Mortgage -- Struggling to pay mortgage -- Complaint #4669856
Complaint Overview
Complaint ID: 4669856
Company: Flagstar Bank, N.A.
Product: Mortgage
Sub-Product: FHA mortgage
Issue: Struggling to pay mortgage
State: Missouri
ZIP Code: 63129
Date Received: 2021-08-27T12:00:00-05:00
Date Sent to Company: 2021-08-27T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I have a FHA mortgae through XXXX XXXX and serviced bt Flagstar Bank. I have been in a COVID forbearance since XX/XX/2020 due to a reduction in our household income. I have never received information regarding the numerous COVID related hardship plans. Then I read a HUD article on the many options my lender and servicer should have offered me. I contacted Flagstar Bank, my servicer at the end of XXXX and was told they could not discuss any options available to me until my forbearance was over or no sooner than a month prior to the forbearance ending. In the middle of XXXX I contacted Flagstar again and demanded that they discuss my options and explained to them I have read the HUD information and even called HUD who confirmed my servicer should have discussed these options with me. I was told I was only eligible for a standard streamline modification. I again explained this was not my desire. The employee told me they were not aware of any COVID related options. Then demanded either my paystubs or bank statements to be uploaded to their website. Only having access to my bank statements, I uploaded them as directed. I called 2 days later and was again told I was only being considered for a streamline mortgage. I demanded to speak to a manager and again explained to the manager that I read the HUD article and spoke to HUD who confirmed the various COVID related options. I asked to be considered for the COVID option to achieve a 26 % reduction in P & I through the interest rate reduction to the HUD Published rate of 2.85 % or within 0.125 of the rate. The manager explained he would send an email to the team working on the streamline and have them change the request. The final outcome was not a 25 % reduction to P & I nor an interest rate reduction to the HUD published rate. When I questioned Flagstar about why they did not follow HUD guidelines, I was told this is all the investor - XXXX XXXX would allow.
Frequently Asked Questions
What is Complaint #4669856 about?
Complaint #4669856 was filed against Flagstar Bank, N.A. regarding Mortgage specifically about Struggling to pay mortgage. It was received by the CFPB on 2021-08-27T12:00:00-05:00.
How did Flagstar Bank, N.A. respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against Flagstar Bank, N.A.?
Yes, visit the Flagstar Bank, N.A. company profile at readthecomplaint.com/company/flagstar-bank-n-a to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.