should take.
In Feb. 2009 before I was in default, (out of work Cal. teacher, husband is working), I contacted my Freddie Mac loan servicer Flag Star bank and told them I needed some assistance. They sent me out the wrong paper work.
I then contacted the Hope for Homeowners Housing Education Program a non-profit agency called Consumer Credit Counseling of San Francisco; they work in partnership with the Home Preservation Foundation;and they submitted my package on 4/16/2009 to Flag Star bank.
We still waited for Flag Star to send us out the correct paper work. Anyway at the end of April the first part of May 2009 we submitted all required documentation to Flag Star.
June they called and asked for the same documentation and we complied.
July they called and asked for the same documentation and we complied,
Aug. they called again requesting yet again the same documentation.
All the time never processing our request and it was not until they told us it would be another 90 days to get to our package that it had just been submitted to them by us in July! that we called Freddie Mac.
Here is a time line:
1. Called Flag Star in Feb. asking for Hope for Homeowners loan modification package as we were looking at problems keeping our home.
2. Flag star sends out wrong paper work.
3. Contact the Help program Hope for Home owners and paper work was submitted in April.
4. Flag star sends out right form.
5 Late April, early like 1st week of May we send in completed package.
6.May Flag Star request same documentation we comply again. (We have US mail green cards from where they signed for our packages).
7. June Flag Star requests same documentation and we comply again.
8. Late June early July another Consumer credit outfit calls us on behalf of Freddie Mac. They too submit package to lender again for loan modification under Hope for homeowners program.
9. By this time I have been in contact with Flag Star on monthly basis. They keep saying we should get a phone call any day.
10. July Flag Star requests same documentation again and says our package is a new package so it will be about 60 -90 days before they can get to it as it is first come first serviced.
11. Aug. 2009 We contact Freddie Mac directly. They will look into it.
12. Flag star calls us back same day we contacted Freddie Mac. All of a sudden our paper work is on someones desk.
13. Aug. Flag Star calls us and asks for... you got it the same documentation. We send that in again. We are now over 2 months behind in our loan.
14. Sept. 1st 2009 a Flag Star employee is in contact with us and says another 60 - 90 days to process our "New Package" as we just got them the documents, and it is on a first come first served basis. That she process in order received, this I understand okay; but How many dated from April, May are still awaiting being processed I wonder.
How can this be a new package?
They have had our information since April and early May.
Just what have they been doing sitting on our paperwork? Taking no action to help us? Has Flag Star intentionally done this? If so why.
Our other concern is that the moratorium on Foreclosure is running out in California this month, Sept., and that a 30 to 60 day loan modification process has already taken 5 months and now we are looking at another 2 to 3 more months making it in the 8 to 9 months range. Again is Flag Star intentionally doing this?
Why have they waited or are waiting so long to process our package? Could it be they don't want to work with us or with the Hope for home owners program? We have a lot of questions and are quite frankly, tired and frustrated with the way they have treated us. We have continuously asked them to keep us updated, and they have not done anything except ask for the same documentations that have been mailed, faxed and e-mailed to them.
Several red flags leave us with doubt and frustration with Flag Star. One is the landslide of complaints filed on consumer Internet sites from people just like us trying to get them to do the Hope for homeowners loan modification. Including past class action law suits against Flag Star and racial bias against Caucasian people that were charged more for their loans than other ethnic groups. The seemingly endless length of time they drag this process out. The endless asking for the same documents. The rudeness of their employees and the lack or answers with a big run a round.
Is this a common banking procedure to drag out this process? Given the thousands of people like us we can understand maybe 120 days, but this is getting unreal.
According to other lending institutions 90 days is more than enough time to process a loan modification.
Is Freddie Mac receiving many complaints about Flag Star servicing?
What is being done?
When can we expect our loan modification to come through?
Can anyone help us find answers to our questions?
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