I have read through all of the complaints about First Franklin and I have to say that most of them are only opinions and not facts. People need to take responsibility. While there are those of you that have medical/physical problems and cannot make it for these reasons, there are those of you that actually want something that is just not feasible. Just because you have a rate that is higher than current rates, you claim a hardship. Why did you sign loan papers with the knowledge that the rate will change? This is your responsibility. I would never be that stupid to sign ANYTHING not knowing what I would be paying in the future. If I didn't have the ability to pay more than what I was signing for...then I simply wouldn't sign it. I would have had the good sense to decline such an offer. Had I gone through with it, then I would have put myself at risk of the unknown. No one knows about their job security as there has been none for many years and even less now. People are losing jobs across this nation and losing their homes to foreclosure. Many of these could have been avoided had they only purchased affordable homes and planned ahead. So now comes the request for the refinance or a modification. If you are eligible to apply..great! If not, then you are in bad shape. The fact that the negotiators are not returning calls gives me the inclination that they are extremely busy working on others' modifications as I am certain they are responsible for hundreds, not just yours. They work tirelessly probably only able to contact their customers when they have information to share. The man that said he would burn his house down, well I am sure that the local authorities would be interested in talking to you should your home go up in flames. That was a totally irresponsible and childish comment. The other person commented get a loan modification company...HA! that IS a joke. Do that and get ripped off. These companies have popped up on about every street corner claiming to "get" modifications for people. They cannot do that. The only one that has any say whatsoever about a mod on your loan is the owner of your loan. It goes back to the same thing..if you qualify you get one..if you don't, then you are out of luck. If you have applied for the Making Home Affordable mod, the government has their strict qualifiers and no one can dictate their own rules.
Have any of you claiming to be a victim of predatory lending stopped to think that the word predatory means greedy. I think you may want to check with your realtor/agent that got you to go to First Franklin. The greed falls with them. They make the deals and when you get to the closing, they have changed something and by that time it's too late. They want to make sure you are biting at the bit in want of the property and they fail to tell you that they couldn't escrow the taxes and insurance because that would inflate the payment and your loan would have been denied. Then they wouldn't get their commission.
Sub-Prime? What's that? Oh wait, that means you were not credit worthy for a Prime mortgage.
People should just take responsibility for what they have done and stop blaming the company who loan you the money to buy a home. I have looked at so many websites where hundreds of lenders are being blamed for not working with borrowers when in fact, they can't in many cases. The borrowers just don't qualify even though the lenders try for months to review the hardships and just can't help.
I wish the best of luck to all of you that truly need the help due to a financial hardship.
Mad in Memphis...
Well... you have your opinion of me and that's fine. Knowing me is quite another subject. I am a cancer survivor and I have felt the pain of not having a job. Several times in my life as a matter of fact. So you can feel free to get off of your soapbox any time. Your immature and obviuosly contemptable comments only go to prove what type of person responded to my commentary earlier. Wishing someone's life to be shortened is appalling to say the least. If you had REALLY read what I wrote earlier, you would know that I was not referring to any one person's hardship. I did, however comment on what the one person said about burning his house down and the other one that said get a loan modification company. In no way did I make light of a person with a true hardship. That is NOT my nature.
And by the way...I DO NOT WORK FOR A BANK!
Ronald J...
Hi Ronald,
When lenders agree to do a short sale in real estate, it means the lender is accepting less than the total amount due. Notice I said the total amount due. They take into consideration the attorney fees and costs related to the the foreclosure process if ...that is if you are in foreclosure. and including costs to close the sale such as real estate commissions, recording fees or title and escrow charges. Not all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose; moreover, not all sellers nor all properties qualify for short sales.
Be very careful of the Deficiency Judgments...
A deficiency is the difference between the fair market value of the property and the amount received, providing the amount received is less than the amount owed.
Whether the bank can pursue a deficiency judgment after a foreclosure or short sale depends in part on whether the promissory note makes the seller personally liable for the debt. Some states allow for personal liability.
You must be able to show proof through comparable home sales that your home is currently worth less than the unpaid balance.
Your mortgage should be in default or near default. In the past, homeowners had to be in default by three or more months to qualify for a short sale. Today, some lenders are allowing homeowners this option if the borrower is in distress and heading toward foreclosure.
You must prove you are in financial distress. This is accomplished by submitting a short sale hardship letter which explains why you can no longer make your mortgage payments. Hardships include life-changing events such as extended unemployment, chronic or emergency health problems, bankruptcy, death and divorce.
There are two types of short sale agreements -- 'deficiency judgment' and 'payment in full without pursuit of any deficiency judgment'. The first requires you to pay the difference between the short sale and original amount. For instance, if the mortgage note balance is $150, 000 and the short sale price is $125, 000, you would be responsible for paying the remaining $25, 000 to the lender.
If you are unable to promptly pay the difference, a judgment is issued for the amount due. This judgment is reported to credit bureaus and will remain on your credit report for 7 to 10 years; even once it is paid in full. Additionally, the deficiency amount may be subject to income tax.
Ronald, just make certain you are working with a professional Realtor or private investor who specializes in short sale transactions. An experienced agent can help expedite the transaction and protect your interests.
I hope this information helps you and that you are granted a short sale.
Short sales can take months and it is agonizing waiting.
The same is true with the mods unless you are trying to get a Making Home Affordable one..they take about 60 days. Go to the www.makinghomeaffordable.gov website for the eligibility requirements.
