Freedom Mortgage

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Loancare With Freedom Mortgage Is Unethical
Posted by on
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 2pm 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 8pm. 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!!!!
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Soaring Consumer on 03/15/2009:
You should contact the Office of the Attorney General and the Federal Trade Commission.

Yes, you were late. But your financial situation was out of your control. And then when you were finally in a position where you could pay, they refused to let you. That is wrong.

Don't get out of the house. What I think you should do is wire the money anyway, as they have no right to put the house up for foreclosure if they have payment and you have proof that you paid them what they were asking for. Then if they do anyway, you have a valid legal claim that you can used to fight against them.

Fight hard, don't give up.
Anonymous on 03/16/2009:
ALL collection agencies have the collective IQ numerically equal to the temperature of a very cool room. "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." That would be mighty fast legal work!! The collector the OP was speaking to wanted a performance bonus if he/she could collect the entire delinquency. NOBODY can process a foreclosure that quickly. A lot of collectors employ ex-cons and other people with anti-social personalities...they are naturals for intimidating people. Do as Soaring said...if they don't want the money (LOL) they'll send it back (LOL).
Red Barron on 03/16/2009:
I want to thank Soaring and Ghost of Doc J for your responses. This situation has made us feel alone and humiliated, especially as a business owner. Pride aside, these experiences keep us humble. Your responses gave me the strength needed to fight Freedom Mortgage for our home!
Anonymous on 03/16/2009:
You're welcome. Your situation is nothing to be humiliated about. It happens to the best of people. Good luck and I sincerely hope you can save your home.
Soaring Consumer on 03/16/2009:
Glad to help.

As I said, fight hard. I don't want you to lose to this.
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Escrow Increase
Posted by on
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.
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Venice09 on 03/17/2010:
Have your real estate taxes gone up? That would cause more of an increase in the amount of escrow than your homeowners insurance. You can't blame the bank for needing enough escrow to cover taxes. If you close the escrow account, you'll be responsible for paying the taxes on your own. Be careful you don't fall behind.
tnchuck100 on 03/17/2010:
Escrow is a dynamic thing. The account is supposed to be funded for insurance + taxes + 1/12 of that amount as a pad for increases. If your escrow was insufficient to cover the disbursement they will cover it for you and add the shortage equally to your adjusted monthly payments.

Depending on how your loan in backed (VA, FHA, etc) the escrow account may be a requirement. You might not be able to drop it.

My guess in your principle and interest payment is less than before your refi. But the increase in taxes and insurance (escrow) have eaten up the savings.

Hopefully they will correct the $1000 insurance premium. I am assuming this is $1,000 per year, not the $1,700 per month typo.
Venice09 on 03/17/2010:
Chuck, you're right, the escrow account may be required, which is sometimes a blessing in disguise. It takes a lot of discipline to put the money aside on your own if it's not included in your mortgage payment, and even harder to come up with it in one lump sum when the taxes/insurance are due.
CUFlipSide on 03/17/2010:
Call them and tell them you would like them to send you the escrow analysis. When you get it, if the figures don't add up, call and ask them to explain why. The escrow number is calculated automatically, as Chuck notes above, so unless they enetred an amount incorrectly, which can happen, they are generally correct.
neighlick on 03/18/2010:
Just to be fair. After doing a lot research, I found out that Freedom Mortgage did make a clerical error and accidentally charged the new homeowners insurance plus last years insurance. They said they would get it corrected in 7-10 days, send a new escrow analysis, and also let us know what the new mo. paymt would be. They also agreed to reimburse us any cost their error has caused us.
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Another Extremely Dissatisfied Client
Posted by on
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 [snip] 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 [snip] 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 .
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Lies and Misrepresentations on Refinance
Posted by on
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!
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Anonymous on 07/25/2006:
Sound like the old S&L type scam. I hope you got a good attorney
Anonymous on 07/26/2006:
If the appraiser claimed the lender was the client, then why are you being charged $375.00. Yes, in other words the appraiser is an idiot. You should have received a "good faith estimate" from your broker and the lender and if I am not mistaken by state law they are only allowed to deviate from that slightly (your state should have the exact guidelines on this). You may want to consider walking away from this deal. Good Luck
madpat on 08/08/2006:
Well, I have to say that I have no idea about Freedom Mortgage, but having been in this industry for several years, I do have to tell you that your state is probably the worst in this nation for making a mortgage closing a simple and clear-cut transaction...and I am venturing to guess that it was your attorney there that persented the biggest roadblock to your closing...and if you look at the fees that were changed, most likely they were the closing agent, not the mortgage company fees. The mortgage company does not dictate nor schedule the closing my dear, the closing agent (aka lawyers in SC) do. So hearing something like the lawyer did not know it was closing is amusing because it is a lie. Likewise the situation with the appraiser. Appraisers are hired by the LENDER - they are employed specifically to protect the lender's asset, they are not an inspection team for the borrower. No, lenders cannot legally call or cource an appraiser to up the appraised value - that is against the law...and yes, the appraiser works for the lender to insure the value that of the property that they are lending money on. As a loan processor, working for a huge financial institution...I wish consumers would do their part in knowing what they are getting themselves in to instead of allowing a smooth-talking mortgage broker who has no ties to the financial company he is recommending, sell a consumer a bill of goods and then make everyone but themselves, the culprit. Hopefully, this experience will help you ask more questions the next time.
madpat on 08/08/2006:
and just so you are not thinking that because you paid an appraisal fee, somehow the appraiser owed you something...the appraisal is order immediately after you apply for a loan. lenders have to pay for the appraiser whether or not you decide to drop the loan - so they have to be compensated for it. Many times it is recouped as an "application fee"...but you have to understand that the time and effort it takes to take an application, order and appraisal and send the application to processing, has to be paid for somehow
judy drace on 08/09/2013:
stay away from this company was one road block after another ,after the mortgage went through ,6 moths later ,they took funds out of our account ,unautherized to the tune of 1666.00 dollars without our knowledge .this company is nothing more than a scam ,praying on people ..beware ,if it sounds to good to be true it is ...if one person reads this and listens ,I will be doing what needed to be done ..I am now fileing fraud charges against them ...
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