First Franklin Financial review: Lies about Mortgage refinance 47

I have a mortgage with first franklin also and I had never been late or missed a payment until my hours were cut. I called first franklin to see if my loan could be modified based on my pay history explaining to them that I have six children and a now disabled husband that is on dialysis and my income has been cut and I we really wanted to keep our home.We tried refinacing but we were told the value of our home had decreased.
One thing for sure is that you can make all of your payments on time and never miss one but your creditability doesn't mean anything they rather say NO options available, rather than say I see that your history with us has been excellent up until now and to show you that we are just as committed we will review your loan and make modified adjustments so that your family can keep your home because under unfortunate circumstances home loan services realize that loan modification would be a great solution for families to remain in their home.

I too, am in the same situation with Home Loan Services. I was laid off 8 months ago and I was told that they would review a loan modification for us if all the documents were sent in. However, after speaking with the representative, I was informed that BECAUSE we are not in default and because we DON'T make enough money, we do not qualify for a loan modification. Are they serious? We have made every payment on time since we've had the loan. Despite the loss of my job, we have made all necessary adjustments to prevent default, yet now, we're being told that unless we default, we cannot receive any help. Everyday I read or see something about helping people in foreclosure but what about those who are not in foreclosure? What about the people who pay their bills on time despite economic hardships? Yes, we were misinformed about ARMs but with the magnitude of the affect of these ARMs, when will we receive a bail out?

It is tough out there for us hard working Americans trying to make it in this upside down economy. I do not have a solution that can save the day but I hope I can shed a little light on the loan modification issue. Unfortunately the definition and purpose of the loan modification is not made clear to people and so I want to start there. The loan modification is designed to keep a person from losing their home and is handled by the loss mitigation department in most mortgage servicing companies. It is not relevant to a loan until the borrower is at least 2 months behind. Its purpose is to keep a borrower from losing their home and not to help a borrower who is paying on time to adjust the loan to reduce payments or to change interest rates. What the loan modification or a loan restructuring will do for those who qualify is take all of the past due or delinquent mortgage payments and add them to the end of the loan bringing the loan up to date. So basically, if you are making your payments on time and you see that things are getting tough and you want to head off the problem ahead of time, the loan modification sounds like the perfect tool but, unfortunately, it is not designed for that. That is pretty much the policy of most all mortgage servicing companies.

You would think that paying on time for years would have an impact on the servicing company wanting to help in tough times, but they may look at the situation and say well, that is what you agreed to do in the note you signed; that you are not doing the company any favors for paying on time, you are just doing what you agreed to do. The plus for you is if you have a good credit history you can easily refinance if you want to.

The plus to refinancing is the fact that the new loan is for the balance of the principal which, if you have a fixed rate mortgage is a good thing because the principal more than likely is less that when you started the loan. If you have an ARM loan or the much misunderstood option arm loan, then you may not save very much in refinancing. Another hitch are the penalties placed on many ARM loans at closing that must be paid before you can get out of the loan. Unfortunately many people are in homes that it would cost more to get out of than the appraised value of the home at present.

I wish I had an answer to your problem that can help in reducing monthly payments or some special government program that could save the day, but at present but I don't have that information.

Hope this help explain the situation and policies of most mortgage servicing companies when it comes to loan modifications.

Al

I to have a Loan with First Franklin. I was laid off 3 yrs ago and my husband works with General Motors. They are cutting his work to three weeks on three weeks off. I don't know what we are going to do. We are just making the $1400.00 dollar payments now. We have an Arm loan now but the interest increase has been suspended until 2012. I didn't even know they did that until last fall. I tried to refinance, but like many others I owe more than my house is worth. I spoke with customer service reps from First Franklin last October about getting a modification and we were told we make to much money, they were taking our gross income and saying we could pay all of our bills on our monthly gross income. I was given the paper work to start the process of the modification but told it probably wouldn't be approved.
About two weeks ago I spoke with a lady from H.O.P.E. she informed me because I was current on making my payments and I wasn't late that First Franklin wouldn't or couldn't help. I was then informed if I didn't pay for a month maybe they would see that I needed help and then I could get a modification. Now why on earth would I not want to make my house payment. I was also told not to make my credit card payments!
Anyway I did call First Franklin and spoke to them to let them know that I may not be able to pay on time for the month of February. I was asked why and I explained to them again that my husbands job wasn't doing well. That he was being laid of every three weeks until further notice. The service rep then informed me of the modification plan and I told him that I tried that before and I didn't qualify. He stated I could probably try now and get the modification. So he sent the paper work and I hoped I would get enough money to pay the monthly payment. I called back on the 13th and paid the payment by phone with a $15 dollar charge. I figured thats better than being late. This customer service rep asked again why we were paying so close to the 15th. I explained to him that my husband was laid off and we didn't have all the money when the monthly bill was due. He had stated that there are so many people with the same story. He told me to have a great day and that was the end of that. I then received a call about 15 minutes later from the same rep that I should again apply for a modification. I told him I was informed I didn't qualify. He said that my situation had changed and we should try.
As of now I am a little nervous in trying for a modification. Every time I try to get help I am informed they can not help. But then I am informed later to try again. I believe that something needs to be done here. If I knew what would help I would do it. I have been reading so many stories about people with loans from First Franklin and the run around they are getting. Many people are losing their homes because they are not getting the help they need.
I did find a website about NACA.com and wondered if maybe they could help. Does anyone know more about them? To any who read this thanks for your time.

they have lied to me as well they want there money and wont work with me at all my now ex wife is on the loan and im on title i have told them and faxed them letters and still they wont work with me thats pretty bad, i even tried to sell the house to my dad and they said he couldnt buy it since he didnt live in it but he could as a investor but they wanted 25 percent down i really need some help can anyone help me out with some websites or anything thanks you greg

No offense people but you signed these mortgage papers with the intent to pay back the loans as agreed. If you dont pay the said agreement as agreed upon it is not the mortgage company's duty to help you out. There is noone to blame but yourself if you didnt put any down payment on the house or got yourself into an ARM loan with a house you know you would not be able to afford. That is part of the reason we are in this economic mess.

I am too a victim of First Franklin lies and predatory lending. I would love to see a lawsuit against this company. I have sent a letter to the state attorney office today and planning on contacting local news about them also.They should have to be held accountable for all the worries they causing so many families.

I am a victim of First Franklin myself. All they do is tell lies. They are the most predatorial lenders I have ever seen in my life. If you happen to fall behind a few months, because you was out of work due to pregnancy, they want give you grief.I told them now, that I can go back to work, can I do a modification to help get back on track. So the representative told me what paperwork, I needed summit.So I sent the faxed the paperwork to them, and even mailed it in. After 2weeks, checked back with them, since they didn't call me.The woman told me on the phone they still hadn't got my information yet.I told her I don't believe it, because I faxed and mailed in the information they requested.She told me the faxes didn't came in yet.I said, what about the mail.She said, they hadn't update the mail yet.Want except any payments, going on 5months no letter or phone calls yet.I told them I'm going to move out, they told me do not do that, but yall are not collecting money from, that is not nomal. I DO NOT WANT TO LEAVE MY HOME, BUT FIRST FRANKLIN, is starting to be little funny to me.So on my own, I sent them a FIRST CLASS MAIL, with the documents this time.I even called them at a later time.Waited 3weeks this time, and still no information update.So, I gave up this game their playing, and just stack my money, and keep the rest of my BILLS paid ahead.I am tied of worrying about it .So me and husband, pray that one day they get caught.We are all innocent families that didn' t know, and got caught up a terrible mess.I truely believe that GOD will help us in the end.{HIGHWAY ROBBERY}

Did you file a complaint with the Office of the Attorney General? You can do it online and from there they can direct you to appropriate agencies that can handle this specific complaint.

I also have a loan with first Franklin Loan Services at 7% and at 11.8% for the second loan. I was aware of what I signed but when you start paying your monthly $1700 + $740 for the second loan, and not seeing a difference in the total loan amount, that really takes a toll on you. On top of that, I have an ARMM loan. I am just glad that the government now has drafted a Home Affordable Modification Program with clear guidelines for refinancing. Now, we will see what happens. I am so glad we have this website, now I am aware that I am not alone and we can do something about this if First Franklin continues to deny any modification application even with these clear guidelines.

Dear Darlene,
As you already know your an idiot. Why is it everybody's fault because they signed the loan docs. People lose jobs, and get divorced and have loved ones die and get hurt. Many lenders are working with their customer base to "help" with their customer problems. It's called "good business" when they do. First Franklin's mortgages are mostly investor owned mortgages (AIG). They can't make decisions on these loans and they lash out at people because their hands are tied and the customer gets pissed because they can't do anything and they lie to stall or buy time before they get another call from that pissed customer. I have been down and I own a trucking company now and even in a bad economy the Lord has blessed me to be profitable. My advice to you is to donate some of your time to the less fortunate so you can the faces of the people you look down at. Pick up a book and educate yourself about ARM's. How did you deduce that people with this type of loan put now money down or knew they couldn't afford the loan? Lastly, "Alice" (trucker term for idiot, No offense if your name is Alice) take some time out of your busy day judge people and learn a little about economics. If you really think the mess we are in has anything to do with these "Mortgages" your clueless. We spent years with our heads in the sand. We as a nation have lost the very moral fabric that use to bind us. We spent 8 years ignoring the porn star president we had because we were making money. We continue to elect ###s into office because we "recognize the name" or don't show up at all. We complain about a war because it cost to much and think nothing of the mass genocide taking place (Hitler-Jews, Iraq-Suni-[censored]e, and on and on) and not to look like ###s we say "what about the troops". They signed up for it (I'm an ex marine who served in 3 different conflicts) and sorry you didn't get out before you were eligible for the GI bill. Finally, when did we become a nation of people that found more satisfaction from watching our own neighbors suffer then we did from lending them a hand when they down. I'm trying to help my sister save her mortgage and I'm doing some research. I'd rather make her payment myself then to read anymore ill informed and heartless drivel like yours, Idiot. Ken

First Franklin, Home Loan Services, Loan Services, Merrill Lynch, Bank of America - whatever you want to call them, they're all crooks and are federally regulated. They are not regulated by individual states. This I know because I reported to my state (Florida) attorney general / governor / department of finance who informed me that they could not help us because they are federally regulated.

Darlene: These garbage loans were not intended to be permanent loans, this entire organization knew that when the created these loans. First Franklin is the designer of these garbage 80/20 loans. They have culpability in this. Without the ability to refinance these garbage loans, these ARM's are ticking financial disaster time bombs. They are WMD's taking out all of us who are left unable to refinance in a hugely downturned real estate market. Granted, the downturned market was not masterminded by First Franklin, but the clearinghouse manner in which they issued these loans, then conveniently packaged them up and sold them to unwitting investors as AAA securities was their forte'. While other lenders are attempting to work with borrowers facing this situation, even if it is just temporarily for 2 - 5 years, First Franklin is uncooperative and unyielding. Won't modify the loan and because of the 80/20 loan and part sold and part not sold, will not permit a short sale or a deed in lieu.

Unless you are in this mess, you could not possibly understand.

Everyone else:

I belong to a foreclosure blog with many other First Franklin borrowers in financial distress, many have already lost their homes, many will lose theirs in the near future. Mine goes to auction on April 15, 2009. There is a group of three of us who are writing letters to the Whitehouse for help. We have established an email address where we are asking First Franklin customers who would like to participate with us to email us their stories. If anyone here would like to participate, please email your stories to hope4ourfamilies@yahoo.com or you can send them to my email address: airforcemom@hotmail.com. Please refrain from using profanity and write your stories in clear and concise manner with as much detail as possible. Please do not include loan numbers or any other personally identifiable information, just your First Franklin story. I will be happy to include your emails with or letter. Please email them by April 5, so that we have time to print them to include in our package.

Good luck to everyone battling with this company.

~ Evelyn

For information regarding a possible class-action complaint against First Franklin - Home Loan Services, National City Corporation, and all other d/b/a's used during foreclosure proceedings - especially if your payments were misapplied, etc, please email - millenniumbizgroup@yahoo.com immediately.

I completly agree with all the complaints on here about first franklin (home loan services). we are also battling the terrible so called modification they supposely set up for us is crap! It didnt help with anything, It took a year for them to get everything finalized. Still yet and all, with all the bull and hassel we went through to get approved for this poor crappy modification, it still didnt change anything. Our mortgage is still sky high our intrest rate is still sky high and now we are struggling more than ever. My fiance is laid off from his job and I am only working 2 part times. and we have 2 kids. This company is nothing but a rip off and they are not in it to help the struggling working class family. First Franklin gives you the run around to stall and waste time and then they tell you its nothing they can do for you if you dont make a certain amt of money or meet a certain percentage of a bracket. Its all a bunch of bull this home loan company. If I ever get a chance to do away with first franklin, Im going to make sure I will spread the word to any and everybody who is willing to listen, not to do business with this company.

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

Iam a victim of this company they are horrible they are unprofessional and hard to work with. It took them nine months to approve a modification that did no justice at all. My payments went down $15.00 and Iam not kidding they gave me the run around. They would say they did'nt get the documents I was working with several people. because, everytime I would call back the other person no longer worked there. This company is full of bull. One thing I can say they are not in the business of helping homeowners. They are jerks and please advise anyone not to do business with them. First Frankiln / viewmyloan.com is not willing to help their customers who are struggling with this recession. I just hope they sign on with the new obama plan called HAMP because they do hath to but I sure hope they do.

I have been a victim of First Franklin. I went into bankruptcy to save my home. I had to request a copy of my original loan documents as I was not given a complete copy at closing. Upon review of my docs, I noticed that my Truth In Lending Disclosure is incorrect. It shows that my loan is fixed for 5 years before adjusting. Actually, it adjusted after only 2 years, which is what put me in hot water trying to make the higher payments much sooner than expected. However, by them showing the rate and payment fixed for 5 years, it also showed an incorrect total of payments as well as an inaccurate APR. In addition to that, my spouse did not sign the TIL Disclosure. I live in a dower state that requires both spouses to sign this document. I am in the process of fighting the loan in it's entirety. From the beginning, it was not properly disclosed and very deceptive to me. If anyone else has had this experience, please let me know. I think that would make a great class action.

Dear Ms. Angry:
According to the government website www.makinghomeaffordable.gov Home Loan services has "formalized their commitment to the HAMP through a signed contract".

Amy this is great news I hope so because I have already filled out an application. I was not sure if FF would sign a commitment with the HAMP program. Iam happy to hear this information.

Like all of you, I too have had nothing but problems and outright lies with this company. My mother and I bought our house in 2006 with an 80/20-we were encouraged to utilize this plan. We did not get the closing dcouments from this loan service until three hours before closing-furthermore, our truth in lending statement came one month after the closing. Our interest rate is 7.6 and 11.9 %. My mother had a bad stroke 1 1/2 year ago and her income is goes towards a private sitter. I have requested modification to no avail--just fed lies after lies. I am a single working mother with a good job--Thank God! but absolutely no assistance from them. I have had to file chapter 13 to try and keep the house, but FF is protesting this. I lost my car trying to keep my house by making double payements. I asked for a modification and discovered--to my horror--that it was a forbearance with notes up to 3200.00 a month. If there is anything I can do to sue these people--please help. The stress of this whole process caused much grief to my mother and I really believe that her stroke was caused by their predatory lending practices. Now I have to pay the house note and an additional 800.00monthly--FF claims that I am behind this much--this is not true. Any advise will be appreciated.

I submitted a request for modification on Jan 7, 2009 and they confirmed receipt on Jan 9, 2009 when I called. I have called weekly since then trying to get them to modify my loan in order to keep my house. My situation is similar to so many others, job loss and health problems -- but my greatest fear is not having a roof over my head. To date First Franklin has and will not call me and when I leave a message with the assigned negotiator, Jessica - I never get a response. My fixed interest rate is 9% and I'm simply trying to get it lowered at least a couple of points to help me handle the payment. I stay one monthly payment behind - which would likely be current had they worked with me five months back. Isn't it comforting to hear that they are now owned by Bank of America, literally the largest group of banking thieves in this country that's still in business.

@Mad in Memphis
I faxed my request on 1/9/09 just like you and waited and waited until I was assigned a negotiator. Don't leave a voicemail, just keeping calling until she answers. Their mentality is that if they have no new information for you, then they don't need to call you back. KEEP CALLING! When she does finally answer the phone, be polite and sincere and let her know how badly you need help. Yelling and cursing as some do, will not get you anywhere except the bottom of the pile! They are humans too and are under a lot of pressure, but I have been patient and polite to my negotiator and so far he has been pretty decent, although very slow. I am with you, had I got help months ago, I probably would not be behind at this point. 6 months of waiting to get an idea if they can do anything is terrible, but I know there are others who have waited longer. Keep holding on if you can! Best regards to everyone trying to stay afloat, I understand where you are coming from.

I agree with everyone's story. My husband and I, were victims of First Franklin. I was laid off of my job and we let them know ahead of time back in 06, once I found a job it was hard to play catch and our home went into foreclosure-right when we were trying to have the loan modified. First franklin did not want to work with us, while we were saying modified, they were saying -repayment, which meant, if we couldn't pay the amount of our mortagage with a high interest rate-what made them think we could pay almost 4 grand for the next three months before they would even consider negotiating our loan. So, if we made those payments on time to catch up our loan, then nothing would change! We hired an attorney that they didn't want nor care to work with-to get extensions and after 6 months of going back and forth with them-on information (information, such as check stubs, and bank statements) that they already had when we tried working with them without the attorney, they still came back with the same repayment plan. Modification these days, are a joke with First Franklin! Something should be done about this company and their business practices and ethics as a lender. When they didn't want to work with us, we wasted no time in moving, and honestly, it was the best move we could have made especially for our child. Better neighborhood and walking distance to the school. We wanted to keep our home as an investment once we got caught up on all of our bills, but, this was a burden not having to deal with them and for me, not having to cuss out yet another rep! I will check out all the websites dealing with sending the info to the white house for help and the class action suit.

I too am in the same deal with first franklin...i have 10% on first and 11% on the second my monthly payment is just over $2500.00 a month, i was told that i need to show a hardship so what did i do...i told them they where not getting payment this month. They asked why and i told them my interest rate sucks and i need to show a hardship, so now that i have done that and took a hit on my credit report they are telling me that i dont qualify. i was also told i signed the documents. NO S**T! Im not stupid but i just would like a low interest rate like everyone else. I just got off the phone with them today i told them i have no problems burnning this house down... then they told me that my insurance wasn't payed yet...WHAT A SHAME! I DONT WORK MY ### OFF TO GIVE IT ALL TO THEM

IM DEAD SET ON LAW SUITE I HAVE ALREADY TOLD THEM I WAS GOING TO DO THAT
SO LET DO A CLASS ACTION ON THEM

I AM YET ANOTHER CASE. I WENT THROUGH THE ENTIRE MODIFICATION PROCESS JUST THAT TOOK MONTHS. THEN THEY NEVER RETURNED MY CALL. WHEN I CALLED THEM BACK THEY JUST SAID "OH YOU DIDN'T QUALIFY". I AM CURRENTLY WORKING WITH AN EXPERIENCED MORTGAGE BROKER. HE IS TEACHING ME HOW TO DEAL WITH THIS SITUATION. DON'T GIVE UP TRYING TO GET MODIFIED, THEY NEED TO HELP PEOPLE LIKE US GET OUT OF THESE SUB-PRIME LOANS! I KNOW IT'S A LOT OF WORK, BUT THEY ARE BENT, AND EVENTUALY THEY WILL BREAK! KEEP WORKING AT IT!

I am another victim as well. I am a single mom with two kids my job had to do cut backs and I was forced to go to part time... I applied for the home modification and after getting the run around they finally called me to tell me I don't qualify because of my debt to income ratio... I believed them and my representative advised me to have my dad sign a rental agreement stating he was to pay me 1000.00 a month as renter... And quess what once I did that they said I qualified but unfortunately, I don't have a renter so now I am still struggling to make the payment and they are telling me I still owe all of the late fees I incurred? I have been told by other friends of mine that are modifying as well that I was scammed... That they are being modified and that it is 31% of your income and that late fees are suppose to be waived... Does anyone know where I can get honest answers? I don't know if there is anything I can do since I already singned my papers, but I would sure like to talk to someone that I can trust?

I would suggest checking out NACA.COM. I am in a similiar situation with First Franklin and learned about NACA this summer. They are a non profit consumer advocacy group that helps people like us to fight predatory lenders like First Franklin. Check out the website to see if there is an office in your area. It was a very imformative meeting and it cost NOTHING but your time. The idea is that they will help you by working with you and your lender to get your existing loan modified PERMANENTLY! That is the problem with Obama's HAMP (Home Affordable Modification Program), this is a temporary solution. I hope this helps anyone who's looking for help. I still have to do my due deligence, but NACA is advocating on my behalf and have educated me on what I can do for myself. I have contacted my US Senators in my state, as well as my Congressmen. I wouldn't have had the knowledge or inclination until I attended NACA's class.

don't try and do a loan modification on your own, you don't know the ever changing guidelines and you don't know how to send paper work to an underwriter.
Spend the money to save the money, hire a loan modification company

I spoke to a gentleman named Robert Ness at First Franklin and he seemed sencere on helping us and was very knowledgeable on what can be done with our loan. We had 2 houses at one point and could not get rid of one and that is how the whole mess started. We were turned down for a modification and thought we were at the end of our rope. Robert expained he would submit us for an Economic Forebarence, which could lead to a Modification in a couple months provided we follow the terms of the Forebarence. Now I dont like to get exictited and we will see what happens and I will update as to what happens. So we have not been entirely screwed over by First Fanklin YET!

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.

A--hole - let me guess, you work for a bank right? Ah-h-h, as the saying goes "May the fleas of a thousand camels infest your arm pits." Better yet, may you experience just a little of what these people have gone through in their lifetime. Which, by the way, I hope your's is short. On the other hand, obviously you are so smart, I'm sure your life will continue to be perfect - without illness, job loss or God forbid, trusting someone in the mortgage business that presented themselves as a professional. I personally think you are arrogant and uninformed, but obviously you think otherwise. Please do us all a favor and go find someone else's soapbox to get on -we really don't care to hear from you.
Mad in Memphis

readerwritercommenter... at the time I bought my house ... I did not bite off more than I could chew. I have never had a "keeping up with the Jones" complex... I just wanted a decent unassuming place to keep me safe and dry. My house was 49, 000 with payments of 374.00... which I could MORE than afford... I even knew that it would go up to just a few dollars over 500.00 in a few years... which I still could have afforded with no problem. What I did not know and had no way to for see was that at 46 years old I would have a heart attack and be diagnosed with congestive heart failure and a few other problems. With my given health problems it made it a little tougher to make my house payments but I was still managing with never a late payment.. I WAS dedicated to pay back what I promised I would. At the end of last year FF decided that they needed to pay the taxed that I have already paid and up my house payment to more than 2.5x what it was because they are charge me for the year they supposedly paid and in anticipation of the next year. When I spoke with a rep and told them these taxes had already been paid... I was told there was nothing that could be done till it was reviewed again... When I told them I would sent just the payment ... I was told they would not accept anything less than what they thought I owed... so for a almost a year now I have been stretching beyond what I could afford to meet their 2.5x increase. Although I can no longer say I have never been late. But until this month I have never gone beyond 30 days... This month I will laps over the 30 day mark... which means I will have 2 payments due simply because their website will not accept a weekend payment and their phone payment is not allowing me to make a payment either... come Monday they will not accept a single payment they will want both payments... which is completely beyond me. My house will be headed to the foreclosure process and there is not a dang thing I can do about it. With my conditions and situation... there is no way I will qualify for mod or refi and I sure can't afford a lawyer... and all of this because they wanted more money that they were not owed. Because the FACT is I could have continued to make my normal house payment if they had not decided to play a numbers game... so I believe all these opinions because I am living in the same nightmare they are...my only advantage is that I am not emotionally attached to this house.

And the really sad part is that if I could have just made it another month or two they would have hopefully had to released the escrow that I have been paying into this past year... now they will retain it...that is not "good business" that is lone sharking under the guise of business!

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!

Hi. I have been working on either a Mod or Short Sale for about four months now. Has anyone had Short Sale success? My appraisal came in at $115K and I had an offer of $89K which was rejected. My listing agent pulled up comps and the highest sale for my unit was $90K. Are they just jerking my chain or is a Short Sale possible with this company?

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.

Hi,
I was screwed over at closing too. My husband and I showed up for the closing and the papers were all wrong at the end...we said we weren't going to sign. They say "Come tomorrow an we'll make the changes." So, we show up the next day and they rush us through the paperwork and say all this is the same and they get to the numbers part and it was fixed so we signed it. Well, come to find out it was an ARM...it was supposed to be a fixed rate. I am pissed cuz when we found this out, we started a Loan modification in March 2009 and in November got a letter saying we qualified for "Obama's Making Home Affordable Program"...well, I just got a call today saying we make to much and NOW do not qualify. This was dragged out for so long just to tell them we are screwed...she told me to refinance and I said I can't cuz my credit went to shot and i am upsidedown on my mortgage...what a crock...waiting for so long and drawing it out for so long just to have them tell me I was up a creek with no paddle...I al SO open for a CLASS ACTION LAWSUIT against these scam ###...

My info is below:
June & Kim Neal
680 Quality Lane N
Lakeland, MN 55043
[protected]
Junesphotoservice@yahoo.com

Everything I have read here about First Franklin is FACT! If you've been helped by them and had no trouble, you're one in the million so thanks your stars. For the rest of us, it's true. I lost my husband to cancer in 2008. Six months later, I lost my job - laid off. My son was in college. I got behind on my house notes and I just didn't know what to do. First Franklin gave me the biggest arounds and nothing but grief even though I was working with a home modification company. First Franklin did not want me to work with this company, they wanted to deal strictly with me. The lady from First Franklin who called me often acted as if she took such pride in telling me what the "government" was expecting of me. I don't know what the heck they were doing with my paperwork because they asked for the same paperwork over and over and over again. They finally brought my house note down, but they put me on a three months trial. After the three months trial, they took the note back up to almost where it was at first. Well, what the heck did I go through almost a year's headache and suffering with these people for if I they just took it right back to where I started in the first place! And guess what? They are STILL asking for paperwork that I have submitted I don't know how many times!

I have finally learned about NACA and I have attended the meetings and submitted my paperwork to them. I hope they can help me because I really don't know what to do. I am in my 50s and even though these jobs deny it, they DON'T hire your if your a certain age. So I am getting into my own business and it is growing slowly but surely, but in the meantime, First Franklin is trying to take my home for sure. My husband worked too hard for this house and with the money he had put into it, I will NOT hand it over to First Franklin. If they want it that bad, I will take everything my husband and I put into it before I let them have it.

hjkhjk

I hired a Mortgage midigation firm to handle this.. has anyone else done this? Seemed to me they would give me the run around..

I too have had multiple problems with FFHL and believe they have acted in a manner that would be considered contradictory to Bank of America policy. Since Merrill shut operations of FFHL down prior to BoA acquisition this is really just a department inside BoA and should be treated as such. If BoA makes a case for "special" actions by FFHL then we do have a class action case.
There are 3 courses of action that can be followed:
1. Get the mailing addresses of all parties you want to alert to your situation including:
- The Chairman of the Board BoA
- CEO BoA
- Your State Governance group (State House Representative, State Senate Representative, State Consumer Affairs)
- Federal (same group PLUS Director of HUD and TARP)
2. Make your case around the specifics of what you were told by FFHL and what happened
3. ASK FOR SPECIFICS for instance loan modification thru BoA not FFHL or refund on closing costs or whatever your individual issue is.
4. Do this as soon as possible.

5. Send all specifics of your problems to firstfranklinsucks@gmail.com