Flagstar Bank Trying to foreclose on home tricked and lied to us Bingham Farms Michigan

I know it may sound idiotic to alot of smug people that may never have to go through a ordeal like this.I is very easy to give a shallow comment when you have never gone through anything like this in you life time.But I have gone through a similar thing with this scam artist known as Flagstar Bank.About a year ago I became unemployed due to cut backs at work.I followed all of the proper procedures and filled for unemployment imediatly.Within 5 seconds I was on the phone with flagstar to see if I could get some type of hardship.They informed me that there was no such thing.So I payed as much as I could when I could every available penny was sent to them.But still I fell behind.Well I started back to work and was by now dealing with loss mitigation that assured me that every thing was going to be just fine.So they put me on a forberance plan to pay my current payments and a little extra to catch up the past due and when I made so many payments they would then do a partial claim,Great everytings good,or so I thought.To find out that they have already started the foreclosure process and all I was doing was paying attoney fees.And worse yet they informed me that they couldnt even do a partial claim until I paid the balance of $3000.00 in fees.And by the way simotaniously getting served papers by the sheriff.Now I wasnt going to give up so I tried to set up another foreberance plan with them to stop the foreclosure 'and at that time I was told they couldnt because I dint make enough money to handle a payment plan.I was told my only option was to sell the house in a short sale so I tried and it would not sell all the while tring to see if they couldnt reach a agreement with them.They were still not willing to work with me and by the way I make $50,000 per year,I dont think that is chump change so I had a hard time understanding why they wouldnt work with me after all isnt that what loss mitigation is supposed to do?So seeing as the house didnt sell I was still persistant to save my house and they still refused!So I tried to do a deed in lieu of forclosure and they refused that also.So the house that was appraised at $128,000 sold at sheriffs sale Monday at $50,000 and guess who bought the house?Thats rite none other then Flagstar bank.This now has left a bad taste in my mouth and I know that I have been screwed out of my home.But what can I do about it?Its over.So let me guess the people that never had any bad luck can now give their shallow and ignorant replies and feel so smart because that could never happen to them or can it?So beware of the judgement you are so eager to dish out because you can be next.I feel bad for Michelle from Mich.Dont pay attention to what some of the coments has to say.Because they truly dont know they knot in your stomach or the sleepless nights.Or the humiliation,in short they are STUPID!!!

I know it may sound idiotic to alot of smug people that may never have to go through a ordeal like this.I is very easy to give a shallow comment when you have never gone through anything like this in you life time.But I have gone through a similar thing with this scam artist known as Flagstar Bank.About a year ago I became unemployed due to cut backs at work.I followed all of the proper procedures and filled for unemployment imediatly.Within 5 seconds I was on the phone with flagstar to see if I could get some type of hardship.They informed me that there was no such thing.So I payed as much as I could when I could every available penny was sent to them.But still I fell behind.Well I started back to work and was by now dealing with loss mitigation that assured me that every thing was going to be just fine.So they put me on a forberance plan to pay my current payments and a little extra to catch up the past due and when I made so many payments they would then do a partial claim,Great everytings good,or so I thought.To find out that they have already started the foreclosure process and all I was doing was paying attoney fees.And worse yet they informed me that they couldnt even do a partial claim until I paid the balance of $3000.00 in fees.And by the way simotaniously getting served papers by the sheriff.Now I wasnt going to give up so I tried to set up another foreberance plan with them to stop the foreclosure 'and at that time I was told they couldnt because I dint make enough money to handle a payment plan.I was told my only option was to sell the house in a short sale so I tried and it would not sell all the while tring to see if they couldnt reach a agreement with them.They were still not willing to work with me and by the way I make $50,000 per year,I dont think that is chump change so I had a hard time understanding why they wouldnt work with me after all isnt that what loss mitigation is supposed to do?So seeing as the house didnt sell I was still persistant to save my house and they still refused!So I tried to do a deed in lieu of forclosure and they refused that also.So the house that was appraised at $128,000 sold at sheriffs sale Monday at $50,000 and guess who bought the house?Thats rite none other then Flagstar bank.This now has left a bad taste in my mouth and I know that I have been screwed out of my home.But what can I do about it?Its over.So let me guess the people that never had any bad luck can now give their shallow and ignorant replies and feel so smart because that could never happen to them or can it?So beware of the judgement you are so eager to dish out because you can be next.I feel bad for Michelle from Mich.Dont pay attention to what some of the coments has to say.Because they truly dont know they knot in your stomach or the sleepless nights.Or the humiliation,in short they are STUPID!!!

You sit down for your closing and you take notice on the numerous closing docs that display your new mothly payment and you realize that it is extremely higher than you anticipated, almost doubled is what I believe you said. And yet you signed anyway? Was this a purchase or a refinance? If it was a refinance and you did not exercise your three day right of rescission then you are even more at fault. How is any lender at fault for your failure to take notice of such a major discrepancy? What I do not understand is why a broker would push you into a 15 yr instead of a 30 yr. Your DTI must have risen significantly on that 15 yr and yet you still qualified? Finally why should any company who in good faith loans you money be warm and fuzzy when you default on the repayment agreement? Sorry, I just can't get past the fact that you signed papers for a loan with a payment you could clearly by your own account not afford.

Sorry I have had a mortgage with them for three years with 0 issues. I pay online and it gets credited the same day.

Michele,

I have posted my own Report on this site regarding a situation that I am currently dealing with. My situation involved a good friend who re-fi our current mortgage which was through Flagstar. On the day of closing: Remember this is the day that everything is put into legal motion. What I now know is that you need to take your time, and read everything!!

The most important document is your HUD-1 statement, and of course your truth in lending. At my closing, I noticed the mistakes, we called our friend, and he assured us that it would be corrected and we will get exactly what he promised.. He was a friend, he told us to "SIGN" and he would make sure that everthing was in line to what he promised. Because we "SIGNED" we were locked in.

Bottom line, that was it. Of course if your loan is sold, the new lender does not care, they bought the loan, terms were already in place.

We had enough documentation to prove that our broker made a mistake, he even admitted it, he blamed the underwriter, the underwriter blamed him for putting in the wrong Loan type. There is nothing we can do with the "Signed" loan, however our lender has agreed to pay the pre-payment penalty, and waive all fees associated in getting us into a new loan. The problem is this; the new loan is pumped with so many garbage fees that they are making up for paying the pre-payment penalty, and will all the other garbage fees, they are actually making a pretty good profit on the new loan as well.

There is really nothing we can do once the papers have been signed sealed and delivered. If I was a little smarter, I would have not signed anything until it was put in writing, and I fully understood what I was signing.

So, I am going back to the one lender that was fair, deleiverd what they promised, they even told us as long as we have an open account with them, they would not sell the loan, and they didn't. Every fee was disclosed, the follow up was fantastic, and the loan officer delivered everything that he promised. That bank was Flagstar.

For me, they were fantastic, I am sure like any company they have their share of mistakes, and bad representatives. I guess I was just on of the lucky ones.

Good luck to you and like me, remember to look over everything, and if it does not look right, tell them to walk. All along we had the control in front of us. We all live and learn.

J in Michigan

Michele,

I have posted my own Report on this site regarding a situation that I am currently dealing with. My situation involved a good friend who re-fi our current mortgage which was through Flagstar. On the day of closing: Remember this is the day that everything is put into legal motion. What I now know is that you need to take your time, and read everything!!

The most important document is your HUD-1 statement, and of course your truth in lending. At my closing, I noticed the mistakes, we called our friend, and he assured us that it would be corrected and we will get exactly what he promised.. He was a friend, he told us to "SIGN" and he would make sure that everthing was in line to what he promised. Because we "SIGNED" we were locked in.

Bottom line, that was it. Of course if your loan is sold, the new lender does not care, they bought the loan, terms were already in place.

We had enough documentation to prove that our broker made a mistake, he even admitted it, he blamed the underwriter, the underwriter blamed him for putting in the wrong Loan type. There is nothing we can do with the "Signed" loan, however our lender has agreed to pay the pre-payment penalty, and waive all fees associated in getting us into a new loan. The problem is this; the new loan is pumped with so many garbage fees that they are making up for paying the pre-payment penalty, and will all the other garbage fees, they are actually making a pretty good profit on the new loan as well.

There is really nothing we can do once the papers have been signed sealed and delivered. If I was a little smarter, I would have not signed anything until it was put in writing, and I fully understood what I was signing.

So, I am going back to the one lender that was fair, deleiverd what they promised, they even told us as long as we have an open account with them, they would not sell the loan, and they didn't. Every fee was disclosed, the follow up was fantastic, and the loan officer delivered everything that he promised. That bank was Flagstar.

For me, they were fantastic, I am sure like any company they have their share of mistakes, and bad representatives. I guess I was just on of the lucky ones.

Good luck to you and like me, remember to look over everything, and if it does not look right, tell them to walk. All along we had the control in front of us. We all live and learn.

J in Michigan

Michele,

I have posted my own Report on this site regarding a situation that I am currently dealing with. My situation involved a good friend who re-fi our current mortgage which was through Flagstar. On the day of closing: Remember this is the day that everything is put into legal motion. What I now know is that you need to take your time, and read everything!!

The most important document is your HUD-1 statement, and of course your truth in lending. At my closing, I noticed the mistakes, we called our friend, and he assured us that it would be corrected and we will get exactly what he promised.. He was a friend, he told us to "SIGN" and he would make sure that everthing was in line to what he promised. Because we "SIGNED" we were locked in.

Bottom line, that was it. Of course if your loan is sold, the new lender does not care, they bought the loan, terms were already in place.

We had enough documentation to prove that our broker made a mistake, he even admitted it, he blamed the underwriter, the underwriter blamed him for putting in the wrong Loan type. There is nothing we can do with the "Signed" loan, however our lender has agreed to pay the pre-payment penalty, and waive all fees associated in getting us into a new loan. The problem is this; the new loan is pumped with so many garbage fees that they are making up for paying the pre-payment penalty, and will all the other garbage fees, they are actually making a pretty good profit on the new loan as well.

There is really nothing we can do once the papers have been signed sealed and delivered. If I was a little smarter, I would have not signed anything until it was put in writing, and I fully understood what I was signing.

So, I am going back to the one lender that was fair, deleiverd what they promised, they even told us as long as we have an open account with them, they would not sell the loan, and they didn't. Every fee was disclosed, the follow up was fantastic, and the loan officer delivered everything that he promised. That bank was Flagstar.

For me, they were fantastic, I am sure like any company they have their share of mistakes, and bad representatives. I guess I was just on of the lucky ones.

Good luck to you and like me, remember to look over everything, and if it does not look right, tell them to walk. All along we had the control in front of us. We all live and learn.

J in Michigan

Michele,

I have posted my own Report on this site regarding a situation that I am currently dealing with. My situation involved a good friend who re-fi our current mortgage which was through Flagstar. On the day of closing: Remember this is the day that everything is put into legal motion. What I now know is that you need to take your time, and read everything!!

The most important document is your HUD-1 statement, and of course your truth in lending. At my closing, I noticed the mistakes, we called our friend, and he assured us that it would be corrected and we will get exactly what he promised.. He was a friend, he told us to "SIGN" and he would make sure that everthing was in line to what he promised. Because we "SIGNED" we were locked in.

Bottom line, that was it. Of course if your loan is sold, the new lender does not care, they bought the loan, terms were already in place.

We had enough documentation to prove that our broker made a mistake, he even admitted it, he blamed the underwriter, the underwriter blamed him for putting in the wrong Loan type. There is nothing we can do with the "Signed" loan, however our lender has agreed to pay the pre-payment penalty, and waive all fees associated in getting us into a new loan. The problem is this; the new loan is pumped with so many garbage fees that they are making up for paying the pre-payment penalty, and will all the other garbage fees, they are actually making a pretty good profit on the new loan as well.

There is really nothing we can do once the papers have been signed sealed and delivered. If I was a little smarter, I would have not signed anything until it was put in writing, and I fully understood what I was signing.

So, I am going back to the one lender that was fair, deleiverd what they promised, they even told us as long as we have an open account with them, they would not sell the loan, and they didn't. Every fee was disclosed, the follow up was fantastic, and the loan officer delivered everything that he promised. That bank was Flagstar.

For me, they were fantastic, I am sure like any company they have their share of mistakes, and bad representatives. I guess I was just on of the lucky ones.

Good luck to you and like me, remember to look over everything, and if it does not look right, tell them to walk. All along we had the control in front of us. We all live and learn.

J in Michigan

Michele -I hope that you can make it through this. I do not have a mortgage through Flagstar, but I have a personal and business account through them, and I will tell you what, I have seen accounts missing money overnight and then reappear. This usually happens on a Friday Afternoon. I am planning on sueing this bank, and I would suggest that you should also.

I would contact a Consumer Protection lawyer for a consultation. It sounds like the shaddy operation of Flagstar is not just happening to bank account holders.

The real truth here is that borrowers are greedy and don't take good financial advice when it's given to them. I've been in the mortgage industry for 12 years now. Do you know how many loans I've lost because I was honest in disclosing my fees? We have a running joke in our office that the mortgage industry is the only business where you're penalized for being honest.

Michele, how many brokers did you speak to before deciding to work with Capstone? Why did you sign the closing documents? The first payment coupon is in the closing package. Escrow is completely outside of the transaction and they wouldn't have withheld that from you. You knew exactly what the payment was when you signed those documents. I'm baffled that people get mad because they can't live in their home without making a payment. Again, refer to my previous post about Loss Mitigation. Lenders ARE NOT in the business of holding real estate in their portfolios because it effects their cash position.

I hear you. These people need to be hung. They put us in bankruptcy and we are trying to refinance and get away from them. They have put us through 4 years of HELL. It has been bad enough fighting Luekemia but Flagstar is worse.

Janet of San Fransico is right. Call the F.B.I 313-965-2323 John Gillies or our local offfice
we all have to stand up and rid the country of these JERKS that steal homes mine was stolen and I was never notified by any one just the cops hand cuffing me to my fence and let 3 families of mexicans who were appling for citizenship load up thier trucks with what ever they wanted then I found out that there are no laws in Nevada concering mortgages here.

If they are in compliance with their home state that's all they need so they can go and rip off anyone and by the time you try to stop it your close to death. I've watch Mortgage fraud in this state since 1992 and every year it gets worse but Flagstar bank takes the cake and party to a new level

The start of the complaint maybe should have been left out. There seems to be a great deal of response to something that doesn't really matter. I was just trying to explain that I was convinced 30 yr was better than 15, and not much more expensive. I was upset that it was way more expensive... and remembering college tuition soon coming. I honestly thought I could have the loan redone from a 15 yr to a 30 yr.... color me stupid... but get off my case about what doesn't matter. Okay?

The part that matters is Flagstar losing payments. First can't find October... send them my confirmation number. Whoops... now we can't find September.... send them my comfirmation number. Whoops... can't August now.... send them my confirmation number. It was like they were trying to see if I'd run out of receipts! Then demanding $3000.00... we send it... they send it back demanding $4500.00... we send it... they cash it... state nothing legal would be started... they'd look for the missing payments... the whole time they're not looking... and starting foreclosure. Loss mitigation? never told anything about that. Flagstar must have random memory in the service department.
To make a long 3 year nightmare short... if thats possible.... Our attorney had us file bankruptcy, Flagstar fought for relief of stay. The attorney didn't tell us he had lost our home. ( He was a family friend). Or so we thought. 3 years of litigation, and I never stepped into a court room once. He kept telling us "Due process takes time, I won't let anything happen to your home, trust me." We awoke to the Sheriff knocking at the door to put us out. When we contacted the attorney, he said," There is nothing I can do for you... see if you can find storage for your things. I'm sorry" and hung up.

Just so you know... so you ALL know. We lost our home we had for 16 years. We offered $120,000.00 cash... friends and family standing in my driveway
pooled together all of their savings accounts. They had the sheriff contact Flagstar. Flagstar refused and had the Sheriffs throw us out. They then sold our home to HUD for $1 (one dollar).
Now... you all have the ending to this Flagstar story. Us "inept" people got what we deserved. Right? Now I suppose it's time for you to rag on me for hiring the "family friend" for an attorney. Be my guest... won't change the devistation in my life.

Sincerely,
Still renting 15 months later Michele

I sypathize with you, i think they are tryingto steal your house, maybe you should have read the fine print , but all of it should have been EXPLINED to you, plus I know attorneys they refuse to take on a case unless they think they can win it, the fact you got the forclosure stopped speaks volumes to me, also, since they may have ruined your credit, you could try to file chapter 13 and save your house, so maybe a bankruptcy attorney could help you keep your house and get out from under this company, that is the last thing you should try.BUT this company sounds shady losing payments, stalling refinancing, are unethical,. keep your attorney and I wish you luck. God bless there is nothing wrong with crying, either hon, losing your home could be a terrifying experience and dealing with a company that LOSES payments etc. is scary enough. keep fighting.

First of all Your loan was originated through a broker Capital or whatever you call it "Not Flagstar Bank" - Flagstar Bank funded your loan because your Broker submitted "your" loan to them and it fit their criteria and Flagstar was the investor not the orginator. Flagstar Bank Funded your loan and approved your loan according to the brokers submission and FNMA and FMac Guidelines. Flagstar was the ........... never mind I clearly need to break this down into smaller pieces. Flagstar Bank like any other Large Banking institution have criteria in which mortgage brokers must follow when submitting loans to them. It is not there responsibility for what has happened to you - your broker clearly pulled the wool over your eyes. Further more what Flagstar Bank requires is initial signed documentation to #1 approve the loan, #2 signed closing docs in order to fund the loan - which you clearly signed twice. I can understand maybe the first time if the broker bait and switched you, however those weren't flagstar Docs. The closing docs are final and disclose everything that your mortgage entails w/ Flagstar Bank as the investor. Flagstar would have never funded your loan if you didn't sign. I don't see how you can blame anyone for this other than yourself. You clearly didn't read one document otherwise you wouldn't be in this situation. I guess you live and learn that's why you don't deal with brokers - How ever it's unfortunate that you giving Flagstar Bank a bad rap when they were just the investor ! Your broker had a ton of companies to send your loan to unfortunatly he chose Flagstar Bank in this instance. Well I do know why he choose Flagstar Bank because they paid him alot of money (Yield Spread????) and they are one of the top companies in the nation. They Provide the best customer service on the wholesale side and I would bet money that they are on every wholesale brokers top 3 investors when selecting homes for there pipeline. One word of advice please read everything - if you don't understand it.... Don't sign it!!!!

First of all Your loan was originated through a broker Capital or whatever you call it "Not Flagstar Bank" - Flagstar Bank funded your loan because your Broker submitted "your" loan to them and it fit their criteria and Flagstar was the investor not the orginator. Flagstar Bank Funded your loan and approved your loan according to the brokers submission and FNMA and FMac Guidelines. Flagstar was the ........... never mind I clearly need to break this down into smaller pieces. Flagstar Bank like any other Large Banking institution have criteria in which mortgage brokers must follow when submitting loans to them. It is not there responsibility for what has happened to you - your broker clearly pulled the wool over your eyes. Further more what Flagstar Bank requires is initial signed documentation to #1 approve the loan, #2 signed closing docs in order to fund the loan - which you clearly signed twice. I can understand maybe the first time if the broker bait and switched you, however those weren't flagstar Docs. The closing docs are final and disclose everything that your mortgage entails w/ Flagstar Bank as the investor. Flagstar would have never funded your loan if you didn't sign. I don't see how you can blame anyone for this other than yourself. You clearly didn't read one document otherwise you wouldn't be in this situation. I guess you live and learn that's why you don't deal with brokers - How ever it's unfortunate that you giving Flagstar Bank a bad rap when they were just the investor ! Your broker had a ton of companies to send your loan to unfortunatly he chose Flagstar Bank in this instance. Well I do know why he choose Flagstar Bank because they paid him alot of money (Yield Spread????) and they are one of the top companies in the nation. They Provide the best customer service on the wholesale side and I would bet money that they are on every wholesale brokers top 3 investors when selecting homes for there pipeline. One word of advice please read everything - if you don't understand it.... Don't sign it!!!!

First of all Your loan was originated through a broker Capital or whatever you call it "Not Flagstar Bank" - Flagstar Bank funded your loan because your Broker submitted "your" loan to them and it fit their criteria and Flagstar was the investor not the orginator. Flagstar Bank Funded your loan and approved your loan according to the brokers submission and FNMA and FMac Guidelines. Flagstar was the ........... never mind I clearly need to break this down into smaller pieces. Flagstar Bank like any other Large Banking institution have criteria in which mortgage brokers must follow when submitting loans to them. It is not there responsibility for what has happened to you - your broker clearly pulled the wool over your eyes. Further more what Flagstar Bank requires is initial signed documentation to #1 approve the loan, #2 signed closing docs in order to fund the loan - which you clearly signed twice. I can understand maybe the first time if the broker bait and switched you, however those weren't flagstar Docs. The closing docs are final and disclose everything that your mortgage entails w/ Flagstar Bank as the investor. Flagstar would have never funded your loan if you didn't sign. I don't see how you can blame anyone for this other than yourself. You clearly didn't read one document otherwise you wouldn't be in this situation. I guess you live and learn that's why you don't deal with brokers - How ever it's unfortunate that you giving Flagstar Bank a bad rap when they were just the investor ! Your broker had a ton of companies to send your loan to unfortunatly he chose Flagstar Bank in this instance. Well I do know why he choose Flagstar Bank because they paid him alot of money (Yield Spread????) and they are one of the top companies in the nation. They Provide the best customer service on the wholesale side and I would bet money that they are on every wholesale brokers top 3 investors when selecting homes for there pipeline. One word of advice please read everything - if you don't understand it.... Don't sign it!!!!

First of all Your loan was originated through a broker Capital or whatever you call it "Not Flagstar Bank" - Flagstar Bank funded your loan because your Broker submitted "your" loan to them and it fit their criteria and Flagstar was the investor not the orginator. Flagstar Bank Funded your loan and approved your loan according to the brokers submission and FNMA and FMac Guidelines. Flagstar was the ........... never mind I clearly need to break this down into smaller pieces. Flagstar Bank like any other Large Banking institution have criteria in which mortgage brokers must follow when submitting loans to them. It is not there responsibility for what has happened to you - your broker clearly pulled the wool over your eyes. Further more what Flagstar Bank requires is initial signed documentation to #1 approve the loan, #2 signed closing docs in order to fund the loan - which you clearly signed twice. I can understand maybe the first time if the broker bait and switched you, however those weren't flagstar Docs. The closing docs are final and disclose everything that your mortgage entails w/ Flagstar Bank as the investor. Flagstar would have never funded your loan if you didn't sign. I don't see how you can blame anyone for this other than yourself. You clearly didn't read one document otherwise you wouldn't be in this situation. I guess you live and learn that's why you don't deal with brokers - How ever it's unfortunate that you giving Flagstar Bank a bad rap when they were just the investor ! Your broker had a ton of companies to send your loan to unfortunatly he chose Flagstar Bank in this instance. Well I do know why he choose Flagstar Bank because they paid him alot of money (Yield Spread????) and they are one of the top companies in the nation. They Provide the best customer service on the wholesale side and I would bet money that they are on every wholesale brokers top 3 investors when selecting homes for there pipeline. One word of advice please read everything - if you don't understand it.... Don't sign it!!!!

Michele,

I am a mortgage broker, and have sent several hundred loans to Flagstar over the years, including my own mortgages, and that of my family. While I sometimes pay 20 days late or so on my mortgages, I have ALWAYS used the online payment option in their web site. The payments are credited immediately the same day! I know this won't help your current situation, however if you do resolve your problem with this bank, this is the best option possible, as the payment appears in their records on the spot.

Good Luck!

I am having a problem with Flagstar as well. This phone number can help you. It is for FBI agent John Gillies 313 965-2323. His office investigates mortage fraud.

I understand your pain hope they can help.

I am having a problem with Flagstar as well. This phone number can help you. It is for FBI agent John Gillies 313 965-2323. His office investigates mortage fraud.

I understand your pain hope they can help.

Listen up!

This is for Michele,

Don't let some fool make you feel stupid because he/she states you can't type. This is what you call "a distraction tactic" from the real core issue(s).

Fact: Flagstar is discriminatory, predatory, shrewd, unethical, offers pitiful customer service, (at least at Troy, MI office-51251 Corporate Dr.) they must next to nothing because they some inept staff. But I always say, it starts from the top and flows downward. Their management must really suck and it's focus is people who are vunerable such as the elderly and those in bankruptcy.

They purposely will place people at risk in certain "departments" i.e. bankruptcy then treat them like third class citizens. In fact, my experience has been quite bizarre; they will not provide me via, mail, certified mail, phone, fax or otherwise, my payment history. I was more fortunate ONLY because not only did I file away every document, confirmation letter, check, bank statement, but everytime I called them or attempted to call them I documented the date, time, whome I spoke with, and the details of the conversation, made notes to reference calls on phone statements. Why was it necessary to do this?

Because very early into my mortgage with them (I was sold to them before I made my very first payment) I saw too many similarities, inconsistancies, noted that the staff hired to handle phone payments stated they were always understaff, too much work. They always sounded so stressed. But the biggest tipoff was this: EVERYTIME I tried to make my monthly payment, I couldn't because ALL the clerks voicemail boxes were completely full and I couldn't even leave a message. It was very difficult to find a box to leave a message on, let alone try to find a "live" person to give all payment information. even the manager of the department's box was always full.

Once in 2004 and three times in 2005 the various clerks inputed into their computer system the wrong bank account information which the check was to be drawn on. I got shot between the eyes four times because they claimed I had insufficient funds in my account, BUT this was because they did not input my CORRECT Bank Account information so they were actually were trying to draw my check on someone else's account or on a non-existant account.

Eventhough I provided them with ALL the information to substantiate I had funds, letters from the bank regarding these "other" accounts, they still would not admit their mistakes, and still tried to jack me up for late charges.

Here's the best one of all: They reported me to the credit bureaus and ruined my credit. This is completely illegal and discriminatory, and is being addressed through the legal system. They think they're dealing with some crazy, stupid fool!

Listen, yall, these practices are not funny and can ruin lives, and families. Simply because you are dealing with and under the thumb of some greedy, cold blooded, shareholding sucking up dogs. This corporation needs to be taught a class action suit lesson. How about it? I know there has to been hundreds if not thousands of people this bank has really messed with.

There is a mighty big law firm in California by that is world known and considered of the best class action attorneys in the country and I have filed with them. Please, if you are interested and want to really fight back, contact them. They're in San Francisco, CA. They can blow this wide open and will ensure that others are not victimized. This is how you get back and really hurt them.

CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report. Once lawyers are willing to take on a case against a business, those lawyers will make arrangements with Rip-off Report to put victims in touch with them. Read this link to see why this is for your own protection.

I had the wonderful opportunity to work for Flagstar for 9 years. This is not true. There are several processes that a loan must go through before it even funds. There are also several post-closing steps. They do not make mistakes in 180 month and 360 month amoritizations. There are too many safeguards in place to prevent this type of error. And, if you noticed that the payment had doubled, you should have refinanced it with another lender at that time and stuck Capstone with an early loan payoff. This whole story just does not make sense from beginning to end.

There is one step before Foreclosure called Loss Mitigation that each lender must engage in with the borrower before even thinking about foreclosing. It is the law. During Loss Mitigation, lenders must offer solutions in lieu of foreclosure such as short-term forebearances, long-term foreberances, mortgage assumptions, or note modifications. Lenders cannot go directly into foreclosure proceedings without completing the loss mitigation phase. Lenders like Flagstar are in business to service loans for Fannie & Freddie, not hold property in the REO portfolio. REO properties are very expensive, effect stock price, and effects their cash position. Excessive foreclosures also effect their gFee and pricing with both agencies as it means they are making poor underwriting decisions. I can assure you that foreclosing on a $120k loan will inflict more financial damage than financial gain in the longterm prospect of mortgage servicing and lending. I can assure you a thousand times over that they'd much rather have this loan refinanced off of their books than hold it in the REO. Flagstar also did not set up the terms, conditions, and rate on the loan. Capstone did and sold the loan to Flagstar.

Flagstar is a very good company with outstanding underwriting, servicing, and management. They are not in business to steal homes. They are in business to service loans and there is more to this story than this.

One thing forgotten in my last reply...as for the comment that "There was no reason this mortgage could not be rewrote to a 30 year" - there is EVERY REASON IN THE WORLD that this is not possible.

The most important one: You signed a binding legal mortgage document locking you into a mortgage that had specific terms in it about being rewritten, sold, payable, and everything else.

Second, once past the recission date...that's your last chance to change your mind...and any subsequent loan is considered an entirely new loan no matter when you did it.

Third, most companies sell their loans and lack the capability once sold to do that, even if somehow they wanted to do that

Fourth, though some companies can "re-cast" a loan, it is usually for something that is their own fault or that is more on the lines of taking out additional equity from the home...and that most of the original parameters you obtained the loan under still have to be valid (like FICO, mortgage history and what not) as well as it is not going to be a freebie either.

Fifth, most companies are not going to re-cast a loan based on your own misunderstandings. They gave you every chance to read things or to bring an attorney with you if you did not have that ability.

There are plenty more reasons...these are some easy ones.

Michelle...this is quite obviously a case of someone being inept...and quite oblivious to home ownership and mortgages.

The fact that they thought that they could simply ask for a longer term after signing a mortgage agreement for 15 years...that's quite an unbelievable assumption!!!! To me this shows me a person who really doesn't understand what is going on, nor can comprehend simple processes, much less the somewhat more complicated ideas involved in a loan.

My own home loan is serviced with Flagstar having been sold there from when it was originated. Even on my loan paperwork, I was shown where it was being sold to, and given coupons as to where to send the payment.

My guess is since she obviously never read ANY of the paperwork (and this assumption is based on the fact she somehow didn't think that signing a mortgage is a legal committment) that she didn't realize where her coupons were or to look there for a correct address to even send a payment.

Now...as a Flagstar customer myself, I get a statement every month. On that statement shows how much I paid and where it applied. Mortgages aren't like a car loan coupon book where you just send out your payment with a coupon and never hear back until you pay off the thing...you get a STATEMENT that shows all sorts of information on it. The first statement I would get showing my payment wasn't applied would send me calling all over the place to see what happend, checking my bank for when it was (or if it was) cancelled and so on.

Obviously none of this ever happened. I can only assume somewhere along the line, she started sending her payment to somplace in Bolivia or to the originating loan company, having not paid one lick of attention to what was happening. Nobody in their right mind thinks you can just go back and rewrite a loan after the fact...and she was TOLD this multiple times in the closing documents that she only had 3 days to back out or change her mind.

Most customers are quick to blame others for their lack of attention to the details. I sit in closings with my borrowers and make sure they know what they sign...and sometimes they still come back with misunderstandings or completely wrong thoughts on things that were explained fully to them at least 5-10 times throughout the process. Buying a home is the biggest thing most people do...and if they can't pay attention then they shouldn't be home owners, period.

And as a side...if I didn't get a statement, I'd also be calling to see where it was way prior to the third month where somehow I got the foreclosure notice. What happened to the statments sent to the same address that showed they had not made a payment? If they got those, they would have seen something was wrong. If they didn't get them, why did they not call for them? A reasonable person would...and I am sure you would have too. You don't have to be "pointy headed" to act in your own best interest, do you?

At this point, the complaints beginning really doesn't matter...does it? It is the end simpleton! Lost 3 payments? send $4500.00 or we start foreclosure? Does any of this ring a bell? Nopers, you would rather take apart an individual over a few words spelled wrong... in the midst of suffering.... and loan closing facts many are not privy to even in 2005. How pathetic. I'd rather be your definition of inept,then what most of us see you as sweet cheeks. May God Bless your pointed little head.

Flagstar was the recipient of the loan that was sold...not the originator so stop blaming them. They are just servicing what was sold elsewhere.

Secondly, even if you DID get the good faith and all just before closing...did you even bother to read it? If you did, you would clearly (and I mean CLEAR AS CAN BE) have seen 15 year term written all over it, and what the payment was, and the fees...and that disclosure that your loan could have been sold.

You went ahead and signed anyway...so you are the only one to blame regardless of who told you what and when. The final paperwork is just that...FINAL. When you close...you are done...you can't go back and say OOPS I F*'d up...except within your 3-day recission period that was also told to you (unless it was a purchase, which it doesn't seem so).

By your spelling and obvious inept ability to follow even a simple document reading that anyone should do before signing stuff...you are the only one to really blame here.

I don't work for these guys...but they are not to blame in this case.

I did NOT get my truth in lending statement until the DAY OF CLOSING! Michael Pitts, our loan officer, is a con man as far as I'm concerned. He lied on our paperwork, and then changed the dates on the TIL...the list goes on and on.

Get a lawyer, and get ALL your paperwork together. Flagstar is cheating people and breaking the law!

When an agent tells you your payment will only be a hundred or two different, he doesn't do this with you hooked to a amortization calculator.We, as you said signed the document stating what the payment was.However, when we talked to someone "in the know" about 15 year verses 30 year,they informed us that our payment would have been much lower for 30 year. It would not have been as close in dollar amount because"they charge more interest raising your payment" as we were brought to believe.That portion was for the rest of the readers that may fall, when trusting what they are told as we did. Telling them in so many words to "do the math first!" We hadn't considered college tuition when writing this 'our fault yes' but the tears were far from pathetic. I cried because I was I was angry, not for sympathy.There was no reason this mortgage could not be rewrote to a 30 year. Do all women who cry seem pathetic to you Michael?tsk tsk.
As for the stapled notice on home front and news article, that was legal yes, but should have never happened! I believe you missed the whole part about can't find payments,promised not to start ANY proceedings if said dollar amount was sent, but doing it anyway. Delaying payoff information until late and legal fee's are tallied and credit report is dirtied.Finally promising to remove the dirt so we can refinance but never getting to it, making excuse after excuse.Told "NO" when we asked, WELL before anything legal began, could we place the missing payments at the end of the loan to be paid at the end of the loans term. Told "No" when we asked could we make a normal payment plus an agreed amount toward the balance they couldn't find.Told "Nothing will be filed legally if you send $3000.00,only to have it returned for them to then ask for $4500.00, but starting foreclosure and placing preforeclosure on our credit report anyway.Flagstar knew those payments were made. THEY sent me the receipts!Even if "hypothetically" payment didn't process correctly for 3 consecutive months.(far fetched but hey...)They KNEW we TRIED to make them... had to of... or they wouldn't have sent us a RECEIPT FOR PAYMENT stating they took our payment from our checking account!! PLUS...they were sent another $4500.00 to replace what they couldn't find!!!Has Flagstar never worked with a family on payment? Have the never offered any program supplied by Flagstar to repay a payment? NOTHING WAS OFFERED TO US!!MENTIONED TO US!!!!!NOTHING!!

Cough up the cash NOW or loose your house! WE DID...AND THEY ARE TRYING TO TAKE IT ANYWAY!If by chance someone during Flagstars exsistance WAS offered a repay program, why were we discrimminated against???? Why weren't we good enough for a payment arrangement?? These are stil unanswered by Flagstar, but trial will come, and aswers will be many. As for your well wishes Michael, keep them.Flagstar has plagued me enough.

When an agent tells you your payment will only be a hundred or two different, he doesn't do this with you hooked to a amortization calculator.We, as you said signed the document stating what the payment was.However, when we talked to someone "in the know" about 15 year verses 30 year,they informed us that our payment would have been much lower for 30 year. It would not have been as close in dollar amount because"they charge more interest raising your payment" as we were brought to believe.That portion was for the rest of the readers that may fall, when trusting what they are told as we did. Telling them in so many words to "do the math first!" We hadn't considered college tuition when writing this 'our fault yes' but the tears were far from pathetic. I cried because I was I was angry, not for sympathy.There was no reason this mortgage could not be rewrote to a 30 year. Do all women who cry seem pathetic to you Michael?tsk tsk.
As for the stapled notice on home front and news article, that was legal yes, but should have never happened! I believe you missed the whole part about can't find payments,promised not to start ANY proceedings if said dollar amount was sent, but doing it anyway. Delaying payoff information until late and legal fee's are tallied and credit report is dirtied.Finally promising to remove the dirt so we can refinance but never getting to it, making excuse after excuse.Told "NO" when we asked, WELL before anything legal began, could we place the missing payments at the end of the loan to be paid at the end of the loans term. Told "No" when we asked could we make a normal payment plus an agreed amount toward the balance they couldn't find.Told "Nothing will be filed legally if you send $3000.00,only to have it returned for them to then ask for $4500.00, but starting foreclosure and placing preforeclosure on our credit report anyway.Flagstar knew those payments were made. THEY sent me the receipts!Even if "hypothetically" payment didn't process correctly for 3 consecutive months.(far fetched but hey...)They KNEW we TRIED to make them... had to of... or they wouldn't have sent us a RECEIPT FOR PAYMENT stating they took our payment from our checking account!! PLUS...they were sent another $4500.00 to replace what they couldn't find!!!Has Flagstar never worked with a family on payment? Have the never offered any program supplied by Flagstar to repay a payment? NOTHING WAS OFFERED TO US!!MENTIONED TO US!!!!!NOTHING!!

Cough up the cash NOW or loose your house! WE DID...AND THEY ARE TRYING TO TAKE IT ANYWAY!If by chance someone during Flagstars exsistance WAS offered a repay program, why were we discrimminated against???? Why weren't we good enough for a payment arrangement?? These are stil unanswered by Flagstar, but trial will come, and aswers will be many. As for your well wishes Michael, keep them.Flagstar has plagued me enough.

When an agent tells you your payment will only be a hundred or two different, he doesn't do this with you hooked to a amortization calculator.We, as you said signed the document stating what the payment was.However, when we talked to someone "in the know" about 15 year verses 30 year,they informed us that our payment would have been much lower for 30 year. It would not have been as close in dollar amount because"they charge more interest raising your payment" as we were brought to believe.That portion was for the rest of the readers that may fall, when trusting what they are told as we did. Telling them in so many words to "do the math first!" We hadn't considered college tuition when writing this 'our fault yes' but the tears were far from pathetic. I cried because I was I was angry, not for sympathy.There was no reason this mortgage could not be rewrote to a 30 year. Do all women who cry seem pathetic to you Michael?tsk tsk.
As for the stapled notice on home front and news article, that was legal yes, but should have never happened! I believe you missed the whole part about can't find payments,promised not to start ANY proceedings if said dollar amount was sent, but doing it anyway. Delaying payoff information until late and legal fee's are tallied and credit report is dirtied.Finally promising to remove the dirt so we can refinance but never getting to it, making excuse after excuse.Told "NO" when we asked, WELL before anything legal began, could we place the missing payments at the end of the loan to be paid at the end of the loans term. Told "No" when we asked could we make a normal payment plus an agreed amount toward the balance they couldn't find.Told "Nothing will be filed legally if you send $3000.00,only to have it returned for them to then ask for $4500.00, but starting foreclosure and placing preforeclosure on our credit report anyway.Flagstar knew those payments were made. THEY sent me the receipts!Even if "hypothetically" payment didn't process correctly for 3 consecutive months.(far fetched but hey...)They KNEW we TRIED to make them... had to of... or they wouldn't have sent us a RECEIPT FOR PAYMENT stating they took our payment from our checking account!! PLUS...they were sent another $4500.00 to replace what they couldn't find!!!Has Flagstar never worked with a family on payment? Have the never offered any program supplied by Flagstar to repay a payment? NOTHING WAS OFFERED TO US!!MENTIONED TO US!!!!!NOTHING!!

Cough up the cash NOW or loose your house! WE DID...AND THEY ARE TRYING TO TAKE IT ANYWAY!If by chance someone during Flagstars exsistance WAS offered a repay program, why were we discrimminated against???? Why weren't we good enough for a payment arrangement?? These are stil unanswered by Flagstar, but trial will come, and aswers will be many. As for your well wishes Michael, keep them.Flagstar has plagued me enough.

Michele,

Although I can sympathize with your stressful ordeal, I see this as your fault. Your complaint about your payment being actually double from what you thought it would be, or what you were initially told does'nt wash. Mortgage companies are required by law to provide borrowers with "disclosures" and "Truth-in-Lending" documents that clearly show you not only your interest rate, but also your monthly payment. You would have HAD to of seen and signed these documents prior to closing your loan. You had to of known your monthly payment to the CENT. I don't care if your loan went from a 30 year fixed rate, to a 2 year adjustable. Were you NOT paying attention at the closing table? The closing officers go through your paperwork line-by-line.

Your complaint about not knowing your payment is either total BS, or you simply did not take the time to read your documents. Were you daydreaming about what furniture would look good in your living room? That's just plain stupidity. Buying a home and taking on a mortgage is the biggest and most important transaction we as consumers will enter into. How can you afford not to give it your utmost attention?

And please don't go down the road of: "your loan officer "told you" this or that...It is not only irrelevant, it's also ridiculous, as anything verbal (he said-she-said)has NOTHING to do with your obligation with what you sign. Especially something as important as a mortgage.

Also,Posting a notice on your door as well as publishing a notice of default in a local newspaper is required by law. No one's out to humiliate you personally, all foreclosures are treated that way.

I would probably agree with you that Flagstar employees were most likely rude, or less than sympathetic and non-proactive in helping you after the fact. Believe me, I am not a cheerleader for large arrogant banks, Most Flagstar's size have numerous problems with customer service.

But I also know this: Crying is an obvious and shameful act of manipulation which most people find "transparent" and utterly pathetic.

Chalk this up as a lesson, and good luck.