Central Mortgage Company

The following is a time line of events regarding our mortgage with Central Mortgage Company as per their own correspondence to us. Please tell me if this makes sense to anyone and whether this is legal and/or fair to the consumer.

April 11, 2011- Forbearance period as per CMC

October 4, 2011 - Payment of$3,300 applied to forbearance period

The loan has been current since July 2011. The loan is paid current and is next due for the January 1, 2012 payment. At no time was the loan referred for foreclosure. During the time period of Temporary Hardship, you paid the requested amount without delay and in accordance with the CMC payment terms."

Now after reading this, why would Central Mortgage report to the credit bureaus that our mortgage was 180 days late? We made our payments as per their guidelines and were consequence as if we never made a payment at all. How is this fair when we followed the rules? The following statement appeared on one of their pieces of communication:

This Forbearance Agreement is not designed to protect your credit. Credit will be impacted under this plan and reported as paying under a partial payment agreement. In addition, we are required to report a payment delinquent if the full contractual amount is not paid. This will continue until a modification has been completed or the loan is brought current."

We paid the full contractual amount as per the forbearance agreement set forth by Central Mortgage! We could live with 30 or 60 days late but 180 days! It makes no sense and by their gross error we are unable to secure a mortgage for a second home. How can anyone who suffers a temporary hardship, i.e. having your job be dissolved without any warning, get ahead in this economy? We did the right thing and contacted our mortgage company first when the job loss occurred and they have done nothing for us except report inaccurately!

Thank the good Lord, our job loss and hardship only lasted 6 months and we are now in a position to put our money back into the housing market to buy a second home and Central Mortgage is preventing us from doing that.

I submitted all documentation for a short payoff request. They confirmed receipt. I initially asked for a HAFA short sale, Central was the only lien holder and there was only the one loan. It was the principal residence bought before 01/01/2009. Borrowers were already in default and a trustee sale was projected for 01/10/2012 for $439,000.00, twice what it was worth. BPO was performed and buyer was willing to pay the full BPO price. I got within a week of opening active escrow when the contact at Central disclosed that Central had purchased Mortgage Insurance when they bought it from Downey Savings. Central had to know that prior to the purchase of the borrower's mortgage on the secondary market, the terms for repayment posed a likely default scenario. Why would the lender buy MI and not tell the borrower? Doesn't the mortgage company owe you the opportunity of the same information since the lender and borrower had formed a team to purchase the property from the onset?

The negotiator mentioned that the investor, to this day I don't know who it is, wouldn't participate with HAFA and the MI company ultimately denied my short sale attempt while never disclosing the terms by which the policy paid a claim or not. Nobody told me squat. They foreclosed on 1/10/2012, and on the 13th, I had a broker knocking at my door to vacate when a week earlier we were on the cusp of getting the short sale approved. The buyer is left with nothing, we have a foreclosure now, the agents have nothing to show for their work since October, and Central bought back the property at $195,000 when we had an offer at $212,000 in hand ready to go. It defies logic and nobody will give us the courtesy of an explanation. We still wanted to see the buyer get the place and salvage something positive out of our bad situation, but the new broker/agent won't talk to us about it and somehow thinks we're out to do something shady. It's amazing that the people who feel we're trying to be shady are in fact shady themselves. Only a card cheat accuses other people of cheating. Why else would they think that when we haven't had any exposure to them ever. Talk about prejudice.

If Central mortgage were to take a turn for the worst and not survive this economy, there will be no tears shed from us. They had the ability, means, authority to either work out a satisfactory modification to our loan, or to honor our request for short sale, but they refused. These banks are not the solution, they're the problem, and nobody will come to our aid when we tried everything to avoid foreclosure.

I contacted Central Mortgage of Arkansas around November 14, 2011 by phone and email to modify my loan by lowering my interest rate from 2.75% to 2%. The answer was next modification will only be higher while I am getting older and circumstances surrounding my health and economic condition are hardly getting better, and as such, there's no justification for a higher interest rate.

giving any consideration to the people who have financial hardship.

Horrible, bad, bad company! 9 years at a high interest rate on a mobile. All I needed was to modify my loan to a lower interest rate, as per the Obama program, since my business is down due to the depression. They agreed to lower payments for 3 months while reviewing modification papers. At the end of 3 months, they sent all three checks back together un-cashed with a letter stating I need to send certified funds!

That ruined my credit forever! 8 times I sent in paperwork, even had third party document in, only to say they were missing papers or I did not fill out right or they misread my income!

Now, they returned the loan back to Fanny Mae. We're paying $25,000 above what I owe and I was told to vacate the premises. Do not ever use this company!

Our trial period that was assigned to us in September 2009 is the main reason why we are now facing foreclosure. We were instructed (Trial Period Agreement) by Central Mortgage to make the payments for 3 months. During this time period, CMC asked us not to pay the regular payments because if we did, it would possibly void the trial period. So we didn't and during this time, CMC started to foreclose on our property and add on penalties ($25,000+ to the loan) to keep out of reach any type of payment to cure the default. This tactic alone is very questionable on how CMC does business. Because of the bad business practice, we are now forced into bankruptcy.

I have been trying to get a loan modification for over two years. We went into foreclosure in 2009 and paid all the crazy fees just to save my home. I have sent my papers four times and something is always missing, they claim. On my statements, it says that my interest rate is 4.25-4.59 but what they bill me is 6.1%. My payments were $3,559.00 and it is now $3,898.00. Then, they said that I had not paid my property taxes. One and a half years ago, they started a tax escrow account and is now charging me $4,900.00 a year for my property taxes. In actuality, my taxes are only $1,878.00 a year.

I am also sending them proof of my property tax bill again. Then, when I confronted them, they say it's insurance. I have my own homeowners insurance which I always have. Now, I received a letter that they're going to bill me $8,560.00 per year for the insurance. My insurance company is sending them my certificate of proof of insurance. So they just keep giving me the run-around.

I was a day late in making a $7,300.00 payment so now, they are sending me to foreclosure again. I have the funds that I borrowed to pay them once they come up with the amount just to get out of foreclosure. I feel it is wrong for them to say that the interest they're charging me is 4.25. The numbers do not add up. It's also wrong that they bill me late charges of $177.00 when it used to be just $78.00. Once I had problems paying, they raise the late fee. I feel like they're purposely trying to cause me to lose my home which has been in my family for 39 years.

My mom was out of work for 2 years, so I was making her payments as well as paying my own mortgage. By the end of last fall, I had used up every bit of savings I had and also had hours cut at work. I could no longer help my mom out and had fallen behind on my own bills. I filed my taxes on January 24, knowing that I could not only catch up but also get ahead on my bills with my return. As of today, (August 16) I still have not received my tax return. I also have not received any notices from Central Mortgage about my mortgage.

On August 5, while I was at work, a woman in a truck pulled up outside the property while my boyfriend was working on his truck. She told him she needed to take a picture of the house. He asked her why? She said she was from the bank, and the mortgage was overdue. She explained that every month the mortgage was late, they were required to take a picture of the house to show that it was still occupied. This made sense to all of us, as many people just walk off and abandon the property. He asked her if there was a problem. She said, "No, the next step will be an interview with the mortgage company." He said, "That's it?" She repeated, "That's it" and drove away. After work, he told me what happened and I told him, "Well, I get paid on Friday (August 13), so I'll talk to them then and pay as much as I can."

On Tuesday August 10, as I was leaving my yard to go to work, a truck pulled up alongside me. A woman got out and told me that she was thinking of bidding on my house at the auction that day, and wanted to know if I'd be interested in a lease option? I was floored! She immediately saw the horrified expression on my face. She said, "I'm sorry, you look shocked!" I said, "I am! How can they sell my house without telling me?" She said the auction was set for 11:00 that morning. At that time, it was 9:30. I ran inside in tears and told my boyfriend what the woman outside said. He said, "There must be a mistake, they can't do that without notifying you!"

I called my mortgage company, desperately trying to find out what was going on. My call was forwarded to Ashley, who I was told was the person most familiar with my loan. I was informed that my house was indeed up for auction. I asked how that could be done without any notification to me. She said they hired an attorney's office in Phoenix (Tiffany & Bosco) to handle the paperwork, if I didn't receive anything then I needed to contact them. She gave me the number and I called. I spoke with John, and was told that standard procedure was to send regular mail, certified mail, and put a posting on the property which they then take a picture of. I told them I had never received any mail, and there was never a posting left on my house or on any of my gates! I was told, "We sent letters, if you didn't pick up your mail, that's not our problem." He then told me that regardless of whether or not I was notified, they didn't have the authority to postpone the sale, that had to come from Central Mortgage Company. I hung up with him and called my mortgage company again.

I asked for Ashley again, and she was unavailable. I asked to hold, that it was really important that I speak to her. I was left on hold for a long while, then sent to voicemail. I hung up and called back again. I stayed on hold again, and then my call was forwarded to another woman whose name I didn't get. By this time it was 10:58, and the sale started at 11:00. I was told they would not postpone the sale, it was going to happen that day no matter what.

I spent the rest of the day fighting back tears at work, and trying to research Arizona foreclosure law. It was hard to keep any hope, because pretty much every incident you read about foreclosure, once it gets to the auction point everyone says it's too late. I did find an internet thread about a woman in Michigan who actually called her mortgage company to make a payment to bring her loan current, and was told her property had sold 2 days prior. She was never notified. She fought back and the mortgage company ended up reinstating her loan. This gave me a dim hope, at least.

The next morning I did more research. I learned that part of the procedures they have to follow includes running a public announcement in a local paper for 4 consecutive weeks. I wondered how it was that I or nobody I knew ever saw the announcement. After some deep digging, we finally found the announcement, published in the Casa Grande Dispatch, a paper I had previously never even heard of, and whose circulation boundaries fall miles from the location of my home. I was obviously never going to see this public notice, and it's obvious to me that that's the purpose of it running in that particular paper. I called Central Mortgage Company again, and asked to speak to Ashley.

I was sent to her voicemail. I left a message stating that I would be pursuing legal action, there is absolutely no reason the only notification I received of the sale of my home was from a prospective bidder and hour and a half before it began. Even if I had known 24 hours beforehand, that would have still given me a chance of saving my home. All I wanted was to be given the opportunity to bring my mortgage current, and I wasn't even given a deadline.

We spent the rest of the morning calling attorneys. We finally found one that specialized in foreclosure issues. He said he felt confident that he could get the sale overturned, but he wanted $5,000 up front to do it. Right now, if I am able to get my house back it's going to take me and everyone I know to chip in and bring my mortgage current. If I lose my house, it's going to take everything I have to start over somewhere new. So handing $5,000 over on a maybe is a really hard thing for me to do.

I've spent all week trying to find more specific information on foreclosure auction procedures. Does the certified mail they send have to be signed for, or do they only have to show they sent it? I don't know. It's possible that I didn't check my mail before it was returned, but I know I never got a slip notifying me of certified mail and I certainly never signed for anything. I live in my home, I'm either there or at work every single day. I'm not difficult to find. I haven't left to go out of town, I've never been gone for more than 10 hours at a time this entire year. I know there was never a notice left on my property concerning the auction. The man from the attorney's office said they take a picture of the posting on the property. I have yet to see one. And if they did post a notice, what's to stop them from taking a picture and then leaving the notice lying on the ground, or throwing it to the wind? Shouldn't it have to be secured in some way? Does the public notice only have to be in a paper in the same county, or does the paper actually have to circulate information in the area of the property? These are all questions I have, and have no idea who to go to for answers.

I've called the local HUD office, and got a message machine. I still haven't gotten an email or return phone call. I called Central Mortgage Company on Friday (August 13) and requested copies of everything they did to notify me. Letters, notice put on the property and the dates of each. I was told that "we don't have any of that on file, you'd have to contact the attorney's office for that." You mean to tell me that Central Mortgage Company authorized the auction of my home without having any documentation showing that I had been notified! I called Tiffany & Bosco and asked them for copies of the documents. I was told, "Oh, that file is closed, everything would be in storage."

This was 2 days after the auction would have been finalized, and everything is already "in storage?" Give me a break. I asked what dates the letters were sent and was told, "The initial mailing was sent April 26." Okay, what about the certified letter? No information. What date and time was the posting put on the property? No information. Where is this infamous picture of the posting? He wasn't sure, but it was probably in storage and it may cost me a fee to have someone dig it out for me.

As the homeowner, shouldn't I be entitled to all of that? As of now, I have absolutely no paper documentation that any of this has occurred. The only notification I have is verbal. This can't be legal, but I really don't think I have any way aside from filing a lawsuit of stopping any of this. Central Mortgage Company certainly has no interest in helping me.

I applied for a loan modification over 5 months ago as the $1,934 per month was taking all my money and asked to reduce the amount. Current loans are at lease 2 points lower than my loan. Pages and pages of documents were faxed and mailed to them month after month. Each month I had new requests. My wife has been in a rehabilitation facility for 22 months and is totally disabled. She is 71 and I am 73. The house was put into a trust to help save it from being sued for medical bills and keep a roof over my head.

We only get $2,400 per month social for both of us. My sons have helped me with $500 per month but cannot continue as they have families of their own and bills of their own. I received a final letter saying that since the house was in a trust, they cannot modify the loan. What a bunch of garbage? Five months of sending documents and now this. Unfortunately, I have over $200,000 in equity otherwise I would love to let the house go into foreclosure and live here for a year with no payments but I am too honorable and never have had a late payment in my life. Now I must choose what to do, maybe reverse mortgage. They have forced me into a bad situation. Plus try to get someone on the phone at Central Management. Good luck! All I can say is it is a ploy not to modify the loan and keep the bucks coming in on high interest loans.

I want to start a class action suit against Central Mortgage. If you had similar experience, please contact me at **. I have requested Central Mortgage to modify my current mortgage. They have been evaluating me for acceptance under the Affordable Home Plan. While I was under evaluation, they started foreclosure on me. This is against the rules of the Obama's Affordable Home Loans Plan. I have called the modification department and they have said that it's okay and that's normal practice. The foreclosure department doesn't know that I am in modification.

Central Mortgage took almost one year and hundreds of pages of paperwork to turn me down and they have said, "Frankly, you have too good of a credit so we don't believe you are in trouble." This was the reason why they turned me down. Once they sent the turn down letter, the day after, they sent the sale date to foreclose on my house. They would refuse to give me an amount to pay until a few hours before the deadline for me to pay. If I wasn't already expecting this from them, I would have lost my house. Please let me know if you had a similar experience with Central Mortgage. I am planning to start a class action lawsuit against them. I want you to join in.

This mortgage company is the worst in the nation. I advise anyone looking for a mortgage loan not to go with them. They are continuing to find ways to deny people loan modification under the Obama Make Home Affordable Program. To start the process, you have to request an application which could take up to three months to arrive. They try every tactic they could think of to stall the process and make it not happen. On the other hand, other companies have their mod. application posted on their web pages to download.

They do not know how to read income tax or financial documents and extremely rude. As a matter of fact, dealing with them is a hardship of its own. Overall, they will tell you if you get denied under the Obama program, you cannot reapply and they are trying to regulate the government already regulated program to meet their own interest. They never answer the phone or return calls. And overall caused me to default on my mortgage. I am seeking other people who are having similar problems with this mortgage company and would like to join us to file a joint lawsuit against this company.

My Mortgage from Downey Savings Bank was sold to Central Mortgage company. In all the 19 years I have owned my house, this company is the worst. They do not help me as a valued customer. I wanted to refinance my mortgage from an adjustable rate to a fixed rate after I learned from another brokerage who explained this adjustable rate to me, the first person from Downey was young eager to get rich easy got a fool which is me and talk me into this thing. My mortgage payment goes every year also my principal. I tried to refinance to a fixed rate with another bank could not do it because of the high penalty fee central charged if I payed off the balance too early. Of course I am stuck and my mortgage is now $1980. I am now behind in my mortgage asked help from central for a fixed rate. That's all I needed. I got a letter from them saying that between 2010 -2012, I will pay 1350, I for get the rate, but that quote did not include my insurance and property tax.

Then in 2012- 2014, I would pay 1600+ also with the same as before, then in 2014 to the end of the mortgage I would pay almost $2000 with a fixed rate of 6%. I personally did not feel this was right so I tried with a modification loan specialist who said they could help me. I had to pay them a months mortgage of $1980.00. I was told not to pay the mortgage while the negotiation was going on. I save my mortgage.

.

My insurance policy lapsed on a mortgaged property. The policy is $600 per year. Central Mortgage added a annual premium of $3000 to my mortgage payments. Unfair to be allowed to add insurance policy with premium 3 times the going rate.

I am in receipt of the 2nd letter from Central Mortgage Co. regarding my home hazard insurance on the property at Brentwood, CA which has a loan with them.

On receipt of the 1st letter while they stated that they need a copy of my renewed hazard home insurance policy, in response, I called AAA which is my insurance company, they told me that they have sent one copy already to the Central Mortgage Co. and they will send it again upon my request.

This 2nd letter was received yesterday informing me that they got an insurance coverage for me, coverage for $219,354, not including contents or liability and the premium is $3360.24. There is no name nor contact info. of the Insurance company in the letter.

I have paying insurance premiums for quite some years, but never seen such a high rate of premium, I wonder what kind of insurance business is this?

This type of letter is not the first time, it seems every year, at the time of my renewal of hazard insurance of this property, this Central Mortgage Co. will send me a letter informing me that they are covering my hazard insurance with an insurance policy of theirs.

Today I got a representative from AAA contacting The Central Mortgage Co. in 3 way phone calling, and found out that the renewed declaration has been sent to this Central Mortgage Co. 4 times, and the person on the line (Javier)from the Central Mortgage still requests AAA to fax a copy to him.

I wonder why the mailings for correspondences have no effect for business communication with this Central Mortgage Co.? Why they are in such manner of doing the business to make the consumers take the great efforts to contact them via the consumer's insurance company or they will just to replace the existing hazard insurance policy on their doing?

I write this letter because I feel this is a unreasonable hassle to me as a consumer, I did not acquire the loan from this Central Mortgage Co. the Downey Savings sold to them because my loan portfolio is good for the investment. Yet, to me, that I feel I am abused by their such a business practice attempting to replace my existing hazard insurance on the property with a unusual high premium and without information of an insurance company.

If the letter was lost on the way or misdelivered, and never reach me, then I will be damaged without my doing, since in my mind that this insurance coverage has been taken care of as usual.

I have been trying to make payments on an investment property, via my accountant but have been refused. I also registered online, only to be told that I can not make payments. I then called the 24 hour automated payment system, only to be disconnected because they are closed. I would like to call on Saturday, but the out going message stated the they are closed due to an all employee meeting. In the meantime, I am racking up late fees and possible credit violations.

I believe this company is intenally making it difficult to pay, so they can incur more revenue via late fee penalties. This is the third time this has happened to me this year. I have occurred approximately $400 in late fees Year To Date