Franklin Credit Management Corporation

2016-07-01

Atl, GA

Loan servicing, payments, escrow account

Mortgage: Other mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-06-25

Southern Pnes, NC

Settlement process and costs

Mortgage: Conventional adjustable mortgage (ARM)

Complaint: In XXXX 2015, I signed papers for a Deed-In-Lieu to convey title of my property located at XXXX XXXX XXXX, XXXX, NC XXXX, to XXXX. The Junior Lien Holder is Franklin Credit Management XXXX. A check was sent to Franklin Credit as settlemnt of the Junior Lien. The check was cashed but the Lien has never been released by Franklin Credit, so that a clear title can be done. Franklin Credit continues to refuse to release the Junior Lien and so the saga continues.
Company Response: Closed with explanation

Disputed: Yes Timely Response

2016-06-24

Atl, GA

Loan modification,collection,foreclosure

Mortgage: Other mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-06-16

Brentwood, CA

Loan modification,collection,foreclosure

Mortgage: Home equity loan or line of credit

Company Response: Closed with explanation

Disputed: No Timely Response

2016-06-10

Adelaide, CA

Loan modification,collection,foreclosure

Mortgage: Conventional fixed mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-04-13

Adelaide, CA

Loan modification,collection,foreclosure

Mortgage: Conventional fixed mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-04-12

Hamburg, MN

Loan modification,collection,foreclosure

Mortgage: Other mortgage

Company Response: Closed with explanation

Disputed: Yes Timely Response

2016-04-05

Antioch, CA

Loan servicing, payments, escrow account

Mortgage: Home equity loan or line of credit

Company Response: Closed with explanation

Disputed: No Timely Response

2016-03-30

El Sobrante, CA

Loan modification,collection,foreclosure

Mortgage: Other mortgage

Complaint: My XXXX mortgage was originally with XXXX XXXX XXXX, who went out of business and the servicing of my loan was transferred to Franklin Credit aka XXXX. They have been nothing but a nightmare refusing assistance unless it is in the form of usury. They refuse to comply with California Statues, specifically, the HBOR. My wife and I were so nervous we completed the application for mortgage assistance incorrectly stating the yearly amiount of income the column which called for monthly. Based on that mistake, Franklin Credit demanded {$24000.00} down and {$1400.00} a month on a {$110000.00} which was originally {$70000.00} and when we emerged from bankruptcy it was only {$56000.00}. I explained the mistake to Franklin Credit who refused to give me another application stating it was too bad and that the loan was recasting. My calculation shows {$110000.00} is at 9 % for 120 months ( 10 years ) however, my original note was only at 8 % for 30 years and my original payment was {$600.00} a month. Furthermore, Franklin does not indicate where the {$24000.00} dollars requested would be applied to. These tactics have XXXX my wife and out, my total monthly income is only {$7000.00} a month.
Company Response: Closed with explanation

Disputed: No Timely Response

2016-03-10

Oakland, CA

Loan modification,collection,foreclosure

Mortgage: Other mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-03-08

North Hollywood, CA

Loan modification,collection,foreclosure

Mortgage: Home equity loan or line of credit

Complaint: I have a XXXX and XXXX mortgage on my home that I took out in 2006. I have struggled for years to keep up with the monthly payments on both loans. My income has drastically decreased over the last several years and the main source of income was mostly brought in by my husband. We almost lost our home a couple years ago when we fell behind on the first. We were successful at modifying that loan, the payment is still high but we were able to afford it. The result of my declining income led us to then fall behind on our XXXX. This is when our real troubles began. The XXXX is with Franklin Credit and they have turned out to be extremely difficult to work with on any foreclosure alternative. The modification plan that we were finally approved for asked for a hefty down payment and increased our payment 3 times higher than it was before. After seeking help from several family members in an attempt to borrower the down payment Franklin Credit wanted-which would put us in a deeper hole. We had to come to the realization that even if we could borrow this money from family we could not afford the modified payment that was approved, it was almost XXXX a month- on top of the payment for my XXXX which is XXXX. Additionally our family members can not offer us any help because we owe over XXXX on my XXXX. It was just impossible. Through all these problems, my husband and I have now separated. At this point I would like nothing more than to resolve this debt and short sale this home. Another feeble attempt! I listed my home and accepted an offer to send in for review to FC. The agent we are working with is now encountering the same rude, unprofessional behavior that I experienced, they refuse to let you speak with a manager and hang up on you. IN an effort to continue to work with them several offers have been made to them, along with a request for a payoff demand of my loan, all were just flat out denied. This bank gives no direction, no counter they will not reveal the market value they believe my home is worth- this is what is affecting their decision! They advised my agent that they believe they will make all their money back at foreclosure and still pay off my XXXX. Withholding this information is just plain out underhanded- what do they have to hide? They tell us that this information is private but I have a right to receive any appraisal or valuation on my home made by them-especially one affecting any decisions for foreclosure alternative programs. They are forcing me into foreclosure and to make matters worse California is a recourse state for any loan that is not purchase money, this was a refi. I hardly make enough money to pay rent now I have to now worry about having them come after me when they realize that they over valued my home and wrongfully foreclosed instead or just be forced into bankruptcy! When they have to sell my home as a REO, because it needs repair and finally realize their value was inflated they will try to sue me, my home is underwater by the XXXX. We could have worked this all out, I have been forthright in my dealings with this institution. All I ask is to be given the opportunity to try and resolve this debt with them, to have them kindly work with a person going through a real hardship.
Company Response: Closed with explanation

Disputed: No Timely Response

2016-03-06

Saint Paul, MN

Cont'd attempts collect debt not owed

Debt collection: Mortgage

Debt was paid
Company Response: Closed with explanation

Disputed: No Timely Response

2016-03-03

Bakersfield, CA

Loan servicing, payments, escrow account

Mortgage: Home equity loan or line of credit

Company Response: Closed with explanation

Disputed: Yes Timely Response

2016-02-19

Burlingame, CA

Loan modification,collection,foreclosure

Mortgage: Home equity loan or line of credit

Complaint: I received notice from Franklin Credit on my door on XXXX/XXXX/2016 that my home was going to be foreclosed on XXXX XXXX, 2016. I had received a letter dated XXXX/XXXX/2016 that i was awarded a repayment plan and had until XXXX/XXXX/16 to respond. I met with my HUD certified foreclosure counselor the day i received the letter and we found that my profit and loss statement that I submitted had income for one year but listed expenses only for one quarter which made my income seem much higher. We submitted a letter of appeal along with supporting bank statements to show that my income was not as high as they calculated. I called in to ask if they received the appeal on that was submitted via email on XXXX/XXXX/2016 the day i received the notice of sale and they said they had not. However I still had until XX/XX/XXXX to respond to their repayment plan. I re faxed the appeal that had been emailed and have not heard back. that they were foreclosing my property while my loan modification was in review. The sale date is scheduled for XXXX XXXX, 2016.
Company Response: Closed with explanation

Disputed: No Timely Response

2016-02-03

Campbell, CA

Cont'd attempts collect debt not owed

Debt collection: Mortgage

Debt was discharged in bankruptcy
Company Response: Closed with explanation

Disputed: No Timely Response

2016-01-27

Colts Neck, NJ

Loan servicing, payments, escrow account

Mortgage: Conventional fixed mortgage

Complaint: Entered in a mortgage modification with Franklin Credit Management Corp in 2011, terms : " A '' .give them {$150000.00} which I gave them, " B ''. Make XXXX payment of XXXX a month for 6 months which I did, " C ''. I was to be giving a permanent modification once A and B were completed. Permanent modifications agreement terms. {$150000.00} mortgage over 40 years with monthly payment of {$930.00} a month, balloon payment end of 40 years of {$170000.00}. Pay my own real estate taxes and home owners Ins. ( no escrow ) They are still trying to foreclose and will not honor the agreement. They now have another mortgage servicer involved XXXX mortgage servicing, XXXX new York.
Company Response: Closed with explanation

Disputed: Yes Timely Response

2016-01-19

MI

Application, originator, mortgage broker

Mortgage: Other mortgage

Complaint: XXXX I purchased a home and the home was purchased with a XXXX mortgage, Franklin Credit. XX/XX/XXXX the home was foreclosed and I moved out XX/XX/XXXX. I never ever heard from the original mortgage holder. The Franklin Credit company threaten to garnish my pay wages and take me to court if I did not pay them. I paid them over the years, but I was late on the payments. Fast forward to XX/XX/XXXX, I was planning to purchase a new home, so I called the Franklin Credit company to try and put things in order and to try and catch up on the payments. They told me I could do this and that they would modify the loan and all the arrears would be dropped. They made it seem like this was a fresh start. I would have a lower interest rate and things would just be as if this was a new personal loan. By the way, this company never had reported any of this to the XXXX credit bureaus since I had the loan as a matter of fact, the original mortgage company did not either. So I agreed to the terms of the loan. When they sent out the new loan agreement papers, there was a trial period of 3 months starting in XX/XX/XXXX thru XX/XX/XXXX, I paid the new loan amount as agreed. After the trial period they posted the information with the XXXX credit bureaus and it was listed with all the arrears from XX/XX/XXXX thru XX/XX/XXXX. They even listed the 4 months that I had paid during the new agreement as late. I have tried several times to call and talk with this company about listing this loan as a XXXX mortgage and how could they even modify this loan and call it a XXXX mortgage when I do not own the property and there is no lien. I wrote the credit bureaus ( XXXX and XXXX ) several letters asking for assistance in this matter. I have been working with a company since XX/XX/XXXX, that said they could help me with this situation, and to no avail. I even wrote letters to the Franklin Credit company asking that they rescind the XXXX mortgage wording and re-write this a personal loan. They refuse to do anything at all. They told me this is a second mortgage and even though the loan was modified does not mean it 's not a mortgage. I stated that I no longer own the property and since XX/XX/XXXX someone else has been living there. I sent them the public records showing the new owners of this property. They told me I should stop calling them, stop sending them letters and stop having the credit bureaus send them letters, I even had finance people from home mortgage companies speak to them on my behalf. They told me this would not help at all. They will not change the information listed as a XXXX mortgage. When I asked to speak with a manager they told me there were no managers to speak with. This has hindered me from moving forward with the purchase of a new home for 1 year now, because the lenders are hesitant to give me another home mortgage loan while my credit report states I have a XXXX mortgage that has been delinquent for a long time, even though I have cancelled checks to prove that since the loan has been modified there has not been a late payment. Should this Franklin Credit company be allowed to call this loan a XXXX mortgage even though I no longer own the property. This has been a nightmare and very stressful for me. I would appreciate any assistance that this company can provide for me. Thank you so much.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Disputed: No Timely Response

2016-01-15

San Francisco, CA

Loan modification,collection,foreclosure

Mortgage: Home equity loan or line of credit

Company Response: Closed with explanation

Disputed: No Timely Response

2016-01-14

Fayetteville, NC

Loan modification,collection,foreclosure

Mortgage: Conventional adjustable mortgage (ARM)

Company Response: Closed with explanation

Disputed: No Timely Response

2015-12-31

August F. Haw, CA

Loan modification,collection,foreclosure

Mortgage: Other mortgage

Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Disputed: No Timely Response

2015-12-28

Soquel, CA

Settlement process and costs

Mortgage: Other mortgage

Complaint: Hi, my name is XXXX XXXX ; i am a widow who semi-retired XXXX. I live in XXXX. The Franklin Credit Management bought out my second mortgage a few years ago when my house was upside down -- dropped almost half, and placed a lien on my property. I have been trying to settle this since then, but no avail. It is almost upsetting and frustrating how they kept on telling me to counter offer against their offer of {$31000.00} as a final settlement, but never mentioned about the expiration date, which was last XXXX XXXX. Had I known that there was an expiration date on their amount, I am 100 % certain I could have made better decision ~ different approach to make sure this burdensome ordeal would be finalized then. I had to retire from Post Office, so I did not have a regular income like before, so I was trying to see if I could lower the final settlement amount lower than {$31000.00} since I had to borrow this money. But to my disappointment and discouragement to the point of anger for their deceitful attitude -- never mentioning not even once, something like this before XXXX whenever I had called ; I called several times : 'Can you consider this offer would be expiring on XXXX? ' I have to wonder if they had to be this deceitful. Now I have to appeal this to see if I can settle this once for all, which has been my heart desire ; they just sent me 'Notice of Default and Intent to Accelerate ' letter to me. I had filed chapter XXXX in XX/XX/XXXX, so if someone could explain the top part of this notice ( if you want me to send you the entire pages, I need your email address ) page XXXX where it said, ''To the extent your obligation has been discharged or is subject to the automatic stay in a bankruptcy case, this notice is for informational purposes only and does not constitute a demand for payment or an attempt to collect a debt as your personal obligation ', I would greatly appreciate it since I am totally confused ; they said this debt was excused ; then, they would like to accelerate???. Would you pls do me a big favor to help me settle this with their initial amount for me since they dealt with this dishonesty? I have XXXX different licenses -- life and health, property and casualty, Series XXXX, series XXXX ; each ethic class I had taken for these licenses, they emphasized how important it wass to inform your customers with every important factors to help them make a better XXXX right financial decision. Their hiding this fact until after the fact seems to me pretty unethical almost like a criminal act ; consequently, I am appealing this to you to see if you can help. Thank you in advance for your help! THX! Have a good day/week! Happy XXXX XXXX! Sincerely, XXXX
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Disputed: No Timely Response

2015-12-22

Discovery Bay, CA

Loan modification,collection,foreclosure

Mortgage: Home equity loan or line of credit

Complaint: My loans ( XXXX & XXXX ) were originally with XXXX XXXX XXXX XXXX XXXX until they went under and were sold to Franklin Credit Management Corporation who is the servicer for XXXX XXXX, XXXX. I fell behind on my payments on my second mortgage and applied for a loan modification and sent in my documents. I received notification from XXXX XXXX XXXX that I was going into foreclosure and the Trustee was The XXXX Firm. After researching I located the Substitution of Trustee which was dated XXXX/XXXX/2015, however, this document was not recorded until XXXX XXXX, 2015, Three months later, additionally, there was no evidence that notice of the substitution was sent to me as required by law. The Notice of Default stated as of XXXX/XXXX/2015 I owed {$75000.00}, the Notice of Default was recorded on XXXX/XXXX/2015. I am questioning the validity of the Notice of Default, also, who was my previous trustee prior to the XXXX Firm, since the loan was transferred a couple of times.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Disputed: Yes Timely Response

2015-12-21

Somers Point, NJ

Credit decision / Underwriting

Mortgage: Conventional fixed mortgage

Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Disputed: No Timely Response

2015-12-09

Mabank, TX

False statements or representation

Debt collection: Mortgage

Attempted to collect wrong amount
Complaint: Franklin Credit Management is reporting a foreclosed XXXX mortgage to my credit report with inaccurate dates. They are intentionally leaving this as an open debt to protect me from me from being able to purchase another home. I am unaware of who this company is and lost the property they are referring to in XXXX when I went through a divorce. This is now an unsecured debt. They are erroneously reporting the date of last activity in XXXX. This company has not received any payments from me since XXXX. The account should be in " collections '' instead of an activity account.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Disputed: No Timely Response

2015-12-07

Carmel, CA

Loan modification,collection,foreclosure

Mortgage: Conventional adjustable mortgage (ARM)

Complaint: We have tried to communication with our investor on the XXXX lien. XXXX lien Collectors have refused to provide information.
Company Response: Closed with explanation

Disputed: Yes Timely Response