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Report: #927879

Complaint Review: Flagstar Bank - Internet

  • Submitted:
  • Updated:
  • Reported By: Mary — Stevensville Montana United States of America
  • Author Confirmed What's this?
  • Why?
  • Flagstar Bank 5151 Corporate Dr. Internet United States of America

Flagstar Bank Would not accept any modification to help me get caught up on 2 missed payments, Instead they hired a law firm to add to the amount that I owed to put my home in foreclosure. Internet

*Consumer Comment: Contact

*Consumer Suggestion: A few guidelines in this situation

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I was 2 payments behind in my loan. I called and told them I lost my job.  I told them  to please send me a way that I could get caught up. I sent in a loan immediately that night through my friends bank so that they could see I really wanted to keep my home. We talked to a representative about makiing up the payments when I sent in the other payments. I was told I must send to post dated checks that would be the amount that I  owed. I was uneasy about it but I listened to the rep. I did not get paid like I was told for the sales that I made and the 2 checks for 1700. each were returned. I called and talked to another representative, he suggested for me to get a loan modification.  He sent the papers, and mean while I was sending cashiers checks for more than the normal payment. I was assured that they didnt want my home.. But they started the foreclosure process immediately. I still sent cashiers checks, and was only 545.00 dollars behind.  I felt confident that I was really going to be okay. Then they sent me papers saying I had to come up with 8,000 before t hey would reinstate my loan.
This was for the  2255.94 that I was behind.  I was sending 1300.00, 1200.00 and 1138.00 each month.  They sent back the 1138.00 and said they refuse to accept it.  That I would have to come up with 11,000 to get my loan reinstated. And that each day I did not send in the reinstatement it was going to go up, and that they were not going to stop the foreclosure any way.  I tried so hard to keep my home. It went up for sale on 16th of July and they postponed it for 2 weeks.  They then wrote me and said it was going up for resale on the 31 of July.  They would not work with me at all.
I had gone to those companies on the television, and was scammed into thinking they were going to help me also.. I lost money to them 3000. and 895. from another one that said they were with the United States Govermental Offices for saving peoples homes. So I lost my home I have 30 days to move out.  I am 63 years old, and my two sons are disabled, we are in the street.

This report was posted on Ripoff Report on 08/15/2012 06:02 PM and is a permanent record located here: https://www.ripoffreport.com/reports/flagstar-bank/internet/flagstar-bank-would-not-accept-any-modification-to-help-me-get-caught-up-on-2-missed-paym-927879. 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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#2 Consumer Comment

Contact

AUTHOR: steveie3 - (United States of America)

POSTED: Tuesday, October 30, 2012

Flagstar Bank complaints that address the banks lack of performance in processing modifications can be resolved if the complaintant would write to the Federal Government (HUD) they have locations across America that were set up specifically to deal with these types of problems.

I did it and in less than 15 days after 2.5 years of run around I had my modification in hand. I mean the feds took the file from the bank and it was a done deal. Good Luck

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#1 Consumer Suggestion

A few guidelines in this situation

AUTHOR: Faye - (United States of America)

POSTED: Monday, October 22, 2012

There are three parties involved in a loan modification. You have the investor, the lender, and the borrower. The lender is Flagstar Bank in this scenario. From reading this it sounds like the investor might have been FHA. It this is the case only full payments can be made on the mortgage. Also, it is a requirement to refer a loan to foreclosure once it is 90-120 days behind. This is where the attorneys come in because it is expensive to send a loan into foreclosure. Once a loan is referred to foreclosure there are state guidelines to follow as well. Some states like NJ  will stop the process if you can prove that you are working with loss mitigation (sending paperwork through- these documents are very specific and are considered legal documents- they need to be signed and dated and income and asset information must be updated on a regular basis. If you're going through this process I recommend every 2-4 weeks for bank statements and pay stubs). Then there are other states that set a sale date right away and you just run out of time to be reviewed. If you're working with Flagstar bank they will give you a single point of contact- make sure you talk to that person once a week and get your documents in within 14 days of the first time you are contacted by your single point of contact. They WILL have to verify some of the information with you verbally. Timing is very important if you are in this situation and if is at all possible make sure you stay out of foreclosure.

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