Franklin Credit Management Corporation

2018-05-04

Ft Lauderdale, FL

Struggling to pay mortgage

Mortgage: Conventional home mortgage

Complaint: I bought a XXXX condo in XXXX. First mortgage {$140000.00}, 8.25 % from XXXX, 2nd mortgage XXXX, 13.35 % From XXXX in XXXX. I had XXXX small children and our apartment was converting to condo and out of my price range. My credit at the time was fair. I had been living in the US Virgin Islands for 7 years. Within months of buying the place, the financial crisis occurred and BOTH lenders were out of business. My 1st mortgage went to XXXX ( XXXX ) and lowered to 3.75. Thank you. My second loan ended up on the desk of Franklin Credit Management Corp of XXXX XXXX NJ. I was current on both loans and remained that way until ... .. In XXXX or XXXX, Franklin calls me and says we are lowering your interest rate to 4 % for the next 12 months. Why ... I asked myself. I was not behind on my loan.. What happens after 12 months? They said, We'll extend it for another 12 months ... ... ..that never happened. After 12 months, they called me said, OK now we go back to 13.35 % ... ... and I said No ... ... I told them I did not want the home for free but I would like a FAIR interest rate ... ... .they took my financial information over the phone, turned me down for loan modification on the call and I believed I was being taken advantage of ... ... .I believe they lowered my interest rate to 4 % because there were being audited and interested in getting my 13.35 % loan off their books. After the audit, business as usual, back to 13.35 %. I am digging to find proof of that audit ... .If that fact is true, they lied to me AND to the auditors of the Federal Government ( or State, I am not sure ). Long story short, I have not paid them a dime since the day they refused to consider a loan modification, asking for financials over the phone and making a decision without a written application appears to me haphazard and unprofessional.. The conversation is on a recording in their log. THEY were the one 's recording the call for quality assurance. I was current on BOTH loans at this point. I believe both my original loans in XXXX were excessive, however, I signed with the intent to refinance after 12 months. I was not the cause of the financial crisis but XXXX and XXXX, and continuing Franklin Credit, were playing the game. XXXX immediately lowered my 1st mortgage rate voluntarily, and my second mortgage servicer, Franklin Credit Management Corp, should either return all funds paid to them by me under a predatory original 2nd loan bought from XXXX, be forced to modify my loan, and/or move to drop the foreclosure matter. The investors of my 2nd mortgage are XXXX and XXXX. I have never done business with them directly. Their names are on the foreclosure papers. I would appreciate any help or guidance you can afford me in this matter. I am fighting for my home and protection of my family. Also, my 2nd mortgage loan is not on my credit report.
Company Response: Closed with explanation

Timely Response

2018-03-12

Santa Ana, CA

Struggling to pay mortgage

Mortgage: Other type of mortgage

Complaint: In XX/XX/XXXXwe purchased our owner-occupied home in XXXX County California using 80/20 financing. Both loans were funded by XXXX XXXX. XXXX XXXX XXXX serviced the 1st and Franklin Credit Management Corporation serviced the 2nd. It is Franklin Credit Management Corporation who we are having a problem with. Dollar amount is {$220000.00} as of XX/XX/XXXX. In XX/XX/XXXX through a 3rd party working on our behalf contacted both XXXX XXXX XXXX servicer of 1st and Franklin Credit Management Corporation servicer for our 2nd asking to modify our loans. Our 3rd party representative was able to successfully negotiate a loan modification with XXXX XXXX XXXX. XXXX XXXX XXXX agreed to lower the interest rate beginningXX/XX/XXXX and ending on XX/XX/XXXX. Franklin Credit Management Corporation would not or could not modify the 2nd mortgage. With the financial crisis and Franklin Credit Management Corporation 's continued unwillingness to modify the loan we were forced to prioritize and chose to pay our payment on our 1st mortgage and no payments on our 2nd mortgage. XX/XX/XXXX the mortgage payment on the 1st increased substantially. ByXX/XX/XXXX with the increase in payment continued decline in our business we were unable to keep up with the larger payments. XXXX servicer of our 1st mortgage filed a NOD on our home. Home was listed for a short sale in XX/XX/XXXX an offer was accepted inXX/XX/XXXX. Short Sale was canceled XX/XX/XXXX and a loan modification was requested. All information requested was provided by us to XXXX including the information on the 2nd mortgage. On XX/XX/XXXX our HAMP federal loan modification was finalized. The principal balance was increased. The interest rate was lowered and fixed. Term extended 2 months. We were given a principal balance reduction. Our modification agreement included a balloon payment of due at the end of the loan. It was our understanding from XXXX that the 2nd mortgage was taken care of with the HAMP federal loan modification. XX/XX/XXXX a Notice of Default and Election to Sell Under Deed of Trust was filed on behalf of Franklin Credit Management Corporation. THERE HAD BEEN ABSOLUTELY NO CONTACT with Franklin Credit Management Corporation or any other company representing them prior to this filing SINCE XX/XX/XXXX. ALL CONTACT WITH THEM STOPPED AFTER OUR HAMP LOAN MODIFICATION. THIS ACCOUNT ALSO WAS NOT REPORTED TO ANY OF THE 3 CREDIT BUREAUS SO WE HAD NO IDEA WE STILL OWED ANY MONIES ON THE 2ND!! IF WE HAD KNOW WE WOULD HAVE ADDRESSED IT. When asked why there has been no phone calls, statements, emails or personal visits their reasoning was we sent them a letter in XX/XX/XXXX telling them not to contact us anymore, but yet they continued to send statements until XX/XX/XXXX. When asked why they stopped contact in XX/XX/XXXX they said the account was in collections, but there was no collection activity by Franklin Credit Management Corporation or an outside company on their behalf. They also claim to have sent us a Notice of Default and Intent to Accelerate dated XX/XX/XXXX sent via first class mail which we NEVER RECEIVED!! even thought their " NOTE '' states all notices were to be sent certified mail per section 7 and section 12 of the Deed of Trust and Request for Notice of Default. We also never received proper notification per the FTC rules when in XX/XX/XXXX Franklin Credit Management purchased this loan themselves. We contacted them numerous time between XX/XX/XXXX to XX/XX/XXXX trying to negotiate a settlement or a modification. Franklin Credit Management Corporation employees were rude, disrespectful and downright unreasonable. We were forced to file Chapter XXXX BK in XX/XX/XXXXto stop them from foreclosing on our home. Even hiring an attorney Franklin Credit Management Corporation has remained completely unreasonable and all attempts for a modification or settlement have failed to date. In summary Franklin Credit Management Corporation is in my opinion a PREDATORY MORTGAGE LENDER AND SERVICER who did not contact us either by phone, mail or a personal visit before filing a Notice of Default. They have racked up large amounts of penalties and interest and have been unreasonable refusing to work with us to resolve this matter. I am sure that the AG 's from all the states that bought suit against the Banks and help create programs that helped us such as the HAMP Loan Modification would not want a junior lienholder such as Franklin Credit to come in after remaining silent for several years and foreclose and take our home after we have worked so hard to keep it. We were one of the less than 5 % whose 1st mortgage balance was reduced and if it was not for that reduction and our outstanding performance to meet all requirements to obtain that principal balance reduction Franklin Credit management Corporation would have no position today. Our desired resolution is for Franklin Credit Management Corporation to modify our loan removing all penalties and interest that has accrued unbeknownst to us reducing the balance back to {$110000.00} which was the principal balance at the time of the default. Lower the interest rate to 3.75 % for 30 years lowering the payment to {$550.00}. We desperately need your help with this PREDATORY company I truly believe operates outside of the regulatory guidelines as it suits its own purpose before they succeed in foreclosing on our home now that the BK has been dismissed. Respectfully, XXXX and XXXX XXXX
Company Response: Closed with explanation

Timely Response

2018-03-05

Woodland Hills, CA

Struggling to pay mortgage

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Timely Response

2018-03-02

Cheverly, MD

Struggling to pay mortgage

Mortgage: Conventional home mortgage

Complaint: I have a property that I am trying to complete a short sale and the debt for the property was included in a bankruptcy that was discharged almost 6 years ago. I made arrangements with the primary mortgage company ( XXXX ) to still pay the monthly mortgage amount for them to allow me to stay in the home which I had been doing for over 2 years. Last year around XX/XX/2017 I received a notice of foreclosure proceedings that was going to be started on the property by the junior lien holder on the property XXXXXXXX XXXX who is being serviced by Franklin Credit. I did not receive any of their prior notices because everything was being sent in my ex husbands name and I was served notice because I lived in the property at the time about the pending foreclosure. When I reached out to them I tried to do a loss mitigation process with them and offered then a settlement amount of XXXX at the time which they declined stating that the offer was too low. After going back and forth with their servicing company Franklin Credit we could not come to a resolution and they would not accept my offer. Franklin Credit opened a foreclosure case in XX/XX/2017 for me in Maryland and started the process even though I was trying to make arrangements with them. Since they would not accept the settlement offer I decided to do a short sale on the property to avoid the foreclosure. I put the house on the market last year in XX/XX/2017 and received a cash offer from a buyer asking to purchase it for the agreed upon amount of the first lien holder XXXX. When we were ready to go to settlement and the title company tried to clear us for settlement we found out that the junior lien holder had filed a lien against the property preventing me from selling the property and obtaining a clean title. I reached out to Franklin Credit who is the servicer for the junior lien holder and I have been working with XXXX XXXX and he told me to resubmit an offer to the company to see if it would be accepted. XXXX will only allow a maximum of XXXX be paid to the junior lien holder which I offered to Franklin Credit to get the lien released. They refused the offer and countered it stating that they are looking for a payoff of {$30000.00} before they will release the lien or they will proceed with the foreclosure. I have been rebuilding myself and my credit since I filed for the bankruptcy 5 years ago and I am trying to protect my credit and not have a foreclosure on my record when I have been trying to work this out with them. I am in danger of loosing the buyer that I have as we were supposed to go to settlement in XXXX of last year and he wants to pull out his offer. It seems that Franklin Credit is trying to cause me an undue stress by forcing me into foreclosure. The home is vacant I have already moved but I do not want to have this fall on my credit. As this process is drawn out by them their are fees that keep adding up from the HOA for the property that I am trying to avoid as well.
Company Response: Closed with explanation

Timely Response

2018-02-23

Oakland, CA

Struggling to pay mortgage

Mortgage: Home equity loan or line of credit (HELOC)

Company Response: Closed with explanation

Timely Response

2018-02-12

Bethlehem, GA

Incorrect information on your report

Credit reporting, credit repair services, or other personal consumer reports: Credit reporting

Information belongs to someone else
Complaint: I am writing to dispute the following information in my file. Attached please find copies of the credit reports and court documents. This item : Judgment ( docket # XXXX ) on the lien amount for {$69000.00} recorded on XX/XX/XXXX is improperly designated to the wrong XXXX XXXX. The social security numbers of both mine and the correct XXXX XXXX Do Not match as seen on attached Complaint & Note dated XX/XX/XXXX, which would have made me XXXX years old. I am requesting that the lien be removed from my report immediately.
Company Response: Closed with explanation

Timely Response

2018-02-02

CA

Communication tactics

Debt collection: I do not know

Frequent or repeated calls
Company Response: Closed with explanation

Timely Response

2018-01-15

Woodland Hills, CA

Struggling to pay mortgage

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Timely Response

2018-01-12

Burbank, CA

Struggling to pay mortgage

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Timely Response

2017-12-15

Greenacres, WA

Struggling to pay mortgage

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Timely Response

2017-12-13

Bedford, TX

Trouble during payment process

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Timely Response

2017-12-11

Tarzana, CA

Struggling to pay mortgage

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Timely Response

2017-11-30

Hunter, UT

Trouble during payment process

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Timely Response

2017-11-27

Philadelphia, PA

Struggling to pay mortgage

Mortgage: Conventional home mortgage

Complaint: Several months ago I fell behind on my payments. I initially tried to send extra payments to mortgage company but the payments were sent back. I filed a loan modification application but was denied. An XXXX XXXX was sent to me so I used XXXX XXXX to assist me. We filed an appeal which was denied but of some in accuracies in the budget. XXXX XXXX ( XXXX XXXX XXXX ) has been trying to resolve this matter with franklin credit management but to no avail. We sent another timely appeal to franklin credit management but they still havent replied.
Company Response: Closed with explanation

Timely Response

2017-11-20

Tarzana, CA

Struggling to pay mortgage

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Timely Response

2017-11-17

Burlingame, CA

Struggling to pay mortgage

Mortgage: Other type of mortgage

Complaint: Been working with franklin credit for 2 years initially started in BK but then they dismissed it though we did receive mod and I paid but they said they did not get the appropriate court papers so for the last two years we have gone back and forth going from the initial XXXX proposed load mod to XXXX plus asking for XXXX down. They have sent us documents with different balances, delayed in contacting us. We are victims of predatory lending did not know what we signed when we bought the home under false pretense. We have asked for a fair mod. They said they would agree to XXXX down with the remaining spread over a year with the regular payment. My attorney advised us before we sign on Monday we should have our loan directed and terms reviewed and it was to have been reviewed by BK court Please advise
Company Response: Closed with explanation

Timely Response

2017-09-12

Albuquerque, NM

Struggling to pay mortgage

Mortgage: Home equity loan or line of credit (HELOC)

Company Response: Closed with explanation

Timely Response

2017-09-11

Albuquerque, NM

Struggling to pay mortgage

Mortgage: Other type of mortgage

Company Response: Closed with explanation

Timely Response

2017-08-24

Caguas, PR

Trouble during payment process

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Timely Response

2017-08-16

El Sobrante, CA

Getting the loan

Payday loan, title loan, or personal loan: Installment loan

Company Response: Closed with explanation

Timely Response

2017-08-15

Manhattan, NY

Struggling to pay mortgage

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Timely Response

2017-08-05

Princeton, MN

Attempts to collect debt not owed

Debt collection: I do not know

Debt is not yours
Complaint: On XX/XX/2017 I received a letter from XXXX XXXX XXXX XXXX stating I owed XXXX. They said if I do n't respond in 30 days they would assume the debt was mine. I responded the business day by certified mail asking them to validate the debt, prove that I signed a note of some kind and prove it is not a scam. I also flied a complaint with the Minnesota Attorney Generals office asking the company to " Please provide proof that the debt is mine, that they have the legal right to collect, and that this debt is not some sort of " Time Barred Debt. '' I am worried that this company is trying to scam consumers into paying debt they legally do not owe. I am a father of XXXX and work three jobs just to stay afloat. My children care on XXXX XXXX for health insurance and we I buy groceries at XXXX XXXX XXXX just to provide food. The food is outdated but I am doing my best. I considered going to the media but wanted to see if CFPB could look into this issue and stop the harassing letters. Any help would be much appreciated.
Company Response: Closed with explanation

Timely Response

2017-08-02

Brooklyn, NY

Trouble during payment process

Mortgage: Conventional home mortgage

Complaint: I am not receiving a monthly mortgage statement from Franklin Credit.
Company Response: Closed with explanation

Timely Response

2017-07-26

Atlanta, GA

Took or threatened to take negative or legal action

Debt collection: Mortgage debt

Threatened to sue you for very old debt
Complaint: COMPANY SENT DEMAND NOTICE ACCOUNT OUTDATED / CLOSED OVER 11YRS AGO AND FRAUD AFFIDAVIT FILED WITH ORIGINAL CREDITOR ON ABOT XXXX/2007 ... COMPANY CONTINUE VIOLATES FCRA, FCBA, FDCPA ( 1692g ), STATE STATUE OF LIMITATION EXPIRED ; 5YRS TO COLLECT WITH IN THE STATE OF GEORGIA.. NOT MY ACCOUNT/ NEVER DONE BUSINESS WITH SAID CREDITOR ... /NOTE : FORMAL COMPLIANT FILED WITH " BBB '' AND POLICE REPORT
Company Response: Closed with explanation

Timely Response

2017-05-27

Brooklyn, NY

Struggling to pay mortgage

Mortgage: Other type of mortgage

Complaint: A few years ago I refinanced my home to obtain a lower mortgage payment/rate. At closing I was promised a lower rate, which I signed to. After closing I received documents differ from the ones I signed at closing. 15.99 percent rate is unfair and inhumane. Subsequently I panicked and contacted the lender XXXX XXXX aka Franklin Credit, to remedy the situation. When nothing was done, I optioned to short sale my property. XXXX refused to accept a short sale. Instead demanded my keys. The housing market continued to declined, things got worst before they got better. XXXX XXXX ballooned/shuffled my mortgage and continues to do so. In addition, refused to work with me. They stop at nothing to take my property. I have been harassed multiple times. The banks and servicers come to my property to paste stickers on my gate, which states my property is vacant. Additionally, each time I try to increase my income by renting to tenants, the bank comes on the property to tell my tenants not to pay me. Not before long tenants overstay their leases, destroys my property, and do what they were instructed to do by the servicers and banks. XXXX XXXX, XXXX XXXX, XXXX XXXX XXXX, attorney XXXX & XXXX XXXX XXXX, and XXXX XXXX XXXX XXXX , all of them works as a team, and insists they 'll not work with me, due to the fact I need to be earning XXXX monthly, in order for them to leave me in my home. There is currently a sale date on my property. Currently I am partially XXXX, XXXX XXXX XXXX, with an XXXX XXXX XXXX. I have nowhere to turn to. Nowhere to go if I am placed on the streets. I encouraged everyone to be careful, with mortgage companies. From the get go, they knew their initial intention, were to confiscate my property. In addition, they will prevent you from keeping your property, by ballooning your loan, shuffling your mortgage, subsequently telling you, it 's impossible to stay in your home, because you do not make XXXX XXXX dollars monthly. I have received many conflicting correspondence from the bank and all those involved. When I called the foreclosure department at the court, I am told it 's XXXX XXXX who is foreclosing on my home. However, a few weeks ago I was sent papers stating it 's XXXX XXXX XXXX XXXX that 's my bank. Please take a look of XXXX and see how many people have lost their homes, because of the same loan they were given as mine, XXXX XXXX.
Company Response: Closed with explanation

Timely Response