First Franklin Modification -- Taking forever

[beande2]

My husband and I refinanced our home 2 years ago into an 2-Year ARM as we were planning to sell the home and build a new home during that time frame. We had the home listed for over a year while our new home was being built but unfortunately could not sell it as the market took a total nose dive.

We have moved into our new home and attempted to do a Deed in lieu of with First Franklin back in July 2007. They said they would not do that but would work with us on a possible Short Sale so we worked with them (they are very unresponsive and do not return calls ever) and finally came back with an appraisal value that was way more than what the house would actually sell for at that time and they told us we couldn't drop the price any further than what it was at at that time.

So we decided that we had no choice but to take it off the market (in hopes that we could relist it this Spring) and rent it out to help make the payments more reasonable. So once we had it rented out we approached First Franklin well over 3 months ago to modify our loan to fix the rate that just changed as of March 1st.

We showed proof of the lease agreement we have with our renters and forwarded all other required documentation (several different times -- over and over I have sent it and always being very diligent in hopes that it wouldn't come down to this) and still didn't get a response back from them.

Now our first payment reflecting the new rate is coming due by the 15th and they are telling us we don't make enough money for them to do the modification (if that makes any sense which it doesn't). Our renters are planning to purchase the home ASAP but due to the new lending restrictions they got approved but at a really high rate and were told to try again in a few months. But basically we can't afford to pay the difference between the new payment and what we collect in rent form the renters. The renters are even willing to pay us more to help close the gap but First Franklin is still saying we fall short on the debt to income ratio.

Obviously we do fall short money-wise and that is why we are needing to modify in the first place. Can anyone help us out?? Is there anyway to get through this process?? First Franklin is terrible to deal with and I call EVERY DAY and every day I get a different story & a different person and now they are saying it will be an additional 45 days minimum even when we get the required documents into them. HELP!!!!!

[Moe Bedard]

Beande2,

Welcome to the forum and thank you for joining us.........
First Franklin is no more.............which is why you are getting the run around and missinformation.....
Here is the thread for you to read:

http://www.loansafe.org/forum/tell-u...-imploded.html

When they workout the modifications they are going off of the current payment along with your household expenses and your income....
How much negative are you?

Please try this number and 800.622.5035 and the following extensions...24267 Bill Thompson, 24267 Marchele Andrews

Here are the fax numbers including one direct efax number...412.918.7340 or 7307 or 7336

E-Fax direct 724.498.4930 Galen

This is the Loss Mit Department and they are working and they are modifying.