Franklin Credit Management Corporation

2017-05-19

Rochester, WA

Struggling to pay mortgage

Mortgage: Conventional home mortgage

Complaint: I worked wit h Franklin Credit to arrange a payment plan to get back on track after experiencing financial hardship. On XXXX / XXXX / 17 I submitted a down payment as requested and have yet to receive any documentation stating that they received they payment. Today ( XXXX / XXXX / 17 ) I called them to ask if they had received my wire transfer in the amount of {$1900.00} and I was told that I would not be receiving any documentation on the status of my loan unit the repayment plan was complete ( 24 months ), and they also would not verbally tell me if the original down payment was received. I tried to call an additional 3 times and either got hung up on, or was transferred to a managers voicemail that was non existent. I find this very hard to believe and I feel uncomfortable paying additional payments if they can not verify to me that they are receiving payments.
Company Response: Closed with explanation

Timely Response

2017-05-17

Eldorado, WI

Written notification about debt

Debt collection: Mortgage debt

Didn't receive enough information to verify debt
Company Response: Closed with explanation

Timely Response

2017-05-11

Oxford, GA

Trouble during payment process

Mortgage: Other type of mortgage

Complaint: I need my XX/XX/XXXX statement to include with my application for XXXX XXXX . I do not receive monthly statements from Franklin Credit Management XXXX XXXX XXXX , XXXX XXXX XXXX XXXX , NJ XXXX I was advised statements were discontinued because I authorized automatic monthly debits for my payments. I called the Franklin Credit on XX/XX/XXXX , to request a statement for XX/XX/XXXX . I was advised I could not get a statement because I 'm on automatic debit. On advice, I called again and was t hen advised Statements would be reinstated and one would be mailed o n XXXX -17 for XXXX 2017. N ot having receive d one by tod ay, XX/XX/XXXX , I called the company and was advised a statement would not be mailed unti l XX/XX/XXXX . I told the representative what I had been told on XX/XX/XXXX . He said the previous representative 's notes only mentioned he advised statements would start soon. I want/need this XX/XX/XXXX sta tement due to time constraints of my application for XXXX XXXX . The inconsistencies of information and delay in receipt of the statement may be negatively impacting my consideration by XXXX XXXX for the program. I want a prompt response to my request to Franklin Credit.
Company Response: Closed with explanation

Timely Response

2017-04-19

Bluffton, SC

Other

Mortgage: Other mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2017-04-19

Santa Ysabel, CA

Loan modification,collection,foreclosure

Mortgage: Conventional fixed mortgage

Complaint: Franklin Credit is COMMITTING FRAUD AGAINST A BORROWER AND THE INVESTOR THAT THEY ARE SERVICING A MORTGAGE ON BEHA LF OF. Franklin credit fil ed an NOD against a borrower on X/XX/17 and has ALREADY SET AN AUCTION DATE ON THE PROPERTY AS OF X/XX/17 . By C A state law an A UCTION CAN NOT BE SET UNTIL 90 DAYS HAS PASSED FROM THE NOD FILING. I WAS INFORMED OF THE AUCTION DATE BEING SET BY A REPRESENTATIVE AT FRANKLIN ON X/XX/17 , well short of the 90 days required by CA law. It is obvious that there is a pattern of FRAUD that FRANKLIN CREDIT commits on a regular basis as evidenced by the XXXX complaints in the CFPB database already. We have been working on a loss mitigation work out ( Short Sale ) with the 2nd mortgage on a property Franklin Credit is the servicer. Franklin credit has been very difficult to work with since contacting them in XXXX about workout options. XXXX Credit was contacted on X/X/17 and sent an authorization letter and payoff request. After multiple attempts to contact XXXX XXXX we were n't able to speak with them until X/XX/17 when I spoke with a representative by the name of XXXX XXXX . He told me that the XXXX was XXXX and the account was past due for approximately XXXX or 110 months of missed payments. At this point he ordered a short sale package to be emailed to me. On X/XX/17 a payoff was received from XXXX XXXX XXXX in the amount of {$210000.00}. On this same date the " SS requirements '' package was also received from a XXXX XXXX XXXX . The property was available for sale and an offer was not received until X/XX/17 at which point the entire package was faxed and emailed to Franklin Credit, a s they will not review incomplete packages. The offer that was presente d to Franklin Credit is about 20,000 above current market value of the property and from an all cash buyer. On X/XX/17 I followed up w ith Franklin Credit an d they confirmed receipt of the package and did n't request any additional information and stated that upper management would have an answer by Wednesday the XXXX . XXXX called me this same day and said that management declined the offer and wanted an offer closer to the UPB of the mortgage. The numbers on the closing statement were re-evaluated and we were able to present a higher net which was sent via email on X/X/17 . On X/X/17 another decline letter was received via email. On X/XX/17 Again the numbers were adjusted to meet the net Franklin requested to submit to management again, XXXX . The settlement estimate with a letter of explanation of value and a comparative market analysis was emailed to Franklin. On X/XX/17 I spoke with XXXX twice. He had called me at XXXX Pacific time and said that the file was marked for auction. I questioned him about this as the NOD was filed on X/XX/17 and 90 days had not passed per CA state law. He said that the auction was already set. At this point, XXXX ordered a BPO on the property to confirm that the information we were providing was accurate and that the offer was actually in excess of current market values. The BPO was performed on X/XX/17 . XXXX will not provide an amount of the BPO or the actual BPO report that was performed when it was requested. On X/XX/17 I tried multiple times to communicate with XXXX XXXX about the offer and was just put on hold and disconnected multiple times. I also tried to email XXXX and XXXX XXXX XXXX without any response. After calling multiple times I received an email with another denial letter. On X/XX/17 I was able to speak to XXXX . He told me that there was nothing that could be done as an auction was set for XXXX on the property and that management was countering the offer to XXXX . BY WAITING THIS LONG IT IS EVIDENT THAT FRANKLIN CREDIT HAD NO OTHER INTENTION THAN TO FORECLOSE ON THE PROPERTY AND DEFRAUD ALL PARTIES HOMEOWNER AND INVESTOR
Company Response: Closed with explanation

Disputed: No Timely Response

2017-04-19

Una, SC

Other

Mortgage: Other mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2017-04-19

Vicksburg, MI

Incorrect information on credit report

Credit reporting:

Account status
Complaint: In XXXX , I took out a second mortgage from XXXX XXXX . In XXXX , the loan was sold to XXXX XXXX . In XXXX , I obtained a release of lien so I could sell the property ( XXXX XXXX , XXXX , MI ). At that time, the interest rate was hiked to almost double the original amount due to the loan no longer being a mortgage loan and I continued paying. Missed payments have greatly affected my credit score. The original loan was for {$47000.00}. Fast forward almost 20 years and the loan is still being reported to credit bureaus as a mortgage loan, it is now being collected throu gh Franklin Credit. Als o, I have struggled some financially in the past 5 years and had to ask for a re-aging of the loan. Even though I completed the deferment agreement which stated the late fee balance and interest would be tacked on to the end of the loan, this did not occur and penalties are still showing as due. After almost 20 years of paying, the balance is still around {$35000.00}. I am feeling preyed upon and do n't know how I can ever get out from under from this. Any assistance you could provide would be appreciated.
Company Response: Closed with explanation

Disputed: No Timely Response

2017-04-05

CA

Loan servicing, payments, escrow account

Mortgage: Home equity loan or line of credit

Complaint: We had a second mortgage equity line with XXXX years and years ago. After XXXX folded and sold all of their mortgages we tried to find out who our new lender was with no success. We then went through a chapter XXXX bk that discharged in XX/XX/XXXX which listed XXXX as discharged. We kept our home and made all first trust deed payments on time but still never heard from any lender regarding the second. We had assumed this was because of the bk discharge. Five years later in XX/XX/XXXX Franklin Credit Management contacted us saying they intended to foreclose on our home. We have incurred thousands and thousands of dollars in legal fees, our credit has been negatively impacted and the title to our home is a mess. The major legal issue I have with Franklin is that we never received the service transferring notice that is supposed to be sent within 15 days of a mortgage being transferred to another servicing company. Had they complied with the Servicing Transfer Notice requirement ( or any of the other lenders in between XXXX and Franklin ) we would have been paying them and might have even been able to negotiate a loan modification. However, we were not notified. Franklin Credit Management was responsible to notify us within 15 days of receiving our loan for serving and they did not and it has cost us dearly. We have contacted them multiple times trying to negotiate a settlement or modification. They were rude, disrespectful and unreasonable to the point we had to hire an attorney. I truly believe this predatory servicing company is operating outside regulatory guidelines as it suits their purposes
Company Response: Closed with explanation

Disputed: No Timely Response

2017-01-19

East Detroit, MI

Loan servicing, payments, escrow account

Mortgage: Conventional fixed mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2017-01-11

Clovis, CA

Loan servicing, payments, escrow account

Mortgage: Other mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-12-30

Seattle, WA

Loan modification,collection,foreclosure

Mortgage: Conventional fixed mortgage

Complaint: My partner and I bought a house in the XXXX redevelopment area in XXXX, CO in XXXX. Right after we signed these mortgage documents, our loan was sold to XXXX. Unfortunately, our house was foreclosed in XXXX. We never received any documentation as to the loan being transferred to another company or any other subsequent companies. My partner filed Bankruptcy while we still lived in Colorado and I did not. We were told by the attorney that his bankruptcy would take care of my obligation. The only loan related to this house that appears on my credit report is the original XXXX loan. I find it suspicious that XXXX held the loan for 4 years and never once contacted me? And then the loan was transferred to XXXX in XXXX and they never contacted me for more than 4 years? It seems to me that they have failed in their process to notify me as the consumer of further debt obligations. Please help!
Company Response: Closed with explanation

Disputed: Yes Timely Response

2016-12-10

Lakeside, CA

Loan modification,collection,foreclosure

Mortgage: Other mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-12-10

Washington, DC

Loan modification,collection,foreclosure

Mortgage: FHA mortgage

Complaint: Franklin Credit refuses to do a modification. Reason not given. Left voicemail messages with XXXX, loan specialist, who has not returned any calls.
Company Response: Closed with explanation

Disputed: No Timely Response

2016-11-15

Stephenville, TX

Loan modification,collection,foreclosure

Mortgage: Conventional fixed mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-11-07

Addisleigh Park, NY

Loan modification,collection,foreclosure

Mortgage: Home equity loan or line of credit

Company Response: Closed with explanation

Disputed: No Timely Response

2016-11-07

Corinth, TX

Cont'd attempts collect debt not owed

Debt collection: I do not know

Debt resulted from identity theft
Company Response: Closed with explanation

Disputed: No Timely Response

2016-10-20

San Francisco, CA

Loan modification,collection,foreclosure

Mortgage: Home equity loan or line of credit

Company Response: Closed with explanation

Disputed: No Timely Response

2016-10-18

Charlotte, NC

Loan servicing, payments, escrow account

Mortgage: Other mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-10-11

Phoenix, AZ

Loan modification,collection,foreclosure

Mortgage: Conventional fixed mortgage

Complaint: For almost 3 years, since modifying our loan with our first mortgage company, we have been trying to get our servicer for the second mortgage company to consider a modification as well. However, it 's as if every submission has resulted in lost/missing documents or documents we can not secure ( for example, a payoff amount of the first mortgage because an appraisal would be required ). Our 2nd mortgage is approx. 81 months in default. I ca n't seem to locate a billing statement sent by our 2nd mortgage ; I do n't remember the last time we even received such a billing statement. We have had little to no communication ( written or verbal ) with our 2nd mortgage company for over 6 years now. When we have called to ask a question or make an inquiry of our 2nd mortgage company, the call would end because the 2nd mortgage company would hang up on us. When we attempted to call back, the phone would ring and then you get music for a few minutes before getting a dial tone. We have never been given a single point of contact within the company. When we ask to speak to the person referenced on recent correspondence as the Loss Mitigation Manager, she is NEVER available and when we ask to leave a message, we are transferred to a voice message that the message is cutoff and you just hear the beep. We have left messages, but have never received a return phone call. We have borderline begged for some sort of resolution so we could start making payments again. Servicer of 2nd mortgage company offered a settlement approx. 18 months ago of a total of {$10000.00}, however, we could not gather the funds needed before the deadline date ( despite communicating with them of our intent to exercise the settlement, we were denied because we were 4 days late ). We thought we were finally working towards a modification review only to be blindsided while standing in our driveway early Saturday morning by a local real estate investor who informed us that our 2nd mortgage company has recorded a Notice of Trustee 's Sale the day before. We hired legal counsel to assist with negotiations and received a repayment offer with terms considered unfair and unconscionable - {$21000.00} Down Payment, {$3600.00} per month for 12 months totaling over {$64000.00} in 12 months. Our AGI for XXXX was approx. {$78000.00}! We appealed and received a revised offer approx. 36 hours before the scheduled foreclosure sale The only way the sale would be stopped is if we immediately wire {$10000.00} as a down payment and payments would be {$1900.00} a month for 36 months. Again, a repayment offer with terms considered unfair and unconscionable and setting us up for failure. We again asked for an offer to match the forthcoming bankruptcy plan of 60 months and no down payment, we were denied in less than a few hours, and informed we were in default of the first offer. We had to file Chapter XXXX bankruptcy to stop the sale of the house, which has now been rescheduled from XXXX/XXXX/16 to XXXX/XXXX/16. The review process for each submission was completed by the 2nd mortgage company servicer in less than 4 days, the last was declined same day - within hours ( emailed request XXXX/XXXX/16 at approx. XXXX, and letter declining modification dated XXXX/XXXX/16 and envelope postmarked XXXX/XXXX/16 )! The servicer failed to disclose the " actual reasons '' for the loan modification denials. The denials simply stated that the decisions were based on an investor requirement. The investor requirements failed to identify the requirement that is the basis of the denial. If decisions were based on net present value, we were not provided with the inputs used in making the calculation. Our offer to settle for {$10000.00} was also rejected. The total principal of this note was {$64000.00} and approx. 13 % interest with another 20 years to go on the loan ( current monthly payments would be approx. $ XXXX/mo ). This company lacks interest in helping us.
Company Response: Closed with explanation

Disputed: Yes Timely Response

2016-10-03

Bethel, WA

Loan modification,collection,foreclosure

Mortgage: Other mortgage

Company Response: Closed with explanation

Disputed: Yes Timely Response

2016-08-12

Northside, NC

Loan modification,collection,foreclosure

Mortgage: Conventional fixed mortgage

Complaint: I purchase my home in XX/XX/XXXX, I had a XXXX mortgage as well to buy the home. In XX/XX/XXXX I asked the XXXX mortgage company if I could refinance the loan and include the XXXX mortgage with the XXXX. # # # # Bank is the first holder and they redid the loan to lower the interest and I thought they had included the XXXX mortgage so I stopped making payments on the XXXX mortgage. From XX/XX/XXXX until about 30 days ago I never got a letter from the XXXX mortgage, it also stopped showing up on my credit report. Now I am found out about the XXXX mortgage because I tried to refinance the loan again to lower my payments. I also found out they took it to court in XX/XX/XXXX and got a foreclose on the second note. I never got a notice from the sheriff department about this so I could have gone to court to defend myself. Now after I fell like I woke up the manner with them they have offered a loan modification that is more than I can afford {$13000.00} down and payments of {$1300.00} a month or they will foreclose on my home. I am now retired living on social security and hoped to live here the rest of my life.
Company Response: Closed with explanation

Disputed: No Timely Response

2016-07-30

FL

Cont'd attempts collect debt not owed

Debt collection: Mortgage

Debt resulted from identity theft
Complaint: XX/XX/XXXX, a representative from Franklin Credit came to my house around XXXX. She asked my name and stated that she had a letter for me. I informed her that on the letter my name was spelled incorrectly. She asked for the correct spelling and wrote it on a piece of paper. She stated that the letter was regarding a property that I had defaulted on. I told her that the only property I 've ever owned is the one that I currently reside in. I told her that I did not want to accept the letter since my first name was spelled incorrectly. I told her that I was unaware of the debt because I had been the victim of identity theft years ago. She told me to contact the company to have the matter rectified. The letter only contained a note instructing me to call a XXXX number. I called the number repeatedly and it would ring one or two times, then there was an automated prompt, after which the line would disconnect. No one ever answered. A week later I received a certified letter from them detailing the alleged debt I owed from an outstanding promissory note from XX/XX/XXXX. I contacted the company and they attempted to try to set me up on a payment plan. I informed them that I was the victim of identity theft and that the IRS and credit bureaus were aware of the fraud. They said they would make note of it on the account. I heard nothing about it for months. On XXXX XXXX, a man identifying himself as a sheriff arrived at my house after XXXX. I was served a summons initiated from the company Franklin Credit claimed to be servicing the debt for ( XXXX XXXX XXXX XXXX XXXX ) and give me 20 days to reply with a written response. After reviewing the summons and the claims made, there were inconsistencies that I repeatedly pointed out during this process. The incorrect spelling of my first name on the promissory note, in addition to the inconsistencies with my signature are all points that I made in my response. At the alleged time of the note, I was a full-time student at a university and also working part-time at that university while living on dorm. I was dependent on my wages and student loans at that time. I informed the representatives that I did n't even qualify for a personal loan at that time, so I know I did n't qualify for a mortgage. Unfortunately, my repeated attempts to get the matter rectified has remained unresolved. In fact, the office of the attorney for the plaintiff contacted me to say that they would be proceeding with the lawsuit against me. Despite them requesting my identification, they acknowledged that my first name was spelled incorrectly on all documents, including the notarized promissory note and continued to state that the signature " somewhat '' matched mine. I feel as if they are trying to take advantage of me. They are applying many different tactics and trying to force me to pay a debt that is n't mine.
Company Response: Closed with explanation

Disputed: No Timely Response

2016-07-21

NY

Loan modification,collection,foreclosure

Mortgage: Home equity loan or line of credit

Company Response: Closed with explanation

Disputed: No Timely Response

2016-07-19

Aptos, CA

Loan modification,collection,foreclosure

Mortgage: Conventional adjustable mortgage (ARM)

Company Response: Closed with explanation

Disputed: No Timely Response

2016-07-06

Citrus Heights, CA

Loan modification,collection,foreclosure

Mortgage: Conventional fixed mortgage

Company Response: Closed with explanation

Disputed: No Timely Response