Flagstar Bank - Want2SueFlagstar@ymail.com -Flagstar loan we can't afford without a lot of overtime income!
Started with a search on lending tree .com when rental house was put up for sale by owner. Contacted by & approved for loan with Flagstar Bank. FHA loan given with 18 months of filing Chapter 7. Higher payment at closing. Did not explain that loan was approved to include $800/month overtime earned the previous year. When o/t was not available, got behind on payments.
Overcharged for appraisal, have never seen or been given copy of appraisal & appraised exactly for loan amount. Ameridream down payment 'gifted' by seller was added onto loan total & paid back to seller at closing.
After 18 months of us working with Hope Now & a volunteer attorney, lender still does not reply. Lender then took home to sheriff sale June '09 & a predatory lending complaint filed with Attorney General got sheriff sales stopped after AG contacted lender after they received requested copies of loan paperwork, then after that AG said they could not act as private attorney.
Lender only offered forebarance plan at original high payment that we can't afford without overtime income. Construction lay-offs & unemployment 9 months out of last year. Working now but not on regular 40 hr. basis yet & a $2/hr pay cut & no medical benefits. Mortgage loan has ruined the credit that we were rebuilding after filing Chapter 7. We have 12 & 15 yr. old children and can't lose our home! Lender is now in process of taking house back to sheriff sale.
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Can't we all join together to stop this greedy lender??
Product or Service Mentioned: Flagstar Bank Mortgage.