Mortgage -- Struggling to pay mortgage -- Complaint #7038329
Complaint Overview
Complaint ID: 7038329
Company: Franklin Credit Management Corporation
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Struggling to pay mortgage
State: Connecticut
ZIP Code: 06902
Date Received: 2023-05-28T12:00:00-05:00
Date Sent to Company: 2023-05-28T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
In XXXX I purchased my home with the no money down programs offered. The XXXX mortgage was to pay the downpayment, closing fee etc. Once my house value dropped and the 1st mortgage interest rate became ridiculously high, I filed for bankruptcy and was able to negotiate a fixed rate and affordable payments with the first mortgage and the first mortgage forgave {$80000.00} of principal on my mortgage making my payments and new mortgage amount affordable. The second mortgage disappeared and I thought it was dismissed by bankruptcy. Then 10 years letter ( XXXX XXXX ) In XXXX I received a mortgage bill from Franklin Credit Management Corporation who purchased my original second mortgage and the now how a lien and are sending bills. I contacted Franklin Credit to request a modification and I was denied. The original XXXX mortgage in XXXX was for the amount of XXXX with an interest rate of 11.70 %. Franklin Credit has sent me a bill for {$160000.00} to reinstate the loan.
Frequently Asked Questions
What is Complaint #7038329 about?
Complaint #7038329 was filed against Franklin Credit Management Corporation regarding Mortgage specifically about Struggling to pay mortgage. It was received by the CFPB on 2023-05-28T12:00:00-05:00.
How did Franklin Credit Management Corporation 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 Franklin Credit Management Corporation?
Yes, visit the Franklin Credit Management Corporation company profile at readthecomplaint.com/company/franklin-credit-management-corporation 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.