I assist borrowers in financial distress with loan modification. I submitted this file with First Franklin (aka Home Loan Services) since mid August, but the file was finally assigned to a negotiator in November which is not the problem, but, once the file got assigned, they ordered a BPO which came back at $245,000.00, but the borrower owes $545,000.00 which mean a drastic decline in value and the rate just adjusted to 10.75% which then brings the monthly payment over $4,200.00 per month and the total household income is approximately $5,200.00 for both spouse with the wife income only temporary income.
Their total household liability including the mortgage is more than $7,900.00, but if the lender do modify the note to at least come close to a value of approximately $320,000.00, the total household liability will be about $4,800.00 if an interest rate of 5.50% is applied on a 30years amortization, which will then give this borrower a breathing space and avoid foreclossure.
To my utter disdain, the loan modification negotiator by the name of Todd Novak and his supervisor by the name of Cyndy Clayton adamantly refused to reduced the interest rate below 8.75% or reduce the principal balance in any shape or form. Cyndy Clayton hang up the phone on me, her other co-workers hang up the phone on me and my borrower as well and they are very agumentative and do not alow variance in opinion. When I do call back to complain about the nature of service being rendered, I get the same auful treatment all over againg. I have advised my client to file a lawsuit against this company and its employees. They stop answering the phone once they hanged up the phone on you the first time because whenever you call back, they can see your number on their caller-ID due to the fact that you'll be calling a toll-free number which always reveal your number.
I'm quite sure this bunch of individuals are running this company with no check and balance and therefore resulting in high foreclosure because they sure do not care even when they're aware that the calls are being recorded on both ends. Do anyone has any suggestion out there?
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