Mount Orab, Ohio
Not resolved

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??

Review about: Flagstar Bank Mortgage.

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Check into the relationship between lending tree and Flagstar when you did your loan. Also, for overtime to be counted you must have had it for 2 years and guaranteed to continue receiving it. Also, check dates on your TIL, etc.

Poestenkill, New York, United States #209817

Did not FlagStar Bank commit Fraud with Triple AAA Junk Bonds (Real Estate Backed Security) real face value was (class D or Lower) are they going to pay back China there Trillions of Dollars they gave Banks to lend Americans to buy the American Dream or do Banks like FlagStar Bank BEAT THEM TO?Between that and TARP MONEY they are not GRANTING to there own customers I don't get it and don't tell me there using guide lines they have no intentions of helping they just want the money.

Help no one but themselves its O.K.if they steal but you as a customer get none.

Poestenkill, New York, United States #209713

I have to say I agree with "a".FlagStar Bank decides not the loan agent.

FlagStar is always looking for more and more profit wich is what a bank is suppose to do but it comes a point when a bank goes over the line, on there application they stated it was over-time it was up to FlagStar Bank to ask is this part time or perminate that is there job. I myself asked them to reduce my interest one time there answer was no because they had there investors to answer to, wich was cCrap it was *** Mae I had called them they said it was O.K.

but FlagStar did not want to do this.Frank what happenend to the "TARP MONEY"?


I have to agree with Daryl.I have worked with debt counseling for several years and this situation sounds like an everyday story in my line of work.

Everyone wants the 'American Dream' they just don't realize that their dream is out of their income range. I am not saying that Banks do not deserve some fault, but the majority has to fall on the person signing the documents.

When I completed my mortgage paperwork (with Flagstar), I was able to exclude everything other than base pay.If the loan agent included overtime, it is only because you included it in the documents you submitted to them.


It is the Employee's that is going to make flagstar bank go Belly Up! If the Empoyees worked with there customers it would be a different storey, a lot more customers would still have there homes and a lot more flagstar bank Empoyee's would still have there job's, to me that sounds like an even trade.


To "flagSHAFT bank EMPLOYEE's" you are so wrong if flagSHAFT worked with there customers in these hard economic times they would produce a strong foundation for the future but they don't follow commin sence that would make this bank servive, they are blinded by profit only all they can see is 300 percent profit thats it and if they can not do this they would rather see you loose your home than to work out a plan, i know what i am talking about i rent apartment's and in these hard times i have reduced my rents down 20 to 30 percent, God said it is the Sign of the times, It is writen in the new testiment. It is what it is, and if "flagSHAFT" does not come aboard they are going to sink with the ship, The END


and they are not making a profit by you know how much it costs to foreclose on a home?

i looked and flagstar lost like 80 million last quarter and 70 million the quarter before all because foreclosures.every bank is losing money.


I agree with Daryl. Sorry your in the position your in. I wouldnt want to be in that position either but even if they did change some of the figures of your loan at closing you didnt have to sign and even if you did sign you still have 3 days to rescind.


that horrible but god will be on ur side and get you through this one way or another


Daryl did not write the comment below, Daryl works for "flagSHAFT bank", I hope you get it now.

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