MT. LAUREL, NEW JERSEY -- Our neighborhood has deteriorated over the last 3 years, so my wife and I decided to buy a home in a nicer neighborhood and turn our current home into a rental. Freedom Mortgage bought the mortgage on our current home about 6 months ago, so we figured a new mortgage with them would be an easy process. We were wrong. So very wrong.
From the beginning we have been asked several times to provide the same documents (tax returns, pay stubs, employment verification, sales contract, etc.). It seems that as the mortgage application moves from 1 step to another, it also moves from 1 department to another, WITHOUT the documents we send them. So, we have sent them the same documents 4 times, each time to be told "We don't have such and such documents, can you send it again?"
Their online document delivery/signature system doesn't work, and they can't figure out how to make it work for more than one applicant, so they shipped our application to us overnight for signatures, except they sent it to the wrong address. We got it 3 days later when a neighbor that lives a block away brought it to us, after he opened it. These are documents with our social security numbers and other personal identification information on them! Did I mention our neighborhood isn't the greatest anymore? Thanks to their mistake we now have to place a fraud alert on our credit reports.
They have refused to give us an accurate estimate of closing costs and have repeatedly told us we will have to pay items that the VA and our state do not allow lenders to charge the buyers. They are also telling us we need to pay into escrow at closing the current property tax bill, due in 2 months, that is for last year's taxes, and enough to cover taxes for this year prior to closing. It is not the buyer's responsibility to pay property taxes for a time period before they purchased the home, it is the seller's responsibility to pay the taxes for the time they owned the home.
Now, 3 days before we were scheduled to close, their agent sent an email stating we will not be able to close on time because they don't understand the documents we provided that prove our income and employment. What's hard to understand about the last 4 years' income tax returns and last 4 months' pay stubs? They now want written and signed statements from us explaining so-called discrepancies in our taxes and pay stubs. I've explained in an email that the so-called discrepancies don't exist and are a result of their mathematical errors, but they still want written and signed explanations.
I suspect this is an effort on their part to delay closing since they haven't been able to calculate actual closing costs and provide us with the Closing Disclosure that is required by law no later than 3 days prior to closing. Now, because of their incompetence and unprofessional behavior, we have to ask the seller for an extension of the sales contract, and hope the seller doesn't object, or we lose the house.
So far, everyone we have dealt with at Freedom Mortgage has demonstrated an absolute lack of knowledge, competence and professionalism. I would not recommend this company to anyone I know. In fact, I've told everyone I know to avoid this company like the plague!
MOUNT LAUREL, NEW JERSEY -- Freedom Mortgage bought our home loan in July 2016. Unfortunately, almost the entire time they have been our lender it has been a headache to deal with their lack of customer care, the lack of adequately trained employees and the lack of communication from one department to another. My current issue is that Freedom Mortgage is refusing to reimburse us for fees our bank is charging us because our account went into overdraft as a result of inadequate training of a Freedom Mortgage employee who incorrectly walked us through the process of applying an escrow check to our account.
8/15 - Received the escrow check from last mortgage company and call FM to find out how to best apply this to our loan. The customer "care" representative walked me through how to apply this online. She advised me that the escrow amount would come out on 9/1 with our regularly scheduled mortgage payment.
9/3 - Receive an email from our local bank showing an overdraft because Freedom Mortgage took out our regularly scheduled payment, the escrow payment AND an EXTRA full mortgage payment. I call to find out what happened, apparently their representative incorrectly walked me through how to apply the escrow incorrectly and it added an additional payment to be taken out. I requested that it be reversed immediately and the fees I incurred be reimbursed. FM advised it would take ONE WEEK to return over $1400 back to my account because of THEIR ERROR and I had to submit an email with proof of bank fees to another department to be reimbursed.
9/8 - Emailed other department with proof of bank fees because of their error. 9/12 - A week has passed and I check my bank account and Freedom Mortgage reversed the extra mortgage and put it back into my account BUT ON THE SAME DAY TOOK IT BACK OUT AGAIN!!!
I called and spoke with a customer "care" representative who apologized and advised "she didn't know why that happened and advised it would take ANOTHER WEEK to put it back in my account". When I told her that was unacceptable and that I wanted to speak with a supervisor she put me on hold for 5 minutes and then returned to advise me that they would expedite the reversal and it should be 2-3 days.
9/14 - The full mortgage payment was reimbursed to my account. 9/27 - I call to ask about the reimbursement for the fees that were incurred as a result of their incompetence and error. I advised I had submitted the email over 2 weeks ago. The representative said they were still doing "research" into the request and I needed to call back in two more weeks.
10/11 - I call again, because I was advised the department that I emailed will not email me back or call and Freedom Mortgage will not call me, I need to continually waste my time and call back to check in on their poorly run communication within their company. Today I was advised that in fact Freedom Mortgage will NOT be reimbursing me for the fees that occurred as a result of their lack of proper training of employees on their online process.
This lack of service is unacceptable to me. The mortgage payment took an inadequate amount of time to be put back into my account, just to be wrongly taken out AGAIN on the same day. And now Freedom Mortgage is not willing to rectify their error by paying our bank fees.
MOUNT LAUREL, NEW JERSEY -- I was a customer of Freedom Mortgage for 7 years. I never had a problem until around May of this year when they changed loan servicing companies. Their website is antiquated and they clearly have document control and communication problems within the company. The web page does not provide simple information like escrow balances. It will not accept any payments less than a full mortgage payment. I would strongly recommend that you bypass Freedom Mortgage as there are too many good companies from which to chose. My story is below.
We sold our house on 2 Sept 2016. I contacted Freedom Mortgage about 10 days prior and made sure everything was good to go and I provided the closing date. The house was closed and Freedom Mortgage was paid. In the meantime, on 1 Sept., Freedom Mortgage decided to pay the property taxes despite that not being part of the payoff. This caused the escrow to go negative. I inquired last week and was told that the payment made to the County by the closing attorney had been received. The Freedom Mortgage tax payment would be rejected back to Freedom Mortgage and all would be good. You would then refund me the difference.
Freedom now claims that I need to pay $475.88 to finish the deal. Apparently Freedom Mortgage sends tax payments via checks and it has not been returned yet. By my calculations, they owe me about $1200 because of poorly calculated payoff amount. Due to their unscrupulous business practices I do not believe them. How could it take 4 weeks to send a payment and have it returned? Regardless, I said I would pay the money and just wait for it to settle out.
Freedom Mortgage told me that if I do not pay the $475.88 they will return the $153k. It is not clear to me exactly how that would work as I no longer own the home. I offered to pay using my debit or credit card over the phone. Freedom responded that I cannot pay the money without the funds being certified. These funds are the result of the negative escrow account. Why can't we just settle out the escrow I asked? I was told that the amount goes up $20 per day for interest.
Now I know that is not true as this is a FHA loan. The interest is charged through the end of the month regardless of the day of the closing. I reminded Freedom Mortgage that they had the requested payoff amount. I am told that I must wire the money or send a certified check. How can Freedom possibly charge interest on funds that they currently have?
It is very clear to me that Freedom Mortgage is culpable for this issue and is clearly being unreasonable if not acting in bad faith. They left me on the phone for over 1 hour on hold. They clearly were in no position just to accept payment. The customer service representative was clearly not trained and I knew more about mortgages than he did. I asked for a supervisor and was put on hold for about 30 more minutes before I gave up.
2015 when I was approached by Freedom Mortgage with offer to refinance. The process was started in January of 2015 and was dragged on until June 2015. I was then informed that Freedom would have to close the loan process and restart the process. I was informed that the issue was due to a lien on the property.
I terminated the process with Freedom and found a new loan company. The process with the new loan company took less than 4 weeks from start to closing date. To my dismay, Before I was scheduled to make my 1st payment I was notified that Freedom had acquired the loan. I was extremely unhappy with this notice.
2016 Again I was contacted by Freedom for a rate reduction loan, I should have known better but decided to give them a shot. 3 Months and no closing. FYI they own the loan and could not clear up a refi from their own. RUN RUN RUN, no refi and they charged me twice for payoff amount $30.00 x 2 still fighting for credit so RUN RUN RUN as fast as you can.
MOUNT LAUREL, NEW JERSEY -- It started out great. A consolidation refi, fast, great rates, too good to be true! Yep, that's what it was alright. 90 days into jumping many many hoops, answering all requests within 24 hours, having promises to close, then no communication. Having a scheduled close date and no communication. We had approval throughout the entire process. Our current mortgage company told them we had one missed payment back in Nov (during a hardship).
Freedom told us to pay it off immediately and it would not affect our loan. So we did that very day. They confirmed payment and all was well for another month. Then on the very last day they pulled another credit report and that late payment for the mtg showed up. They were already fully aware of it, we followed all of their requests, even writing a letter to explain why it was missed and they denied us the loan based on that one item alone! No other reason, no call from our processor after all of the time, just a letter in the mail.
We are out a lot of money for inspection and septic testing, not to mention creditors that were waiting for a payoff so they agreed not to take payment during the process. Now we are behind in everything. A TOTAL NIGHTMARE! We may have dodged a bullet though. The BBB rating has a 87% negative rating, and same holds true all across the review sites.
We have had our mortgage with Freedom for three years now and have had two issues with our escrow for taxes. The first year, the wrong amount was being held back so we didn't have enough saved to pay the taxes - the extra money we paid went to principal which was OK but we were not able to plan accordingly to pay our full tax bill. It took a month to work through customer service to resolve the issue.
The second issue came two years later after they refinanced us. They sent the tax escrow check to the wrong address so we were not reimbursed for the over $3000 we paid the county in taxes over a month ago. They finally are getting their check back but won't send us the money we are due for another 3 weeks while they run an escrow analysis (hopefully). Overall, their customer service is easy to get a hold of but doesn't call back when they say they will and tell you mistaken information.
MOUNT LAUREL, NEW JERSEY -- Incompetent customer service reps. They have a pulse. They keep a seat warm. I can say nothing positive about my experience with Freedom Mortgage. Though my bank clearly shows payment to FM. Though I showed FM documents to back it up. Though I produced check images. Though I verified correct address. Freedom Mortgage refused to help resolve. If you're looking for tons of junk and spam mail, Freedom Mortgage is your top choice. If you're looking for intelligent knowledgeable conversation, you're better off talking to a door.
COLORADO -- As a small business owner contributing to our local economy, with financial troubles started up around the election. No business, no income, and ran my company by myself until things improved. We laid off staff, gave up our medical insurance to pay on our 2 month late loan and was told they would not take our money. (Unless we would wire $4,600 to them by 5pm. I'm in Colorado and it's almost 2 pm which gave me 10 min. to wire almost $5000.) Loancare stated since we could not wire the money that day, our home would be up for foreclosure the next day and our file would be an the attorney's office.
We had to borrow money from family to gather that kind of money and now they tell us we have to wait for the attorney fees to be calculated and the attorney's office didn't even have our file yet! What kind of mortgage company refuses money? Their intentions are clear.... they want our home. Our government lied, Obama lied, the mortgage companies are lying when they say they want to keep people in their homes, they don't, they want our homes. The banks got trillions of bail out money but are still focused on taking families homes, they will wait until the market picks up and sell it for a lot more than was owed on it.
The American people are not stupid, the banks will be sitting on piles of money and assets and be very rich. Not to mention last week, when a strange man came knocking on our door at 8 pm. I was alone with my children as he explained he was from the mortgage company and tells me they are going to take my home. What type of mortgage company sends a person to knock at your door late at night? A company who thrives off of unethical collection practices and doesn't work with their home owners.
Loancare is a shady group and harass you every chance they get, phone, letter, knocks on the door, but here's the kicker..... They refuse to accept partial payment, they don't work with the families and they should be shut down! DO NOT DO BUSINESS WITH FREEDOM MORTGAGE OR LOANCARE!!!!
VIRGINIA BEACH, VIRGINIA -- We refinanced with Freedom Mortgage approx. 7 month ago to get a better interest rate so our monthly mortgage payment would be more affordable. In January we were informed that our payment would increase nearly 250.00 month because our escrow was short. They said our homeowner insurance had increased to 1700.00 a month I contacted them and told them they were wrong. I had the new bill and the insurance was only 1000.00. They said to send them the bill and they would correct. They did correct the amount of our annual homeowners insurance but refused to lower the payment.
I contacted them again and told them I wanted to close the escrow and I would pay my bills myself. They said a request would be submitted and we would receive a response within 2 weeks. That was over a month ago and we have not received anything from them. Our month mortgage payment is now higher than it was before we did the refinance, as well as all the closing cost we paid to get a better monthly payment. BEWARE OF THIS COMPANY!! We are not the only ones that this company has done this to. I believe they are trying make it so we can't afford the mortgage and can foreclose.
VIRGINIA BEACH, VIRGINIA -- I agree with the other complaints! I didn't know I had a choice in the matter, as mortgages are sold all the time and I ended up with FREEDOM! We kept making our payments, as we have for 20 years... I happened to get one of those refinance post cards that you get and throw away. This one promised the ability to reduce our monthly by around $500, so I called, as a fluke. A ** took my call and said he could make it happen, and we were underway. I had THE SAME experience with the appraiser-with-no-personality.
Actually he was a gruff TOAD and said he was hired by the company, and would not talk with me even though I said "I AM THE ONE PAYING YOU!" After $7000 in closing costs, we began paying the lesser fee, only to find out ** had "forgotten" to include our INSURANCE and therefore the amount to pay the insurances when they came due, was not in escrow! The payment now, got jacked back up to what it originally was(!) PLUS they did not even pay our windstorm one year and we didn't even know it! If a hurricane had hit us that year we would NOT have been covered!!
We live in South Florida! No one returns calls, no one can solve this. As I see it, I refinanced a nearly already paid off loan, to pay interest for another 30 years!! They have sent FIVE coupon booklets with five different payment amounts. IF YOU HAVE A CHOICE, GO WITH A DIFFERENT COMPANY!!! If anyone knows a good attorney PLEASE let me know at **.