Flagstar Bank

Marjorie of Saginaw, MI June 17, 2008

Marjorie of Saginaw MI (06/17/08)
We had our mortgage with Flagstarr and when I called them sos they set us up with the foreclosure dept. IN a program called Loss Mitagation . Well we did WE LOSS. They couldn't help us and suggested we sell the home . Like that was gonna happen right away. We ended up losing the home. We should have never been approved for this mortgage in the first place.

We have to move to a apartment and I also ended up filing bk.

Aleida of Land O Lakes, FL January 22, 2008

Aleida of Land O Lakes FL (01/22/08)
On January 2008, I received a phone call from Flagstar Bank regarding my mortgage account. I was told that account was late in payment. I explained to the representative that the payments are made semi-monthly according to my payroll schedule and I have been using this method since May 2007. The account is paid up until March 2008. I then received a notice in the mail that the account was late and that I would be charged a 65.72 fee. I spoke to a representative by the name of Laurie on January 22, 2008 regarding the account. She was very rude and sarcastic and stated that they do not accept half payments and the funds sit in a limbo account although there is an account number on the payment instead of returning the payment to sender since according to the representative they do not accept partial payments. She then stated that one of the partial payments made in October 2007 was applied to the principal instead of the mortgage and because it had been more then 60 days they will not apply the payment properly. I then asked to speak to a manager and said that I would have to leave a voicemail and someone would get back to me. There was no notification or late charges for the month of November 2007 or December 2007 so I can not understand why now the payment was applied to principal and not to the mortgage. I also find it difficult to understand that if Flagstar Bank does not accept partial payments because they don't know were to apply it, why do they cash the payment and hold on to the funds without notifying the customer? Flagstar contradicts the policies they claim to have and have poor customer service to add to there poor banking.

I was charged a late fee of 65.72, my account is now showing as late or delinquent and I am forced to make an additional 870.00 payment.

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