Interesting & confusing...WHO IS MY LENDER?

[6wolverines]

I received a note from the Ohio Department of Commerce in response to Governor Strickland forwarding my QWR originally sent to First Franklin.

The letter from the ODC reads.....

The letter you provided to the Governor's office was a copy of correspondence you sent to First Franklin Loan Servicing regarding the difficulties you have encountered in seeking a resolution to you mortgage problems. Based on our review of information contained on the Secretary of State's website, it appears First Franklin is a trade name associated with Altegra Credit Company (Altegra) located at 150 Allegheny Center Mall, Pittsburgh, PA 15212. Altegra Credit Company's ability to conduct business in Ohio was technically "tax cancelled" by the Ohio Secretary of State in February, 2007 for failure to compnay with certain laws regarding franchise taxes and reporting.

It does not appear First Franklin or Altegra are companies currently registered with the Division. However, in your letter you did not indiate when you obtained your loan or the identity of the lender on your mortgage loan. If the lender is a company under the Division's athority we may be in a position to review your circumstances and take administrative enforcement action.

And blah, blah, blah.

I'm confused as to what this is. Our loan documents say First Franklin is our lender at the 150 Allegheny Center Mall address and that is where our mortgage payments are sent. Altegra is nowhere on the documents and it appears FF and Altegra are one in the same. First Franklin is processing the modification request.

The director of the Department of Commerce requested that we download and complaint form and return it. But, she also encouraged us to seek legal counsel.

The plot is thickening....especially since FF responded to my QWR yesterday and informed me to "contact our lender" for resolution. WTF!!!!!! WHO IS MY LENDER?

Char

No plot, Altergra is a parent corporation and FF is a subsidiary or Altergra was an operating name for your state, one or the other ---- they are one in same. Then do you have the correct FF? There is more than one of them, the big one is in Cincinnati Ohio.....I do believe. One with the servicing in Pittsburgh, PA - address below, that is the one that most borrower's are working with. Oh there is one in Georgia that may or may not be affiliated with the others...

1. You need to now inform the State Department of Commerce, which by the way may have no enforcement powers over a defunct Corp. that you received the loan when they were in good standing and the date thereof on your loan. Department of Commerce may in your state actually have some enforcement even after the fact, here, not so I do believe...but let them know the dates, if the company or its operating entity is defunct now you need to take the date of the issue to the appropriate authority so that they can determine if there is a retro active course of action that they can take.

2. The response to the QWR is delightful, if they are your Lender/Servicer and as such need to provide the documentation....they if they have been sending you payment coupons are the guilty parties...respond in kind with something to that effect/affect. I do not think it is a plot, it is a group of very inept people and they comprise a very inept corporation.....or you have the wrong one, there is more than one....

3. They could have sold your loan...doubtful, but possible. Regardless, they are responsible for the servicing to a point and as such you need to obtain your QWR from them for that period of time they serviced your loan.

Now for the bold and unadulterated relationships First Franklin was a division of National City out of Ohio....they were each other, now as I understand it they are aligned and sold to Merrill Lynch.....

Then there is the other problem, there about 3 First Franklins.....listed in Edgar along with with all of the security filings....

I believe that you are with the FF that was Nat City and is now Merrill, so you need to obtain the address of FF and if I am am correct that is the following address:

First Franklin Loan Servicing
PO Box 1838
Pittsburgh, PA 15230-1838

This is their loan servicing address........

Phone Number 1-800-647-4302

This is the one that uses the cute little 50's style kind of logo looks kinda like Century 21 Realtors Logo.....

There are quite a few FF's out there, but the biggie is the one above.

[6wolverines]

Yep....I have the correct FF...cute turquoise house logo over the FIRST FRANKLIN name.

The terribly confusing part is the fact that the QWR response came with the requested documentation and a letter from Stephen Thompson, Vice President of Legal & Regulatory Services with FF.....it states that First Franklin is no longer the holder of the Note and is unable to make modification arrangements. I am in the middle of a modification with........FIRST FRANKLIN!!!!

It's as if the constant confusion, denial, buck-passing, technical mumbo-jumbo....blah, blah, blah is meant to throw me off course.

Char

No I do not believe that it is personal, deliberate or otherwise....just mass confusion.

Call FF in the AM Monday and determine that they are still the servicer/lender in this case. I suspect that someone in the overall scheme of things has done one of three things.....

The loan was sold and servicing not retained with FF, loan was sold servicing retained by FF or they are just so utterly confused that they do not even know what they are servicing......

All in all the result is the same, utter confusion for you. If you can not get a clear answer to the above from them, let me know there is a way that I can, maybe through some tools that I use in my work. If those do not work, then we can have to do some self help that requires a little time, no $$$ and answers.

[mreedlaw]

That's the MERS-MIN kung fu technique, right Poppy?

Yes if is in the system, other methodology is O&E with your favorite Title Company if they can chain the assignments......