Franklin Credit Management Corp

Review: Collectos continue to contact me in regards to a debt but refuse to discuss solutions with me. I have been disconnected or hung up on on several occasions. I have made settlement offers to try to resolve debt, but collectors refuse to discuss this option with me other than saying it is an option. Collectors have been rude and abusive, and have threatened further action without clarifying what that would be. They have implied that they intend to take legal action, again, without clarification. They are essentially calling me repeatedly with what appears to be no intention to actually settle this matter.Desired Settlement: I would like to stop receiving these phone calls as they are not aimed at resolving the situation

Review: On numerous occasions I have attempted to modify my mortgage loan with Franklin Credit, and each time they come back with a different excuse as to why they cannot help. One day I make too much money, the next day I don't make enough.Desired Settlement: I would like my loan modified so that I no longer have to work 3 jobs all year long just to pay my bills.

Business

Response:

We are in receipt of your correspondence regarding the above-referenced account in which Ms. [redacted] states that she has been attempting to modify her mortgage but was denied a loan modification. Franklin Credit Management Corporation (“the Company”), as the sub-servicer for this account, appreciates the opportunity to respond to the issue(s) raised by Ms. [redacted]

Ms. [redacted] requested a loan modification on June 14, 2010 and submitted the necessary documentation for review. Ms. [redacted]’s request was denied on August 6, 2010 because the financial information submitted showed that she could afford to make the payments on this loan, as well as her other obligations, without hardship, and with a small surplus as disposable monthly income. In addition, she was current with her payments, and there were no arrears on her account.

Ms. [redacted] again requested a loan modification on October 25, 2011. Her request was substantially the same as the prior request in all respects and there were no substantial changes in circumstances since the prior request. The second request for a modification was denied on February 7, 2012, for the same reasons as the first.

There have been no other requests for a loan modification since that time. As Ms. [redacted]’s financial circumstances may have changed, Franklin Credit will be willing to evaluate her account for a loan modification in accordance with our investor guidelines. Ms. [redacted] should contact our Loss Mitigation Department, either via mail to Franklin Credit Management Corporation, 101 Hudson Street, 25th Floor, Jersey City, NJ. 07302 or via fax at (201) 839-4608.

Franklin Credit hopes that we have adequately addressed the concerns expressed by Ms. [redacted] If you should have any further questions, please feel free to contact me directly at (201) 604-1800 ext 4814.

Review: Franklin Credit Management is reporting a debt for a mortgage that was paid off in the sale. Supporting documents and correspondence are attached. They are violating Louisiana Law by attempting to collect this debt. Further, they are violating the FDCPA. I have tried multiple times to work this out with them and the credit bureaus to no avail. This is my last attempt to resolve this issue before filing suit against Franklin Credit Management. Also, even if the debt was valid, which it is NOT, they are reporting it incorrectly to the credit bureaus. Further, Franklin Credit Management stated they have no information they could forward to me proving I own the debt, so how are they confirming it with the credit bureaus?Desired Settlement: Franklin Credit Management to be deleted from all three credit bureaus, the debt to never be sold, confirmation in writing, and my account with Franklin Credit Management to be completely deleted.

Business

Response:

This office is in receipt of your correspondence dated April 16, 20M, regarding the above-referenced account, in which Ms[redacted] A. [redacted] claims her financial obligation toward her mortgage loan was satisfied when her property was sold and seeks to have information pertaining to same deleted from her credit reports. Franklin Credit Management Corporation (“Franklin Credit”), as the sub-servicer for this account, appreciates the opportunity to respond.

On March 16, 2005, [redacted] A. [redacted] and [redacted] executed a Note, a copy of which is annexed hereto as Exhibit A, thereby promising to pay $23,580.00 to [redacted] Mortgage Company, LLC and its successors thereafter, payable in monthly installments with a maturity date of April 1, 2035. Also attached for your review, as Exhibit B, is a copy of the Mortgage executed on March 16, 2005, which secured a second lien on the real property located at [redacted] This office’s records further indicate that Ms. [redacted] lost owuership interest in this property when it was sold at a foreclosure sale in 2010.

On March 3, 2014, this office received a letter from Ms. [redacted] counsel, [redacted], declaring the second mortgage fully satisfied pursuant to a Louisiana statute prohibiting deficiency judgments when a foreclosure sale is conducted without an appraisement (La R.S. 13:4106), a copy of which is annexed hereto as Exhibit C; however, the foreclosure initiated by the superior lien holder did not negate Ms. [redacted] responsibility toward her second mortgage. The purpose of the Deficiency Judgment Act is to protect a debtor from an overreaching creditor; it is intended to prevent the inequity inherent in a creditor foreclosing on a debtor's property without appraisal, buying the property in for a low price, and thereafter obtaining a personal judgment against the debtor for a greater amount than if the property had been sold pursuant to a valid appraisal. While Ms. [redacted] asserts that Franklin Credit was unable to provide her with any information pertaining to the account, this office replied to her counsel in a letter dated April 9, 2014, attached as Exhibit D, which was accompanied by copies of the Note, Mortgage, Franklin Credit’s Loan History Statement, and Notice of Assignment, Sale or Transfer of Your Mortgage Loan.

Although the foreclosure sale extinguished the security of the second mortgage, it did not discharge Ms. [redacted]’s indebtedness toward the Note for the second lien. Our records also do not indicate that the proceeds from the sheriff sale, totaling a sum of $114,642,19, were sufficient to satisfy the second mortgage or that any payments had been made. Pleasae see the allocation of proceeds documented by the Sheriff‘s Deed, a copy of which is attached as Exhibit E. This document reveals that a total of $5,944.25 was applied to the costs associated with the sale and the remaining $108,697.94 was paid to Wells Fargo bank, N.A., as Trustee on behalf of the certificate holders, Park Place Securities, 1110., Asset-Backed Pass-Through Certificates Series [redacted], to be credited to the first mortgage.

Ms. [redacted] advises that documents and correspondence in support of her dispute are attached to her complaint; however no exhibits accompmiy the electronic transmission. As such, it is unclear what, if any, Louisiana laws or Fair Debt Colleotion Practices Act vioiations she is referencing.

Our records atso indicate that the account is past due for the August 1, 2008 installment and every installment thereafter. No additional payments have been made On the account to date, as shown on Franklin Credit’s Loan History Statement attached for your review as Exhibit F.

Franklin Credit hopes that we have adequately addressed Ms. [redacted]’s concerns. If you should have any questions, kindly contact this office at [redacted]

Review: My concern lies with questionable late fees being imposed on my account by Franklin Credit. After years & countless phone calls, I am exhausted from exchanging words with Franklin Credit. The phone calls are extremely poor in service (i.e. accusatory & disrespectful) which left me filled with undue stress. On 10/17/12, a late fee was imposed. A rep told me that my payment wasn't posted because my check was probably not picked up from their secondary location. He stated that it sometimes takes them a few days. But he said that my fee would be waived. The late fee still appeared on my account. After over 6 months of calls, it finally got resolved in 5/3/2013. On 8/19/2013, another late fee got imposed. I called, and explained that the payment was mailed more than a week before it was due WITH my other $1700 mortgage payment. He replied, "Well, until we POST your check, your payment is not considered received." I replied, "That's not fair because even if I mailed my payment WAY before the due date, I will still be considered late IF you didn't post my check?" The rep said, "Yes." At the end, the rep made a note about waiving the fee. After a couple of months, I still see the fee. On December 7th, another late fee was added! I called & repeated the same things as in the last conversation in August. I KNOW that my payment was mailed on the 3rd due to the unresolved August fee. I mentioned to a rep that I mail my mortgages at least 10 days before the deadline depending on when I get paid. The rep said there was no record of my conversation & it didn't matter. He said whatever time it took for the mail to get there; it will take that long to post it. He said it was not going to be good for me if the postal system failed me. He waived one late fee & said that a lot of other fees were waived for me in the past. I confronted him, "What fees? Since 2007, I had only 1 late fee waived." He brushed me off with that question & told me to be thankful that he waived one for me.Desired Settlement: I would like the August 2013 & December 2013 (if iDecember 2013 hasn't been taken care of after my last call) late fees to be reversed. This imposition of late fees popping up on my account at the end of the year (2 years in a row) raises a red flag for me with Franklin Credit. I am feeling weary about their practices. Their procedure in billing and imposing late fees on their clients is unjustifiable and not legit. If the payments arrive before the due date, there should be a system in place to mark those checks upon arrival or have a grace period for mail pick up at their end. Customers should not have to worry about Franklin Credit’s accountability in posting checks on a timely manner nor be punished for their lack of due diligence. Also, a quality assurance program needs to be in place to attain customer satisfaction & maintain a tracking system for following through with customers' concerns. This is an ethics issue for me.

Business

Response:

This letter acknowledges our receipt of your correspondence dated Ferurary 7,2014 and received on

Feburary 18, 2014 reguarding your late fee dispute for the above referenced account.

Pursuant to your correspondence, we are reviewing the account. We will notify you of our findings in a subsequent letter, within thirty days of receipt.

Business

Response:

We are in receipt of your correspondence regarding the account number referenced above in connection to late fee assessments. Franklin Credit Management Corporation (“Franklin Credit”), as the sub-servicer of this account, appreciates the opportunity to respond and we hope our response adequately addresses your concerns.

Please be advised that monthly installments for the above captioned account are due on first of the month and there is a 15 day grace period for payments to be received and processed. Attached is a copy of the Note for your review of the late fee assessment conditions.

Payments received on or after the 16th day will accrue a late charge fee of $31.35. As per the attached billing statement, payments are to be sent to a [redacted] for processing. All payments received at our PO Box are processed upon receipt. In an effort to avoid payment delivery delays by the United States Postal Service, Ms. [redacted] may want

to explore our other payment options outlined on page two of our billing statement.

A review of the payment history indicates that two prior late charge assessments have been previously waived on Ms. [redacted]’s account. These late charge waivers were for late charges.

We hope that we have addressed the cancems expressed by Ms. [redacted]. If you have any questions, you may contact me directly at [redacted]

Consumer

Response:

[A default letter is provided here which indicates your acceptance of the business's response. If you wish, you may update it before sending it.]

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.