First Franklin Success V

[mitkoff]

A big thank you to this forum. We followed the steps and wrote a modification letter to First Franklin. We wrote our letter in January. Our ARM was adjusting in April. The house around the corner that had the same floor plan had forclosed and sold for $100,000 less then we owed, so we could not get financing on our house.

They first told us that they couldn't do anything until we received a letter notifying us of the adjustment. As soon as we got the letter we received a phone call from someone who had received our letter.

We were told we had to wait until the did an appraisal. The gentleman at First Franklin called us every week to update us and today he called to tell us we were approved for another 2 years at a lower interest rate. So our payments will be about the same (property tax went up).

They are overnighting the paperwork to us. Our prayers have been answered and we have bought ourselves some time.

[Moe Bedard]

Mitkoff,
Thank you for joining to share your success as a result of our forum and the help and information we provide here. I am so happy you got the relief you were looking for.....
Good Luck to You!!!

Congratulations and thank you for letting us know that this works. I am so glad for you and your family. Please stick around and help, your success can help everyone still fighting the battle.



CONGRATULATIONS !!!!!!!!

[mreedlaw]

Mitkoff, Good morning and congrats - have a terrific weekend...and let us know when you get the paperwork signed sealed & delivered.

Ms. *** and Ms. Poppy and Mr. Moe - it looks like pretty soon we can we move the big tote board up another number or two? It's been a 25 for a few days...

[JacMac]

Congratulations. It's always good to hear that another family has heard such good news. I'm happy for you guys!

[mitkoff]

Thank you for changing the title of this thread.

We received the paperwork.

It is similar to others that have posted on this web-site for First Franklin success modifications.

Our interest rate is 6.25 and it is for a 2 year modification. Which is lower then what we had.

We were told the reason they lowered our interest rate was because our property tax would be going up this year. Which does not make sense since California's proposition 8, will cause our taxes to go down since our house value has gone down.

We are in California like one of the other posters in a First Franklin thread, we have to pay an Escrow amount of $2,793.77.

They also tacked the payment we don't make in March on to the principal.

Let us not clue them into the reduction of value and the consequential reduction in taxes.....the benefit of their ignorance is your gain.

[mitkoff]

We don't plan to mention proposition 8, but I thought it would useful for other California home owners.

I mentioned in another thread, but I should have added here. Our new bank is Deutsch Bank.