Richmond, Kentucky
Not resolved

I entered into a loss mitigation agreement with flagstar May 2010 to continue regular monthly payments for June, July and August, I done this letting other bills go just to get it paid, b/c they said that my mortgage payment would be modified after the agreement was up, which was August. I have called and sent in all papers and still getting the runaround.

They just keep saying to continue the full payment till I hear otherwise. I told them I will have no income for 3 weeks due to surgery. They don't care. So I have contacted a law firm, Pinnocal Law Firm to help me out, I just have to pay 400 a month and they work with flagstar to get my payment lowered.

I hope this is legitimate, and not a scam.

Has anyone heard of this law firm? I googled them and found some good comments so I hope it works for me too.

Product or Service Mentioned: Flagstar Bank Mortgage.

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I began the remod September last year. I read a lot of forums including this one and thought for sure that the whole thing was a joke... Well, after a full year and 2 months we actually got approved and modified. My payment went down $204 and my new interest rate is 2%. No joke. Here is the process:

First payment went delinquent in Sept 2010.

Flagstar sent papers about the Making Homes Affordable Act later that month which we returned.

They started calling daily in October after that payment was missed.

They sent the same papers again in December, which we returned again.

In January we received them AGAIN. We called them and asked why were we getting the same forms again after they've already been completed and submitted. We were told that we were suppose to be updating the income and bank statements every 30 days. How were we suppose to know this?! The reps response, you should have called...

So we officially started the Loss Mitigation process in January. We faxed in bank statements and hardship letter religiously every 30 days. We called 48 hours after sending the fax to verify they were received. One occasion they weren't, so you MUST call them and stay on top of it.

In March there was a knock at our door and it was a process server delivering foreclosure papers. WTF?! We called flagstar who told us we had to contact the attorney on the papers and we did. She said she was the liason between us and flagstar since the load had reached qualifications for foreclosure. Little did we know at the time, but this was the key to getting the ball moving.

She sent us some paperwork showing our options...

1) Pay the balance due plus fees to bring the loan current. We did not have $10k laying around. I was still unemployed.

2) Agree to a short sale... Not happening, we just had a baby back in November.

3) Fill out the same Making Homes Affordable forms and apply for a deferment/forebearance with flag star.

Option 3 it was.

We sent the forms and necessary paperwork back to the attorney. Flagstar qualified us for a No-pay forebearance until July. Which meant we did not have to resume our normal monthly mortgage payment and essentially bought me time to find a job. During this time we had to keep sending in the income verification and bank statements and called every two weeks to check on the status of the remod. At the end of July the No-pay foreberance remained in effect and foreclosure proceedings were still halted.

I became employed in April and began to send in my pay stubs. The agent I spoke with on one of many calls told me our chances at an approved remod were greater now that I was employed. The second key to getting these things approved.

So from April until Today we called, faxed, called, etc... and we were actually approved. It's a lengthy, frustrating process but it is worth it. Final results- $204 taken off the mortgage for good, all the entire late balance of $13,000+ and fee's were forgiven, and no interest rate of 2% for the life of the loan.

Stick with it folks, it does work.


All of you *** out there thinking of a bank as a ligitimate Business you most be Monkey's,as a banker my self I can tell you this the banks are here to rubb you dry, it is no modification Bs unless you are a Political volunteer close to DC....the best thing you can do is to stop Paying and save your money to buy another house with the lease to buy option.. you have to see what the islamic banks are doing the down payment is toward your future interest and all you pay is PRICIPAL for 30 years you won't be making a fat cat thief fater.

Do your self a favor especialy if you house is underwater ...STOP paying and save your money to buy something cheaper that you can afford.


I first started applying for a loan modification with Flagstar in September 2009 and have yet to get any kind of an answer. I've gone from Flagstar to their servicer Sterling, then back to Flagstar to Mortgage Outreach Services and now back to Flagstar.

They have asked for my info many times. They are crooks.

Poestenkill, New York, United States #214016

Please call your local and major media stations tell your story, 60 minutes is big on stuff like this, why not you have nothing to loose? Explain on the 1,001 reasons they come up with not to give you your modification, lost papers over and over again. Ask them to ask this major question how many "Loan Modifications" do they grant out of " One Hundred Applications" is it 1% Percent or Less, are they forced to give what grants they do give out if any?

Flagstar Bank says they do not have the guide lines to give out modifications if so why can't they just write up a cover letter and have the right people sign it, so they can give the people there modifications under the tarp guide lines?

Reason FlagStar Bank Does not want to do this, if 60-Minutes researches this matter they will see no matter what they ask FlagStar Bank will always have a reason why they can't give the Modification, this I know! Concerned Patriot.


I went through the loan modification process with Flagstar through the Mortgage Outreach Services. Evidently Flagstar has too many modifications to process and outsourced some of the work.

My original request for modification was back in January of 2010. They finally got around to reviewing my modification in September. I was told to send in the documents as an email and I would have an answer in two weeks. Here was my experience --

They lost my documents and requested new documents . Fortunately, it was an email so I just resent it. Next they lost my 2008 income tax information. This was the reason why they couldn't process my application within two weeks. LOL

I was told to pay the mortgage for November. Then was I told that I wasn't approved because I made too much money. Then I was told that I wasn't approved because I didn't make enough money. Then I was told that I wasn't approved because my mortgage was current and the program only applies to people who are behind.

But I also was told that I wouldn't be approved if I did fall behind on my mortgage payments. What a JOKE !

So, in conclusion, these are all stall tactics. All ways for the bank to just allow the homeowner to give up. There is no modification program.

I did everything right. I bought a house for $180,000 and put 20% down ($40,000). It is now worth $99,990. I had a great job but lost it because the economy in Florida is so depressed. I am therefore UNDERemployed because I had to take the first job available. Florida only pays unemployment for five months and the maxium amount is $275 -- no matter how much money you made at your old job.

Employers too are not paying what they used to because there are so many people fighting for the same jobs. The ratio here is something like 1 job -- 5 applicants.

The strategy of the banks is to force the present homeowners to short-sale their homes so the banks can start "fresh" with new homeowners that have excellent credit, have been in their job for over three years and are able to put down 20%.

The loss mitigation program is a big joke and only a pacifier to Washington so that the banks can say, "See, we tried, but these folks just wouldn't cooperate." This is why the banks repeatedly "lose" everybody's paperwork. And ask for the same information over and over again.

So the tax-payers TARP money that the banks got in order to "help" homeowners has been kept by the banks.

It's like asking a friend to borrow money to pay for your car repairs and then taking that borrowed money and using it for something else.

Some of the TARP money was ear-marked to help homeowners -- yet everything points to the fact that very few homeowners are being granted mortgage modifications that make any sense at all.

Meanwhile, there is a glut of houses on the market with few buyers thus further driving down the value of everybody's homes.

It doesn't take a degree in economics to understand the basics of simple supply and demand.

God Save America !


What ever you do, "DO NOT SIGN A SHORT SALE!" stay in your home! You can atleast get 1 to 2 years with this tactic, take them to court and fight for your RIGHTS, all they want you to do is sign off on the loan so they can make there last buck on your years of swet and tears, then they move on to there next "Victom", put a wrench in there gears and sign nothing, play dum, read what other customers have gone threw, they have never given any customers a square deal ever! Don't just take it in the butt!


This is not in your favor, they kept you hanging for 4-months, you will see they will keep you hangin for another 8-months and you will be no closer than when you started from the beginning! Please read all horror stories on this site about other customers with the same exact case as you, the out come was not good for any of flagstar bank customers ever, flagstar bank just keeps you hangin on with no results, that is there storie.

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