After initially contacting Flagsta(and that is not a typo)in November 2007 when I knew I would not be able to make the next mortgage payment, I was told Flagsta could not help me until I was at least 90 days in arrears. I inquired about making my payments every two weeks so as not to fall behind--not acceptable. I contacted them several times before the 90 days and was told the same thing every time.
All downhill from here on out. I contacted an attorney because after I submitted loss mitigation package several times and lost paperwork several times the foreclosure process began. The attorney gave me the option of bankruptcy as a last resort. A year later I had a sale date of November 7 2008.
We had reached an agreement with Flagsta the first of October 2008. They prepared the paperwork on October 21, 2008. I contacted them daily to check the status of when we would receive our workout package to stop the foreclosure on November 7. All I kept getting told was that it takes time as they are bogged down with so many files to process.
Guess what, we were sent the package (overnite) on October 31st 2008 (received on November 3, 2008 left on the doorstep) with a demand that we sign and return the documents along with our first payment of the workout program due October 29th. There's a catch here. A clause in the workout agreement stated that any payment even one day late would constitute the agreement null and void and immediate foreclosure would commence. With a sale date of November 7, I again contacted Flagsta and they told me that they would not consider the payment as late and to return the agreement (signed) with payment, and that they could stop the foreclosure on the actual sale date. This was NOT A GAMBLE I WAS WILLING TO TAKE.
Yes we are in bk limbo right now and are eligible for HAMP per the guidelines and are in round "22" of the process.
Product or Service Mentioned: Flagstar Bank Mortgage.