Chico, California
Not resolved
1 comment

Nov 2010, Flagstar called and informed me that I qualified for loan modification. 40yrs, fixed and at 4% interest rate.

About $1300 monthly. I was happy, and submitted to Freddie Mac for final approval. I submitted all required documentations they asked. I touch based every two weeks, still waiting for Freddie Mac.

Jan 31, 2011, I called them and finally said I do not qualify and Freddie Mac denied my claim. I did what they asked me, got myself a realtor immediately, and had an offer, and Freddie Mac called third Party to contact and renegotiate to be re-qualifed, they played me and my realtor at the same time.

Product or Service Mentioned: Flagstar Bank Loan Modification.

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Be glad you didn't get that loan. When banks call YOU to offer a loan they don't have your interests in mind.

They're out to make money. If Freddie turned you down it was because they saw a bad risk. They crunched the numbers and didn't like what they saw.

I bought my house on an FHA loan and it was a massive pain. I actually had to do work on the house before they'd approve the loan.

The house was being sold 'as is' so the owners didn't care what I had to do.

The day of closing my bank tried to cancel when I had to move the next day. I raised hades and got my way, but it was pure torture from start to finish.

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