Complaint Review: Flagstar Bank - Troy Michigan
- Flagstar Bank 5151 Corporate Dr Troy, Michigan U.S.A.
- Phone: 800-945-7700
- Web:
- Category: Banks
Flagstar Bank misrepresented pmi insurance and abused it's use in the mortgage Troy Michigan
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Flagstar uses rogue agents to secure subprime loans. Included in this loan is a reference to PMI insurance. You are told it will not go into efect as long as payment history is good. My insurance kicked in 6 months after the loan was in effect. In five years we have never been late on a payment and by their own records the loan is lower than 78% of value. They try to get you to pay for a new appraisal which would cost more than 6 months of the PMI cost. They also told me they could do a "driveby" appraisal for $200. They quickly dropped this when the revelations of mortgage fraud surfaced the past 18 months. They also by-pass the 78% guidline by fusing it with a loan balance to original loan which has nothing to do with actual value. They use a company called eAppraisalT,LLc 1-800-791-7145. The contact person is Linda Mcavoy who is Sec. to the President 1-800-945-7700. She will try to give you Lilibeth Velez who is basically a dumping ground and dead end for complaints. They try to make it so frustrating you just give up.
Skid41
rives, Michigan
U.S.A.
This report was posted on Ripoff Report on 04/25/2009 05:49 AM and is a permanent record located here: https://www.ripoffreport.com/reports/flagstar-bank/troy-michigan-48098-2639/flagstar-bank-misrepresented-pmi-insurance-and-abused-its-use-in-the-mortgage-troy-michig-446416. 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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