Complaint Review: Franklin American Mortgage
Franklin American Mortgage Company collected money for escrow and insurance but did not apply that money to the mortgage insurance. They are now telling us we need to come up with a years worth of payments or up our payments o "Internet", Texas
Franklin American paid our taxes but not the MIP and are now asking for the money in a lump sum or will add it to our payment for the coming year. Plus continuing to collect for the MIP from our payment each month.
They have also stated that on top of this our payment will be raised an estimated $340. a month.
We have talked on the phone with them and they told us the MIP money was sent in as principal.
Again, against the contract we signed. We are sending them copies of their own paperwork showing that the money was divided for P&I, Taxes and MIP.
What do we do now? On the phone they say changes cannot be made. We don't have the $2000. up front and being on social security cannot pay another $600. on our house payment.
This report was posted on Ripoff Report on 01/31/2013 10:46 AM and is a permanent record located here: http://www.ripoffreport.com/reports/franklin-american-mortgage/internet-texas-/franklin-american-mortgage-company-collected-money-for-escrow-and-insurance-but-did-not-a-1006677. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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