Report: #673202

Complaint Review: FLAGSTAR BANK

  • Submitted: Sun, December 19, 2010
  • Updated: Mon, December 20, 2010
  • Reported By: GIBBY — LONGMONT Colorado United States of America
    TROY, Michigan
    United States of America

Show customers why they should trust your business over your competitors...

We have been having an ongoing problem with FLAGSTAR BANK--We have been making the mortgage payment by Western Union for several years now because Flagstar would say they never got the payment and rack up some late fees when we used normal mail--

However in October ,2010 they claimed they never got the Western Union payment even--despite our attempts at showing them Western Union certified the payment was delivered to the bank--they cant find it.

I realize this bank is at the bottom of the food chain--and is one of the leading banks under investigation by the Feds over this mortgage melt down but somebody stole my payment and is hiding it somewhere.

If there internal auditing is so poor they cant locate these funds --shows how messed up they really are-We have been trying now for 90 days to get this straightend out --but only getting the run -around --meanwhile each subsequent payment is still showing late because of the missed payment--

Have received several threatening phone calls --with the preface" let me tell you how this is going to go down" several foreclosure notices and general very very poor service for a 15 year customer--

We are exploring our rights now as an abused consumer

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#1 Consumer Suggestion

Simple solutions here. Do this first.

AUTHOR: Steve - (U.S.A.)

Stay off the phone!! Communicate ONLY in writing and ONLY via certified mail, return reciept requested. Be sure to put the certified# in the body of the letter and keep a copy for your records as this proves exactly whatn you sent.

By the means above, send a dispute under FCRA regulations along with a copy of your proof of payment to all affected credit bureaus, and the bank.

Then, by the same means file the same complaint with both state and federal banking regulators.

If you document it properly, lawsuits are easy to win. Don't get mad, get paid.

NEVER pay anyone via Western Union. That is just plain stupid for too many reasons. Only lowlife people pay bills with Western Union. Use ONLY your checking account to pay bills. Use the ONLINE BANKING feature of your account and pay the payment each month with your own checking account and you are protected. All you have to do is prove you made the payment, legally. After that it is on them.

Here is the problem I see, after working for several years in the financial industry. You are obviously a chronic late payer, always paying on or after the due date every month.

This is where the problem comes in with the accounting. If one payment is so late that it comes in during the next payment cycle, you then make another payment which is treated as an additional payment to principal during that payment cycle, and even though you made 2 payments, it was treated as 1 payment by the computer, and your contract, and you are still "late" 1 payment.

My advice. Pay your mortgage payment on time, every time. Make it your FIRST priority each month and your problems will go away. Guaranteed.

No rip off here. Just another irresponsible consumer who can't pay bills on time, and wants someone else to blame.

Another contributor suggested you set up an automatic payment direct from your bank account each month, but I see the problem for you with that, as it would not allow you to pay late!

I've seen this situation too many times.

Maybe you should re-evaluate whether or not you should be a homeowner.

You are NOT an "abused" customer, you have caused your own problems.

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#2 Consumer Comment

Easy Fix

AUTHOR: coast - (USA)

From the Flagstar FAQ online:

Can I make a mortgage payment online? Can my mortgage payment be automatically deducted from my checking account?



Yes, you can make an online payment through the MyLoans feature on Our MyLoans feature simplifies the mortgage payment process and makes it easy for you to automatically schedule future and recurring payments directly from your checking account

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