Fun times with First Franklin Loan Services. AKA: View My Loan.
This started for us in fall of 2008. While my neither my wife or I lost a job, we did have a small income reduction. We could still make our payments, but as soon as the first ARM rate change kicks in we knew we would be in trouble. So we applied for a loan modification. After filling out mounds of paperwork, we waited for the answer that we were told we’d have by Jan 2009. But no, they were swamped and behind in processing. Fax two new copies of your pay stubs and wait 30 more days. So our rate went up and other bills went late. The 30 days was up and we called. (We noticed that they do not do any correspondence via E-mail or post. No record that way?) We were told they still hadn’t got to it, fax two new copies and wait 2 weeks. Every time we call they wanted new copies of our pay stub.
Well it is clear that they are stalling and have no intention of doing any loan modification, but in fact are just setting the stage for an aggressive collection of the debt. Now with a July bump in interest rates coming, (Does it EVER go down? Apparently not.) we knew we were toast.
We decided on a Short Sale. This was hard for us since we were both brought up to pay our debts in full. However the reality now is that we have to protect our family, even at someone else’s investment loss. But the only Short Sale we know of with First Franklin that they approved came with a deficiency payment plan for the short fall. Here in Washington State we do not by law have to accept it, but we know FF will refuse the short sale otherwise. (We now have 8 offers over current market value.) So foreclosure here we come, unless First Franklin develops some common sense. More as the drama unfolds…… ShortJoe
