First Frankline runaround

[hon1127]

I helped my son purchase a home a year in a half ago we have first Franklin as the loan service. At this time we are up to date on the mortgage. We had fell behind. My son has had nothing to do with the house since last December, and my husband and I have been taking care of all the bill. My husband and I are both on Disabliity, but have been keeping up with the payment and all the other bills. my problem is my son is the only one on the loan and the deed. we would like to take over the loan and get a modification. It will adjust in Aug and we are not going to be able to afford the home. I don't want to loss my home. I just want to take ove the home and loan with an fixed rated. What can I do to get this done. A friend said to let the loan company know what was going on in the home and see if they would work with us. Thank you hon1127

[Moe Bedard]

Hi hon1127,

Welcome to the forum and thank you for joining...........

There is a couple of questions that I have first as these will effect the outcome of a modification..........

Does your son still live in the house? if he doesn't still live in the house it will be considered that you are renting it from him.......
What is the interest rate at right now?
What is the current loan amount?




The only way you could change ownership of the house is by qualifying for a new loan for the payoff amount and closing costs in your names and purchasing it from your son.

[hon1127]

Thank you for the welcome. My son does still live in the home. He has been ill and hospitalized several time and which he lost his job. He has since returned to work at a lower paying job and trying to get the rest of his bill up to date. The rate at this time is 8.5 on the first and the first payment is $1400 a month and the second is at 11% and the payment is 475 a month.

I have a question would it be possible to get a mod with my husband and my son on the loan, we are looking to cover ourselves. My son doesnt' have a problem with the home being in his name it is just that he doesn't make the money that he did two years ago.

Thank you

[Moe Bedard]

It is better that he lives in the house with you two.............I just helped my son the very same way with Chase.

What they do is calculate the household income versus the household expenses.......you would need to show a surplus of at least $100-$250 at the end of the month.

Yours and your husbands income along with your sons can be calculated for this together.
In order to talk with First Franklin your son would need to fax them an authorization letter with the loan number giving permission for you or your husband or both of you to speak with them about his loan throughout the modification process.
A loan modification is based on household income and expenses regardless of who is on the loan itself..........they can utilize your husbands income as well for this purpose without him being on the loan itself. Just explain about your son's hardship in a letter to them and also that you and your husband have been paying the mortgage.......but when it adjusts you will no longer be able to keep up.

You can contact the Home Loan Solutions Team to get started at:

First Franklin Home Loan Solutions
1-800-622-5035

Hope this helps.......
Please keep us updated on your progress..........

[hon1127]

Thank you so much I will call them tomorrow morning and pray they can help I love my home and want to stay in it. I Am very greatful for this site, I have been reading for sometime today to get help and just jumped in to ask and thank you again I will let you know what I come up with. hon1127

[hon1127]

Thank you so much I call FF and they are sending me a hardship package out today. I also found out that the mortage doesn't adjust until October of this year so this will give me some time. The person on the phone told me to fax the information back to them In Aug and this way they will not be asking every week for new information on the hardship. Thank you all again. I fill as though there is some hope for me and my family. God Bless. Hon1127

[Moe Bedard]

hon1127,

It sound like you are on your way...........it will all work itself out......

Good Luck with the Mod........

Please keep us updated on your progress.......

[hon1127]

Hello all I just wanted to know what to do. I called and asked for a loan modification a week ago I got the paper work on Sat. I spoke to a loan officer and she let me know that the loan doesn't adjust until Oct, not in Aug as I had feared. she told me to complete the informatin and not to send it back to them until Aug do to the fact that they would just keep asking for more information. My son owns the home and we all live in it and pay all the bills, However my son has been very ill and has had to change job because of it and is not making the same money and my husband and I are both on ssd and have been making the payments on the house we did fall behind at one point. We are now up to date and just want to know if we should wait unitl Aug or should I send the information in now.? thank you so much this is the best site I have found and I now longer feel alone. I feel so sorry for the others that have posted here the young man that is just giving up his home and all because the world thanks we aren;t good enough to own our own home. Please all Hang in there. with Gods grace we shall all get through this. thank you again hon1127

[Moe Bedard]

You should just go ahead and fill everything out and hold on to it and send it in July instead of August......so you get the process started in time.....

[evel1999]

Welcome to the site.

I hope you are able to get a Loan Modification.

It is a long process and most are not modifying until close to the adjustment.
But it does not hurt to send the papers in filled out now, but make copies of them as you will need to resubmit that same information again closer to the adjustment.

Maybe others on the site can help with the Modification.

It took me all of the 8 months before my loan adjusted to get something worked out with America's Servicing Co. You have to stay on top of them.

I am in the process of trying to get a loan modification from FF as well. My rate will not adjust until 10/2009 but I went ahead and requested a modification b/c I have ahd an income decrease. We sent out paperwork in on 03/28/08 and we are still waiting to hear from the negotiator's assistant. It hasn't even officialyl gone to a negotiato yet. If you have had an income decrease you should go ahead and send it in now so they can start working on it b/c I doubt seriously they will have it done by August.

[hon1127]

I called ff on Friday and was told that our loan was being sold to sps on the first of Sept. What do I do now about the loan mod? I don't know who to call anymore. It seem that if you are behind in your payment you get better help?

[Moe Bedard]

Try to keep in contact with First Franklin.........Select Portfolio is a servicer so it shouldn't change anything with the modification attempt......but you will need to ask First Franklin what will happen on the file due to the information that you received about SPS taking over the servicing of your loan......

First Franklin Home Loan Solutions
1-800-622-5035

[hon1127]

Thank you for getting back to me. I will call FF and ask

[hon1127]

I am so upset with first frankline loan service. I just got off the phone with them. They called to see where my payment was it was do on the first I mailed it on Monday the 4th and it is not late and I am not behind on my mortage. I just told her that they can call to see where my money is but no one can call and tell me about the mod that I am trying to get. She said that it will just go over to the new company in Sept which is sps. I never heard of this company can anyone tell me anything about this company? I think I am just getting the runaround and no one is really try to help me. I don't know what to do anymore I can't afford the new payment that will be coming up. First franklin is a joke and they are laughing all the way to the bank with our money and leaving us on the streets. I just wanted to have something to call my own and it has turned in to a nightmare for me any my family. I don't know what more to do. They say it is better to be behind to get the help but from what I have read here others that are behind are not getting any help either. What do we do? The Governor of NY signed a new bill yesterday to add 90 days to any forclosures so people have more of a chance to talk to the lenders. Little does he know the lenders don't want to talk to us. They just want our money.
Thanks for taking the time to hear me vent.

[Moe Bedard]

Here is the info on the new servicer..............

https://www.spservicing.com/

[hon1127]

Thank you for your help