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!
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 -- 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 **.
SOUTH CAROLINA -- Mt. Laurel, NJ. DO NOT do a loan with this company. Like the previous complaint, we were told the $350 was the appraisal fee. In reality, it was the processing fee. The appraisal fee is $375. We have had 3 separate loan closing dates, none of which came to fruition because of the ball being dropped by this company (i.e. not getting the packet to the attorney or even telling the attorney that the closing was scheduled). In one day, literally every hour, on a day we were closing, the numbers of our closing costs and cash back (we were refinancing) changed by over a thousand dollars.
Our closing costs went has high as $7900, with no feasible explanation as to why. Our interest rate changed hourly, we were lied to and given false information about the discount points, fees, and just about everything else. The appraiser chosen by this company had to redo the appraisal 3 times because he didn't know what he was doing. We had to do much of the legwork ourselves. The mortgage lender wouldn't even speak to the appraiser on our behalf because he claimed it was a conflict of interest, and the appraiser wouldn't speak to us because he claimed the lender was his client.
We have a closing scheduled for tonight, almost 2 months after this process began, but it won't be until 11:00 pm because the attorney didn't find out about the closing until she was out of town doing another closing. This company is basically an incorporated scam artist, hoping to slide things through before the applicants know what happened. STAY AWAY FROM THIS COMPANY!