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 our 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.
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 their 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!!!
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.
This company is as heartless 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 barter 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!
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 your 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.
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. They're 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.
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.
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!!!
CLOVERDALE, INDIANA -- We have used all our saving and 401k to stay up on our 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). They 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.
PITTSBURGH, PENNSYLVANIA -- Due to long period of no income bankruptcy was necessary. First Franklin chose to "help" us by modifying our two loans. We went through the whole months long process and came out with a loan payment they determined we could handle. Seven months later we received a letter from another loan servicer saying they were servicing our 2nd loan and we should begin sending our payments to them immediately. It's been a year and we have yet to be able to speak with any responsible person. I'm not maybe the sharpest knife in the drawer but we've been had.