After experiencing a financial hardship as a result of a recent divorce and cut in pay, I attempted to negotiate a Loss Mitigation option in order to resolve matters pertaining to my home. I began my process at the end June. I was required to fill out an extensive application and provide two months of pay stubs. I was given up to 30 days to return the paperwork; I was able to return the paperwork within 7 days. During the first week of July, I obtained a part time job to make ends meet. I informed First Franklin Financial of my part time employment—this is when my nigthmare began! I was later informed that I had to provide First Franklin with two pay stubs from my new part-time job and that the processing of my paperwork had stopped until they received the documentation. I contacted First Franklin to inform them that due to the fact that I only got paid once a month on the 15th of each month, it would be mid-August before I would have two pay stubs. I also reminded them that this would put me past the date that they had required all documentation to be into their office. I was then told that an exception would be made since, I was just beginning my part time job. As soon as I received my second pay stub from my part-time job, I faxed them to First Franklin. I then called the agency to confirm that the fax had been received; I was told that they had received my fax, but that my file had been closed for failure to comply with their request.
I had to remind the representative of why the delay had taken place. After going round and round with my the representative, my case was reopened for review. I was told that the loss mitigation process would allow me to be able to keep my home and have adjustments made in order to assist with bringing my account up to date. I was also told that when the taxes and escrow were rolled into the payment that it would raise the payments up to between $1400.00 to $1500.00 (The original payment on the 80/20 loan was $878.00 on the first and $409.85 on the second) that all payments in the rear would be able to be added to the rear of the loan; which would bring the account current. However, when contacted by First Franklin several weeks later, I was presented with a totally different scenario. I was informed by First Franklin that my payment would go up from 1289.00 to $1625.00. I was also told that before I begin paying this amount that I would need to be able to pay $4450.00 and then resume paying the new amount. Now, if this was not a blow two weeks after this news, I receive a call informing me that the payment would be going up to $1703.00. I was never given a specific reason for this increase. When I asked about any other options that I might have, I was told that I could sale the property. When I inquired about a short sale. The First Franklin representative stated that First Franklin would definitely be willing to work with a reasonable offer.
In November, I contacted First Franklin to inform them that I had an offer for a short sale from a reputable reality company. The first offer was considered too low by First Franklin; so the reality company went into negotiation with them. After days of counter offering back and forth both parties agreed to a $175,000.00 short sale amount with the reality company paying all closing cost. I was assured that the deal would be able to finalized before the end of November to prevent foreclosure.instead, I was notified nine days prior to the end of the month by the reality company that First Franklin was now asking for $10,000.00 more than agreed upon and was not willing to go through with the orignal deal.
When I contacted First Franklin about the change, I was informed that the company was not going to take the offer and that they wanted $185,000.00 when asked what would keep them from reneging on this offer, I was told that this was just a chance that I would have to take. When I complained to the representative about their unethical business practices, the representative stated "You people always want to cry Preditory Lender when you want to get out of paying". He went on to inform me that the property was insured by some type of guarranty backing and that they would be able to get all of their money and still be able to come after me for the mortgage (Oh, let me not forget that I also requested on several occasions the payoff amount and was never able to obtain this information).
I hung up the phone in disbelief. Though I was in "good faith" making every attempt to resolve this matter with First Franklin, I could not believe how many obstacles had been put in my way to prevent that from happening. If I had to do it all over again, I would never have done business with First Franklin. They charge outrages interest rates, do not follow through with agreements and treat you like a "nobody" when you fall into a hardship situation.
I would really like to know how many others have experienced what I have gone through with this financial service agency.
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