First Franklin Loan Services

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Beware Of First Franklin Loan Services!!!
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PITTSBURGH, PENNSYLVANIA -- My son got a mortgage loan with "First Franklin Loan Services", around 3 1/2 yrs. ago at an 11.95% interest rate. This company was "Very Willing" to give my son and wife, who were "First Time Home Buyers", a loan at this OUTRAGEOUS rate, promising (in words) that after 2 yrs., if there loan was always paid on time, they would refinance at the lowest rate. My son has a mortgage payment of $1400.00/month for a home that is currently worth $90,000. His payoff balance is $110,000, if that makes any sense. They have NEVER missed or have been late on any mortgage payment.

Due to the economy my son and wife have been through a lot of hardship. My son's student loans are in default. This is due to the high mortgage payment, he is making. He would need a lower mortgage payment in order to continue to pay his student loans, which he can't afford at this time.

"First Franklin Loan Services", claims that they can not give them a "loan modification" because, he is in default on his student loans. So, what is he supposed to do!? Quit making payment on his mortgage, so that he's able to make payments on his student loans!? They don't get it! He can not afford to make those payments! It's just a vicious cycle because if they would have a lower interest rate to make lower payments on his mortgage loan, he would also be able to pay his student loan. "First Franklin Loan Services" is "NOT WILLING" to do anything for them. So, what is he going to do? I guess quit making the mortgage payments and go on "FORECLOSURE". ...End up HOMELESS with his wife and 2 children! Isn't this what is happening to everyone because mortgage companies are tricking you into high interest rates and then they're not willing to do anything for you? It's absolutely crazy!

SO, BEWARE OF FIRST FRANKLIN LOAN SERVICES!!! DON'T GET CAUGHT UP IN THEIR TRAP!!!
     
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Obsfucation on 09/09/2010:
When any loan is considered, it is the applicant's entire credit history which is considered, not a single loan. By defaulting on student loans, he has tanked his credit score, and that is going to prevent or impede a refinancing of another loan. It will probably also cause his credit card rates to max out.

The best thing he can do is to work with the student loan folks to see if they can work out a repayment plan that will allow them to stop showing him as being in default. Then your son and his wife need to consider what they can do without to get back on an even keel.

There lender here isn't doing anything different than any other lender would do in this circumstance.
Slimjim on 09/09/2010:
"My son has a mortgage payment of $1400.00/month for a home that is currently worth $90,000. His payoff balance is $110,000, if that makes any sense."
Well yes, he bought the house for more than $110,000 and the value dropped.
Many people now sadly are experiencing difficulties in this tight economic climate. Unfortunately, no institution is going to give a loan, which a refinance still is, to anyone who has defaulted accounts. In fact, that would be an example of some of the "reckless" loan granting our anointed president chastised the banks for last year.
Best for him to just focus on that mortgage and worry about the student loans another time.
Anonymous on 09/09/2010:
Ob, you have the best answer/advice here.
saj80 on 09/09/2010:
Perhaps your son and/or daughter-in-law needs to find a part-time job to supplement their income. In my younger years, when my wife and I struggled, I often found part-time work to help us get caught up. It is very easy to blame the lender, but your son needs to accept some responsibility for this.
RestaurantGuy on 09/09/2010:
I'm sorry but I do not see this as the Mortgage lenders fault. Your son took out a mortgage at a interest rate he cannot afford. When he stopped paying on the student loans he destroyed any hope of refinancing his mortgage. I would recommend work it out with the student loan people or he may find a garnish attached to his paycheck
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Hardship Rip Off
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My husband and I got our mortgage through First Franklin Home Loans in 2006. Everything was just fine until we had a medical emergency and finances went downhill from there. They call every 3 days and speak rudely and demand payment. One day around 4/22, they called. They said if we didn't have a payment in by 4/30, we would be in foreclosure on 5/1. We have 2 loans with them. I made phone arrangements for both payments to come out of our bank account on 4/30. I made sure and told them several times, that this day (4/30) and only this day can they take the payment. One loan would be paid in full and the other would be 1 month behind. They agreed, gave me a confirmation number and then hit out bank account on 4/23. We don't know it yet. On 4/30, no money comes out. I called to find out why and found out that First Franklin has no record of payment arrangements for the little loan and told me how dare I make payment arrangements on the big loan and then have no money in the bank. I was livid! They apologized and fixed the problem with the help of a supervisor who also apologized. The payments would be processed immediately. Two days later, the little loan shows up. Good. The big one does not. The next day the little loan shows up again and we are now broke and all the rest of our bills will bounce. We were to have $300 left if they had follow instructions. Now we have $38. We just got paid 4/30. How can their employees be so incompetent? So rude! So demanding and uncaring and most of all; So crooked. First Franklin is a crooked business and needs to shut down or straightened up.
     
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Predatory Lending Practices
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I was victimized by my broker and First Franklin Bank two years ago. First, First Franklin and my broker got me into a loan that I could not afford by fabricating salary, dispute the fact that I provided full docs. Second, escalated my interest rate by 2.75%. Third, coerced me into borrowing more money than I originally requested, causing me to utilize the overage to compensate for the payment that I could not afford make.

I endured this struggle for two years. Now my ARM has adjusted, the property is upside down and, First Franklin refuses to provide me with an equitable solution.
     
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Anonymous on 06/09/2009:
I don't suppose you read any of the loan documentation before signing them to make sure that the numbers were correct and disputed anything that wasn't? Of course not.
Anonymous on 06/09/2009:
If you knew that they inflated your salary, doesn't that make you guilty of predatory borrowing practices?
saj80 on 06/09/2009:
Ken, the best answer I have heard in a long time. In short, most of these scenarios can be reduced to one word: greed (on both the lender and borrower).
Ponie on 06/09/2009:
You signed something containing fabricated data? Hmmmm. As saj80 said, it's greed by both parties. But had First Franklin denied your loan, you'd have been on forums complaining you were unable to achieve the elusive 'American dream.'
Anonymous on 06/09/2009:
Telling First Franklin Bank that you were fabricating the info on the loan doc's was probably not a good idea. If there was any chance for a loan modification I'm pretty sure you just threw it out the window.
BokiBean on 06/09/2009:
You not only allowed yourself to get in this situation, but you signed on the dotted line.

We would not have heard a complaint from you if everything was going along swimmingly...but now that its crashed you want to find others to blame.

I'm sorry for your misfortune but look in the mirror if you want to blame someone.
Nohandle on 06/09/2009:
Stressed and Depressed I'm stressed and depressed as well. I've seen my investments bottom out. I never bought anything I couldn't afford, neither did anyone ever hold a gun to my head insisting I could afford something that I knew I couldn't afford. What do you want First Franklin to do for you? You might decide what you can do for yourself.
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Terrible Stay far away!
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This company is as hearless as they get! I have had a loan with them for 4+ years and never had a missed payment. My husband got laid off about 10 months ago, and we have been surviving off his unemployment of $361/wk. I have been begging them for months to help us, but they tell us unless we go delinquent on our credit cards we will not get approved! So we have to ruin our credit to approve for their loan?? So I have avoided their "loan modification" for quite some time. This last month, November, I was not able to make my first mortgage payment, and within 7 days they reported to my credit bureau. My score went from 725 to a 652, just like that. All those years of hard work to earn good credit, down the drain in the blink of an eye. And do you think they care? NOT A CHANCE! They listened to me cry and beg and barder to catch up both payments this month if they could please remove it for me. They told me it was my fault it was late, and to make my payments on time.

Merry Christmas to you First Franklin! Hope to hear about your failure on the news soon, it would be the best day I have had in a LONG time!
     
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saj80 on 12/09/2009:
Unless a late payment is reported in error, it can not be removed. What they are telling you is correct, you just don't want to believe them. 652 is still not a bad score; not great, but not bad. It will improve if future payments are made on time, and if you are struggling with your mortgage payment, it may be time to make some difficult decisions, such as selling the house. Good luck, and remember: you are not alone.
Anonymous on 12/09/2009:
It cannot be removed. It's sad but true. Their agreement with the credit reporting bureaus prevents them from not reporting a loan. They aren't picking on you. Every month, every lender generates a report in the exact same format, telling them your name, balance, and current status of the loan. If my memory serves, they report the payment status of the previous 18 months also, maybe two years. They are not saying that you are good, bad or indifferent, they just report the status of the loan. The credit bureau runs the data through their algorhythms, and that's where the score comes from. If the loan is late they have to report it, even if they'd like not to.
Slimjim on 12/09/2009:
I don't think there is a lending institution in the world that will not report a late, or more accurately, missed payment just by asking. Reporting is all automatic anyway.
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Beyond Frustrating
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OK, after reading what the last lady said about the unexpected situation and the rude phone calls; I had to write, even though her situation was in 2007

There are two different divisions of this company, the one that calls for your late payment: a group of crass individuals who don't even bother to read the notes on the account before calling and reading off their script of "Mister so and so I'm calling you regarding the past due amount of blah blah, we need payment now to prevent foreclosure".... Well, gee... read the notes and see I have been calling the Resolution department every week, and sometimes every day. This would be the other division. This group of people is very nice, very polite, I even venture to say "understanding". However... you can never reach anyone and once your account is assigned to one person, if that one person doesn't answer your calls you can NOT go to anyone else to get an update. You simply sit in the dark as time goes by not knowing if you fax was received, not knowing if your calls are being received, not knowing if you are approved, not approved, if you should just give up... and then you get stuck making another large payment to keep the house from going into foreclosure and start the process all over again only with better communication until the 'okay, just this one last thing and we'll send out the paperwork' then you'll not hear from them until the next month.
     
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Making No Sense
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JAMESTOWN, NEW YORK -- In 2007 my house went into foreclosure and a sale date was set. In June 2008, I found out that they stopped it, cause they didn't sell it. I was never informed of this, in the mean time the house sits empty, uninsured with back taxes owed. I called and got a collections person, this person told me that I did still own it and that I could do with it what I wanted and that they don't want it. This person told me they would let it sit there until the city sold it for back taxes, and I would still be responsible for the dept. I'm in the position financially to assume the original mortgage, and they won't do it. My credits shot hopes of a loan I can forget. There my only hope and won't do anything.

I'm willing to pay the debt, why would a company not want to work with a person who got back on their feet after falling in hard times. And why would they do such a rotten thing.
     
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Slimjim on 01/10/2009:
I think I'd get an attorney to sift through this for you instead of taking the word of some blow addict collector. It doesn't make sense frankly on many levels.
Anonymous on 01/10/2009:
If you had to vacate the property by a court order then the property belongs to First Franklin. Go to the link below and plug in the address. That will show you data on the current owner. If your name is still listed as current owner then get a lawyer. http://www.cityofjamestownassessment.com/main.asp
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Have No Heart
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PITTSBURGH, PENNSYLVANIA -- I have two loans with First Franklin and I pay my loans by quick collect and I found out that my home will be foreclosure on the 6th of next month. First Franklin did not send me any mail to inform me of this matter. I found out that the store where I was doing the quick collect was using the same account number for both loans and all the money was going to the same account number no matter the amount was for the larger or smaller loan. This have going on for three month for the large loan. When I called them in August I was told that the small loan was paid up for a year. I ask how? Because I did not do it. See First Franklin saw that all this money was going into that small account and they saw that some of the amounts was the amount of the large loan. They should have call me and ask why I was paying so much money in the small loan and nothing into the large loan.

Now I can't get First Franklin to put the money into the right account and now they are going to foreclose on my home next month.

     
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jktshff1 on 12/20/2008:
You should probably contact an attorney. It seems as if you are in pretty deep.
The issue would be between you and quick collect (not sure what that is). Do you not get a statement? It is up to you to insure that the money is going to the right place.
spiderman2 on 12/20/2008:
I'm not sure what a quick collect is either...it sounds like a debt consolidate place maybe? Anyway, how is the bank supposed to know your intent. They probably figured you were paying off the smaller loand and your intent was to let your house go into forclosure. Lots of people do that. I think you are expecting a lot of the bank to keep better track of your loan than you did.
*Brenda* on 12/20/2008:
Quick Collect is a service provided by Western Union I think.
smarterthanyou on 12/20/2008:
quick collect is a way to make payments, knowing the status of your loan is on you buddy, pay attention next time?
Ponie on 12/20/2008:
I can't imagine someone ignoring a home loan since August to where it's in foreclosure for the 6th of next month! One of the first things I make sure is handled is my rent payment each month. I wonder if we're getting the whole story here?
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Poor Customer Service - No Help with Adjustable Loan!
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FLORIDA -- We ended up somehow getting into an ARM (adjustable rate mortgage) and then have been DOWNRIGHT rude in their lack of help. They said they are not refinancing anymore and they just send you to a pre-foreclosure hotline where you have to pay a huge fee and provide a million documents just for them to review your loan to see if they will help. They most likely turn you down and take your money. They have been so rude and with PRIME/interest rates down -- they are raising my payment again. They DO NOT care if we can make them or not and most likely we are going to have to foreclose on our home. These people are heartless.....DO NOT USE THEM AS YOUR BANK!!!
     
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BobJohn on 10/20/2008:
You have just described many loan institutions. What makes no sense is these banks will turn around and sell the house for an amount that the original borrow can and would pay, but they don't have a chance because the house was foreclosed on.
Anonymous on 10/20/2008:
Let me ask a question: were you happy with them when you got lower payments because it was an ARM? When you took the loan you were told when it would adjust upward, and how much it could adjust. Why wasn't it a problem back then?
Anonymous on 10/20/2008:
You state that you somehow ended up getting into an ARM - what exactly does that mean?
Principissa on 10/20/2008:
I agree with justcuz. Did you not know this was an ARM before you signed the papers? Why did you sign the papers if you weren't sure what you were getting into?
saj80 on 10/20/2008:
Changes in the prime rate will, in most cases, have no effect on your rate. Most mortgage rates are tied to LIBOR, which has been rising the past 30 days. If you are one of the very few with a mortgage tied to a US Treasury, then Prime may affect it. You signed the loan documents for the ARM, so accept your responsibility in this before blaming the bank (although banks that made these loans deserve their share of the blame).
yoke on 10/20/2008:
Agree with Ken. Where you complaining when you first got your loan and the rate was below the average interest rate? When did you start complaining when the payment went up past what you could afford and nobody would refinance you? In order for you to be in a "preforclosure" are you behind in payments?
Disaster Worker on 10/20/2008:
Unfortunately, you probably couldn't afford the mortgage to begin with as many people that take an ARM. Financial responsibility is one your shoulders first. May I suggest you listen to Dave Ramsey at www.daveramsey.com to learn how to handle this situation. Best wishes to you!
Suusan B. on 10/20/2008:
Franklin First Financial WAS a sub-prime lender and from what I understand they are no longer initiating loans and are now a loan servicing company. This means that their purpose in life is to collect mortgage payments and that's it. It doesn't matter what the feds do with regards to interest rates. Unfortunately you signed the paperwork for an ARM and are bound by that agreement in terms of your future payments unless you can qualify for a prime mortgage with at least 20% down.
Ponie on 10/21/2008:
No doubt when you got into this 'ARM,' your down payment was---Zero!
Shellbelle98273 on 10/22/2008:
Does anyone out there have any comments about the resolution team? Or even know what they can do?
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Resolution Team And They Really Don't Care To Help When You Have A Unexpected Life Event
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CLOVERDALE, INDIANA -- We have used all are saving and 401k to stay up on are payment my husband was in the hospital 3 times in 6 months and off work a total of 4 months in one year and no help from this company AND THE WORST HE HAS BEEN IN THE HOSPITAL AGAIN THIS YEAR AND OFF WORK 30 DAY (THIS IS A STAPH INFECTION) the just keep finding way to turn a deaf ear or want more documentation.

I HAVE SENT DOCUMENTATION I CANNOT REMEMBER HOW MANY TIMES. BUT I SEEM THEY DON'T CARE OR JUST PASSING THE BUCK.

JUST WHERE IS THE OVERSEER OF THIS COMPANY HEAD.

SO WE IN THE END SPEND EVERY PENNY WE HAVE TO LIVE HERE.
     
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msnanny on 04/08/2008:
Life sometimes has a way of throwing you a curve but you still have to pay your bills. I hope that your husband is doing better.
rascal on 05/10/2008:
If you haven't already, you can file for a forebearance. Those are rarely granted but you make a good case if your past payment history with your mortgage company is unblemished. If not, contact HOPE NOW they may be able to offer debt counseling.
tander on 05/10/2008:
You do have good cause to file a forebearance but you also have to show documentaion that you can keep up on payments. Keep calling them and trying to work with them, let them know exactly what is going on. There are also a few agencies that may be able to help you, look to the county or state where you live. Don't give up and I hope your hubby is doing better. You are NOT alone in your troubles there are lots of people going through the same thing.
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First Franklin and Foreclosures
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PITTSBURGH, PENNSYLVANIA -- I was just informed today that this company has gone into bankruptcy which is kind of ironic since just last week when they could have saved my family from one they foreclosed on my home. We had buyers on a short sale and they turned down the couples offer. They foreclosed on our home March 4th and the couple beat their bank rep to the auction and bought it anyway. The very next day they posted a message on their site saying they will not be accepting mortgage applications anymore. I guess the old saying what goes around comes around is true. These people have been inconsiderate and did not help us at all.

We started the process that they told us we needed to go through and sent in all paper work they ask for and they held us off for 4 months. This is not good business at all.
     
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rascal on 05/10/2008:
First Franklin is not in bankruptcy, they were owned then (most if not all locations) closed by Merrill Lynch March 5, 2008. Merrill Lynch still owns the loans & the servicing shop that handles 400,000+ First Franklin loans.
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