I have had a terrible experience with Flagstar. It took three tries to get a modification from them and only when the third party company took over the modification process did my modification get approved.
This experience had irreparably damaged my credit and I want to be compensated for the 1 year average time it took them to process my modification packages. When I first got my loan the servicing company told me that i would get a 4% rate and refused to give me my truth in lending statement until the day before closing when they try to force me into an arm with a high interest rate. I walked away but the seller paid to buy down my rate from 6% arm to a 5% fixed. This was the beginning of my bad loan experience.
Then when I found out that my VA foreclosure needed a lot more structural work than anticipated, Flagstar lied to me and told me that there were no programs available to me for assistance.
It was a consumer organization that I saw on a commercial that let me know about the HARP and HAMP programs. The make so many mistakes and are so unethical that I know another class action lawsuit will be successful.
Product or Service Mentioned: Flagstar Bank Loan Modification.
Reason of review: Poor customer service.
Monetary Loss: $100000.
Preferred solution: Price reduction.
I didn't like: Unethical mortgage handeling, As many of their customers.