Report: #548669

Complaint Review: Morgan Stanley Home Loans

  • Submitted: Sat, January 02, 2010
  • Updated: Sun, July 10, 2011
  • Reported By: Lisa — Woodland Hills California United States of America
  • Morgan Stanley Home Loans
    4708 Mercantile Drive North
    Fort Worth, Texas
    United States of America

Morgan Stanley Home Loans Saxon Mortgage, Saxon Home Loans Fraud, Loan Modification, Ramrodded, Foreclosure and Sale without Notice Fort Worth, Texas

*General Comment: Contact your FA

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In or about May 2009 through July 2009 Morgan Stanley Home Loans refused to provide timely documentation to my husband for his 401 K Hardship Loan requirements in order to make current his home loan. In fact, my husband made numerous contacts with Morgan Stanley Home Loans Customer Service Department and each time spoke to a different representative who knew nothing about this request.

During one  of my husband's contacts with the customer service department, he was advised by the representative that Morgan Stanley Home Loans did not want his money as it would stop the default/foreclosure time clock. This representative informed my husband that if they accepted his money, that they would take our house regardless.

As a final blow, Morgan Stanley Home Loans failed to notify myself, a legal owner of the subject property indicating this impending foreclosure and sale of the family home of 16 years. Morgan Stanley Home Loans had full knowledge of my contact information and failed and refused to attempt contact with myself.

 It was not until the weekend before Thanksgiving 2009 that I learned that my house was sold at auction. I have made attempts to allow Morgan Stanley Home Loans to correct this deceitful act going as far as speaking with their CEO,  Their CEO refused to deal with the situation and forwarded my complaint to his assistant general counsel.   My husband and I were advised by family members not to speak to their AGC without legal representation.

As it goes, my family has been served with an Unlawful Detainer, will have to move from our home of 16 years and incur costs of legal fees, moving expenses and not to mention extreme emotional and physical distress of myself, my husband and my ten year old son. In conclusion, Morgan Stanley Home Loans never intended to modify our loan terms or accept any payment on our mortgage. Morgan Stanley "ramrodded" our home into foreclosure and sale.

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#1 General Comment

Contact your FA

AUTHOR: rwesterfield - (United States of America)

Morgan Stanley is a large global firm with many different practice areas, so it is possible that at times people may be in contact with the wrong department. If a client was trying to obtain a "401k loan," they may have to contact their financial advisor or whoever maintains their retirement account. Their home loan department handles origination of new mortgages, but does not transact 401k loans. It can be confusing trying to figure out who to contact when you are leveraging a loan against one asset to pay for a different liability. If a client was mortgaging a loan against their house, they would contact the home loan department, but if the loan was leveraged against their retirement account or if it was a non-purpose margin loan against their securities, the wealth management or margin department would be responsible. In any case, at a large firm like Morgan Stanley or Merrill Lynch, the client should have a financial advisor who helps facilitate any client transactions. I know that Morgan Stanley is ranked by Businessweek and several other publications as #1 in customer service, but it is possible that there may have been miscommunication as to who would handle that type of loan. You should contact your FA or your local branch manager and they should be able to pull your account up and get you in touch with the right person. That is the benefit of being a client of a full-service firm, you have an FA who can coordinate all of your investing, banking, credit & lending needs so you don't have to run around calling different departments of the firm to handle your business. Unfortunately, most people are used to things like home loans being difficult, and they don't realize how easy it is when you have an FA at a resourceful firm like Morgan. Just make one call to your FA or local branch, and I'm sure your loan process with be much smoother. Good luck to you.
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