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About Arvest Central Mortgage Company
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Arvest Central Mortgage Company (NMLS #186891) is a subsidiary of Arvest Bank, a community-based financial institution serving Arkansas, Kansas, Missouri and Oklahoma. The company, based in Little Rock, Arkansas, offers home and refinance loans, including conventional, FHA, VA, USDA and jumbo loans. It lends in all states except Delaware, Maryland, New Hampshire, New York and Rhode Island and services 99% of the loans it originates.
Pros & Cons
- Competitive rates
- Services 99% of its mortgages
- Useful mobile app
- Not available in all states
- No rate quote without completing an application
Arvest Central Mortgage Company provides purchase and refinance mortgages in 45 states. It has branches in Arkansas, Kansas, Missouri and Oklahoma, but you can apply entirely online. In addition to offering a variety of loan types, it services nearly every one of its loans, so you don’t have to worry about a service transfer.
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Reviewed Jan. 15, 2019
Our mortgage was sold to them without our knowledge and consent. Five years later we needed a release of a small easement that included a row we wanted to convey. It has been 5 months and is still not resolved. Their customer service ranks the worst I have ever seen in my 72 years of being on this planet. Just try calling someone in customer service. You get a recording. You need to know the exact extension to speak to a person. Then you get their voicemail. They don't return calls to me or my attorney trying to fix this. Do yourself a favor and go elsewhere. They should not be in business. They forced me to pay around 1500.00 in fees to obtain this release. They charged me $870.00 for an appraisal when the actual appraiser did not charge anywhere near that much. They lie, they are so unprofessional it's ridiculous. They won't tell you who to contact to complain so I am resorted to posting this online. I would give them zero stars if I could.
Reviewed Dec. 29, 2018
All the negative reviews are people who cannot manage their money or angry that their payment increased due to escrow or property taxes changing. I didn’t pick them; they bought my mortgage, but I have been nothing but happy. without any hunting or begging for information, I can see last month's payment and several months previous CLEARLY and easily in my history. They have a REAL-TIME Amortization Schedule, which shows exactly when the house will be paid off —1which changes (earlier) when larger payments are made. Been with them 3 years now, never had a problem, a “lost payment” or any other things the one-star reviewers said. If you have your mortgage on auto-pay, but change banks and therefore miss a payment, that is YOUR fault, not your lender's. I see no reason to change lenders. I like them.
Reviewed Dec. 13, 2018
If I could give 0 stars, that would be too many. Horrible company with an inaccurate customer website, horrible customer service and predatory practices. Just last month my account showed as paid but I hadn't seen the money taken out of my bank account so I reached to Arvest to see what was going on. They didn’t get back to me for 3 days, at which time I authorized another payment. My online account then showed as paid as of Nov 19th. Yet I still wasn’t seeing it taken from my checking account. I didn’t authorize another payment because I didn’t want multiple payments going through in one month and I hadn’t heard back from Arvest about my payment. They didn’t email again until 29 Nov to say it wasn’t paid and they’d be reporting it on my credit report.
I had never paid late in 3 years and now because they couldn’t manage to properly withdraw the payment, I’ve been charged late fees and have lost 71pts on my credit report! And to top it off, when I called to ask if they’d remove the mark from my credit since I’d always paid on time, they said they wouldn’t because they’d called and emailed. This is after I’d emailed multiple times to say I live overseas so I can’t receive their calls and I just received letters from them THIS week (mid Dec) saying my Nov payment was due. This company would be a joke except there’s nothing funny about having them seriously damage my credit because of their own incompetence and lack of customer service.
Reviewed Nov. 6, 2018
Our mortgage was sold to Arvest by our builder. They do not offer bimonthly payments as a rule and if you choose to set it up there is a sign up fee and payment fee each time and they do not apply the amount each draw. They hold it back and then pay the full monthly payment which does not benefit paying down your principal balance. Avoid their services or you will be paying more money in the long run.
Reviewed Sept. 21, 2018
If you are going to take out a mortgage with them, don't. They purchased my mortgage from someone else. Their customer service is awful. I have had to deal with them three times in five years. It reminds me of that movie "Boiler Room." They completely lack common sense. They increased my escrow. I forgot to adjust my auto pay. That is on me. They could have just informed me and told me to add it to the next payment. Instead, they put the entire payment to principal, charged me a $50 penalty, and charged for two mortgages. Rude, crass, and should not be in mortgage business.
Reviewed Sept. 18, 2018
This company has been so horrible to deal with regarding PMI removal on my account that is at 58% loan to value. Their customer service has been great UNTIL you get to the PMI department, where they offered to do very little to correct a mistake they made 10 months ago. They have been charging me PMI for 9 months now (and counting) and are not willing to give me the money back when THEY made a mistake with not canceling it. They conveniently can't find the note I sent them with the check I sent to get the mortgage paid down. They also removed my Facebook comments letting others know to be cautious of them. After they did that, they wanted me to trust that I never sent them a letter or called regarding PMI removal. It may be in the same file as the FB comments they "accidentally" took down. This company should not be trusted. Find a different bank!
Reviewed Sept. 18, 2018
Worst mortgage company I have ever dealt with. If you can get out of having a mortgage with this company don't do business with them. Terrible customer service and even worse online bill pay. Charged me twice in one month then blamed it on me saying they are at no fault. Most unhelpful and rude supervisors I have ever dealt with. Stay far away from this shady company. I'm sick. I can't work. They haven't emailed me important papers yet. I asked them for help. They told me to sell the house. They said to do a short sale. The worst customer service I ever had.
Reviewed Sept. 7, 2018
If you can get out of having a mortgage with this company... DO IT! Terrible customer service and even worse online bill pay. Charged me twice in one month then blamed it on me saying they are at no fault. Most unhelpful and rude supervisor (Jennifer) I have ever dealt with. Stay far away from this shady company.
Reviewed June 23, 2018
This company never paid my insurance, property taxes on time. I received notices and late fees assessed and had to pay out of pocket. "They never received statements from insurance or county". It was false and they never reimbursed me for the late fees accessed... I almost lost my homeowner's insurance and it affected my credit. I had my house broken into and they wanted my insurance check to set up an account and they would reimburse me for my cost... in other words they were in control of my money that I have paid on my insurance. Of course that was after 3 different phone calls and letters and each was different. I would stay away from this company. I am going to refinance with a stipulation that it will never be transferred to this crooked company. They do not have customer service, accounts payable or even a type of pay-day cash receivables. Consider yourself a pawn in this company not a customer that matters!!!
Reviewed June 14, 2018
My mortgage was transferred to this company immediately following my closing. I received an email from my insurance company stating that they had not received my escrow payment and would be charging me personally. I logged onto the Arvest website to update my info, and it had my insurance company with my policy number and amount owed; it also had my escrow balance, just sitting there, not sent to the insurance company. Also, if you want to do anything besides one automatic draft each month for your payment, expect to pay "service fees."
I called and spoke to customer service, who was very polite, regarding setting up 2 automatic drafts per month. That is how I have always paid my mortgage, never been an issue. They stated that they could set it up for a $200 fee that does NOT go toward your mortgage, and a $3.50 fee for each draft. There are other payment options too, such as paying over the phone with a representative, and that will cost you a $10 fee.
Reviewed June 14, 2018
Immediately after buying my house, they took over my mortgage. One year later, I lost my job and got behind a payment, but even when I got a new job, I stayed one month behind on payments for several months. During that time, and still to this day, even though I am now fully current, they call me ever three days, without fail to ask if I will be making a payment, remind me my payment will be due by the 17th, and then again, and again as a "courtesy". It was very stressful to have them insist I go through their list of questions and confirm for them everything every couple of days. Then the fees they charged for my being late... legal fees, late fees... yes those would be expected, but even after catching up, they continued charging them. They had me stressed out and one caller even told me I could only be late so many times before they took my house. Had my credit not been ruined by this, I would have already refinanced my mortgage. Awful.
Reviewed May 16, 2018
Provident sold our account to this shady company in 2016. Ever since we have had a horrible experience. They keep raising and lowering our monthly payments. They miscalculated our insurance payments and made it look like we pay $2000 instead of $1331 in insurance. They don’t log any of the info I have given them to try and correct my account. They offer no assistance to try and fix the problems we're having with their mix up. Total F grade company.
Reviewed April 16, 2018
Arvest Central Mortgage took over my mortgage within months of closing, this is fairly common. However there should be a law in place allowing you a choice. If there was, I would never have chosen Arvest and I strongly suggest anyone reading this post to steer as far away as possible as well. I have PMI insurance on my mortgage, as required when you put down less than 20%, no problem. But here's what is the problem. I waited two years and paid all payments on time (auto withdrawal), I also waited until the value of my home went up 25% more than what I owe, but in Arvest's infinite wisdom, they base their percentage not on 25% of what you owe, but on what your purchase price was. This makes absolutely no sense since all other companies out there base it on a percentage above your current balance.
To top it off you pay them (their appraiser, you're not allowed an unbiased one, if your own choosing) top dollar for the appraisal and if they under appraise your home based on Arvest's screwy way of telling you what it has to appraise for, not only are you out $450 dollars for the appraisal, but you're still stuck with the PMI until you pay your mortgage down over the next 8-10 years until it reaches their prescribed 25 % of what you paid for the house. After speaking with two other banks, I was told that this is common practice with unscrupulous mortgage companies. I am sending a letter to the Arkansas and Florida Attorney General's office, making sure they investigate this companies practices. Who knows what other legal but unethical and immoral practices they use in their daily dealings with the general public. I also am writing an editorial to make people aware, so they don't get trapped like we did.
Reviewed April 13, 2018
They took over my mortgage part way through, so I did not select them as my provider. I wish that the mortgage companies didn't do this, but the consumer's wishes never seem to count for much, do they? As of this month (April 2018), I think that they have withdrawn the last payment from my checking account. I received an inscrutable letter congratulating me about my loan approaching its payoff date. It goes on to mention that they have enclosed a "Payoff Letter for your loan", but immediately follows with "Receipt of this letter by no means obligates you to pay off your loan before the maturity date". Huh? So what am I supposed to do? The tone of the letter suggested that it was some sort of come-on to pay the loan off early. So I just ignore the letter and they will take the final payment automatically from my account, right? Like they have for the past upteen years?
Then someone called and left a message about paying off the loan. I called back and got some guy with a backwoods accent, who wasn't able to explain (at least to my admittedly untutored ear) what was going on. Something to do with a title release at the county recorder's office -- I guess. I got fed up and mailed them a check for what he said they wanted plus a little more, about $190. Meanwhile, they sent the letter again, same date. Now that I read the letter more carefully, I noticed that they won't accept a personal check to pay off this final amount... no, in fact, they charge an additional $25 if you try to pay them in this manner. So now I will get my check mailed back, plus a fine of $25 for paying them, plus (no doubt) interest? After years of having them withdraw money directly, like a needle in one of my arteries, what kind of a joke is this? Yet another industry sorely in need of more regulation.
Reviewed March 30, 2018
I wish it was possible to give zero stars. I'd like to personally call out Jim in customer service for an 11/21 conversation. As well as Paisley and Rosanna on 3/30/18. All interactions require excessive hold times, lack of cooperation and refusals to put things in writing. They refuse to send out any notification letters (like your mortgage payment has changed) via anything other than snail mail. They lack accountability, honesty, and integrity. Speaking with them gives one that same icky feeling of greasy haired used car salesman. I have told my broker and realtor to stop sending their customers to them, and, I will go out of my way to never use them as a mortgage company again. You only have to glance at the other posts to see the track record of customer service that can only be described and dishonest and imbecilic, with a complete disregard for efficiency or logic or respect for customer's time.
Reviewed March 26, 2018
Unfortunately, this company purchased the mortgage on my new house. They are horrible. Previously I had a mortgage through Chase (on a different property) - and it seemed like good service... Now I know how amazing Chase was... And just how HORRIBLE ARVEST is. They collect double escrow - and they also don't do an accurate escrow calculation (because if they did - my taxes wouldn't have been $2000/yr lower for the two years I have had them as my mortgage company).
And yes, don't ask if you can pay the taxes yourself - they want a $1000 to "evaluate" that. Complete crooks. This isn't just bad customer service - these people are crooks. (And I pay extra for my principal every month - so I am not a customer who has been tacked with late fees, etc and is just complaining). I am someone who wants decent fair service - STAY AWAY if you can. I seriously believe there should be a law prohibiting this type of purchase of my mortgage with such different policies and procedures as the originator.
Reviewed March 21, 2018
This mortgage company is the worst company out there. I am a seasoned real estate broker 25 years in the business and I say do not do business with them. I had homeowner's insurance and they keep sending me letters saying they are going to tack on their insurance. And my insurance company sent them proof but I am still getting harassing letters from them. Now they want the previous year's policy that is basically expired. STAY AWAY FROM THIS COMPANY.
Reviewed Feb. 27, 2018
This company just bought out my mortgage. They charge to take payments unless you set up auto draft and charge you more to talk to a person. Never heard of them before and there was probably a reason for that.
Reviewed Feb. 12, 2018
Arvest Central Mortgage Co are the most crooked mortgage co I've ever dealt with, they mis-managed my account, charged me late fees for payments which were not late. I was forced to contact the Texas & Arkansas Attorney Generals on this dis-honest company. Steer clear of them if you can.
Reviewed Jan. 30, 2018
My mortgage was just bought by these idiots and in a month of having it jacked my payment by a couple of hundred dollars. They say they need to keep an extra $3000 in escrow to cover any possible overages in taxes. This is new construction in Illinois, a full tax bill is still 18 months away. By that time with the new rate I’ll have like $7000 extra in the escrow account when my taxes are $12500. Thanks for stealing my money... Oh and if I don’t want them to escrow my taxes, I hustled need to pay them $1000 for that honor. Crooks, every last one of them!
Reviewed Dec. 29, 2017
Unfortunately this company purchased my mortgage from another, so the only way out is to refinance and hope they don't purchase it again. They paid our taxes incorrectly last year which was the first problem, but I got over it. Then this fall, when Hurricane Harvey hit, I paid my mortgage in two payments a week apart because I was unable to pick up one of my paychecks from my place of employment due to being closed from the hurricane.
The mortgage company sent back the first check which I received two weeks later (after my payment was due). They then proceeded to charge me a late fee. I paid the account in full even though they kept half of the previous payment. I contacted Customer Service and NEVER RECEIVED A REPLY. I explained the situation and asked for them to kindly remove the late fee. Finally three months later, they decided to apply the overpayment and charged me the difference, but still collected the late fee at that point. Customer Service is a joke.
Reviewed Dec. 2, 2017
This company hasn't done nothing but harass me and sending me threatening letter about just every month. Lying that they receive information I haven't paid my taxes then sending me threatening letter that they don't have my Homeowners Insurance (they are annoying, disrespectful and will not leave you alone). I can imagine how they treat people that have miss a payments. OMG. Poor folks. I also ask them to send me a payoff 5 times in last 2 years. Not once did they honor my request. Their Escrow department are nutcases. They should be stopped of sending untruthful threatening letters to the customers. This week I am refinancing. They obviously don't want a perfect customer.
Reviewed Nov. 26, 2017
I don't understand all the negative reviews. My husband and I had a great experience with Arvest. We just refinanced at a lower rate and are saving over $300 a month. We also get to skip our November and December payment. I recommend Emanuel ** for you refinance guy. He is very knowledgeable and explains everything. He has made our lives better.
Reviewed Nov. 17, 2017
I bought a new construction house in June 2017 at which time the taxes were assessed on the value of the land at 12/31/16. When they reassessed my escrow they used the wrong tax amount ($6800) instead of the $5.67 for the winter. The summer taxes (which are always the higher amount in MI were only $30, so anyone with common sense and a brief understanding of taxes would know this is wrong).
I'm a CPA and when I attempted to explain to them and ask them to call the Township, they claimed the bill wasn't available until December 1st (only 2 weeks away) and asked me to pay an additional $3800 into my escrow that was unnecessary. After 4 phone calls I was told that I could send them a letter to request the amount I wanted to pay into the escrow. In effect, I recreated an escrow analysis using the proper figures. I'm not interested in these idiots holding onto my money in their bank account. If I could switch right now I would. I have no interest in ever being associated with them again.
Reviewed Nov. 15, 2017
Our experience with Arvest Central was one of the first we had in town. We were shocked that when we walked in the tellers said good morning, and treated us just like we banked there weekly. The mortgage representative was friendly and helpful. It's been over 4 years now, and she still sends my husband and I birthday cards... Not a big deal? It is, when they are signed yearly by her!
Reviewed July 29, 2017
I've never had a problem with Arvest Central Mortgage. I've been with them for about 15 years with no issues. I'm in the process of refinancing now and they have been nothing but very nice and professional to work with! I recommend them.
Reviewed July 13, 2017
They charge a 10-dollar fee to pay over the phone and a 5-dollar fee online. My loan company recently sold my loan to this company and they have never sent me statements or coupons to pay. They won't waive the fee and can't rush payment coupons to me. They are difficult to get on the phone and rude when you can. DO NOT purchase a loan through this company!
Reviewed July 8, 2017
We bought our home in 2013. It was supposed to be our retirement home. My partner of 31 years passed away and left me with one income. I applied to Central Mortgage 8 times for assistance. 8 times they turned me down. They called, sent letters and even came 912095 to my house. This went on every week for over 1 and a half years. They constantly harassed me. I was stressed to the max. I had gotten behind by 2 payments. For a year and a half after getting behind I sent payments with late fee the first of month. I couldn't get caught up and they would not assist me tho I knew they could. They jerked me around until I could no longer put up with the stress. I sold my retirement home at 65. They destroyed my credit and now I have no choice but to rent. This in my golden years. Just know this. Karma is a **.
Reviewed April 5, 2017
This is the second time a mortgage I have/had was transferred to this company. One time with a previous house I owned and now with my current house. Customer service is a joke. The company is very unprofessional in handling affairs such as escrow. They over collected on the escrow account and ignored my calls to tell them they were doing so. When they supposedly returned the overage the check by mail it never arrived at my house.
When I called to inform them of what happened they said they did their part by sending the check, and that I'd have to fill out some forms to cancel the one they sent and reissue another. The amount of the check was over $1,300. They tried to blame the post office for not delivering it, then suggested someone stole it out of my mailbox which by the way is a locking mail box and isn't possible without damaging the box. Bottom line this money belongs to me and was over collected on purpose. I believe it is their responsibility to get this money to me and their obligation doesn't end with a "the check is in the mail" comment. They did not of course offer direct deposit.
Reviewed March 31, 2017
Arvest Central Mortgage is like a cheap virus, they don't go away until they get all their money and then they laugh in your face and this is what they tried to do to us until we were able to pay off our old mortgage. Well this is for central mortgage: You suck big time and I really feel sorry for those who are dealing with your stinking blood sucking company and I hope one day you go down in flames and rot in hell!!!
Reviewed Aug. 23, 2016
I bought my home in 2004 from German American Bank. By 2005, CMC had the loan. Over 10 years of me pressing to get insurance and the initial property tax esterline paid. I'm a disabled American Veteran living in Indiana. Veterans in Indiana get benefits for property tax on homes and vehicles. Initially, I had to pay taxes so they escrowed that money in. But after the first year with Homeowners and VA benefits the taxes we $0. It took 10 months of sending document after document proving this. It also took 10 months of me sending documents and my insurance sending and resending documents to get them paid.
Every September I contact my insurance company first to see if the bill is ready, put them on hold, call CMC, put them together and stay on until CMC verifies they have the bill and tell my insurance company what date it will be sent. Then I call my insurance company on that date to ensure they have it. Pretty ridiculous process but I got tired of it 12 years ago. I'm just now hearing about the superfluous legal fees. I'm going to start digging into them after September, they total 3 times one monthly payment. If I have any luck I will post again.
Reviewed July 21, 2016
Approximately 5 yrs ago Central Mortgage offered us a modification loan and we accepted but they didn't tell us the hidden surprises that followed soon after. Each year of the 5 yrs period they kept increasing the monthly payment and now they recently send us via Fedex an offer they called ‘take it or we foreclose your house’! They're more than doubling our payment now and if we don't accept their offer they will start foreclosure proceeding so we're using the equity in our home to pay them off through a specially equity loan from a different lender so it will free our home and we can stay put. If you're with this company may god help you. They really suck big time! We wish we could sue them but that's just a pipe dream now.
Reviewed Oct. 29, 2015
I am extremely upset & disgusted on the way my short sale process has been handled!!! I am upside down on my mortgage, because I now owe more than what my home is actually worth. I applied to do a short sale in September, when my home was placed on the market. There is a young lady named Bri that has been nice and helpful each time I have talked to her, and when I asked about a Deed in Lieu (DIL), the request was granted by the processor. However, nearly 2 weeks later, I called to check on the status of the DIL, and was told by a woman named Debbie that they cannot do the DIL because I have a secondary lender... NOT NEW NEWS! Having a secondary lender is information I have discussed with them before, so why is it all of a sudden a surprise!?
Fortunately, even when I thought they were going to grant the DIL, I never took my home off the market, and I ended up receiving an offer. On October 14, 2005, my realtor emailed CMC a 16-page document including information needed for the short sale offer. I just called today to get an update, and I was told that my case has been closed because they have not received any documents! I go into my email and read the email response from CMC saying the information has been received. She then speaks to Brian, the assigned processor, and he says the file had been closed, and there was no contact number for the realtor... to which I point out page 2 of the document which includes my handwritten "Letter of Authority" on the realtor's company letterhead! How do you not notice a phone number on company letterhead!?
What this means to me is that you did not look through the packet, and/or you are very incompetent and have no idea of what you are doing, especially since the young lady looked at the packet and saw the number! This is already a difficult time for me due to everything I have going on, and the fact that this process is being handled so poorly just adds more stress and is very upsetting! I am so disgusted right now!
Reviewed Aug. 27, 2015
I called and got someone who knew nothing and said that I had missed payments just before getting a loan mod and they tacked them back on. I'll check but I don't think I did miss any. I asked her if she knew that to be fact about my account, or was it just a likely scenario. She finally admitted she fabricated it. I think it was more of an answering service.
I got a printout of a few year's worth of payments, and man, do they tack on fees! There are random attorney and inspection fees. What? The worst thing is that my payments are inflated by $200/month beyond what's needed for principal, interest, and escrow items. They just tap into that for anything they want. When I add it up I am probably going to blow a gasket. They did modify my loan, but, my payment went up because they forced the escrow and added that $200/month. The rate I got was not that good - 4.5% and they extended the term which might mean I'll pay more than I was before.
Reviewed Aug. 18, 2015
After we bought our new home, the mortgage was sold to Central Mortgage Company. We were having property tax and insurance impounds, however, during this first year, we got more than one property tax bill - and Central Mortgage only paid the first one. When we discovered this, we had to pay $500 in penalties in addition to paying the subsequent tax bills. I called and wrote to Central Mortgage and told them I didn't want this to happen again and requested that I pay the insurance and property taxes myself. (Which I had done with my previous residence.)
I have a very high FICO score, low debt to income and a very low loan to value. In other words, there is little to no risk for Central Mortgage Company to allow me to pay my own taxes and insurance. They said that they would do it, provided that I pay .25 point. (Oh, and I have to wait until I've had the loan for one year as well.) In other words, they insist on charging me $$ to lessen their workload! I have decided that I am simply going to pay off the mortgage and be done with them.
Reviewed Aug. 8, 2015
I've had a CMC mortgage for 2 months and they've sent back payments both months. They do not accept partial payments. Ok, but when the check was for an obvious transcription error, WTF. The check was off my less than .01%. The first time they called to say that they just sent back my payment, but they needed a payment for the exact same amount. What? The guy who called hated his life and demanded to know the date that I was sending in the payment for the exact same amount.
They charge $5 for online payment. How much does it cost for a guaranteed payment that is automatically processed to the correct account? Yet, they charge. They are trying to force people into issues or charge late fees. They are terrible. I have had 4 mortgages with local backs and three with BOA, Wells Fargo and UMB. This is the worst mortgage company I've ever dealt with. Ask your lender, particularly PrimeLending, if they are planning to sell your loan to CMC. If so, run away. I hate CMC.
Reviewed June 2, 2015
We were behind 3 months. They said we qualified for a loan mod. We did the 3 months. Husband wasn't home to sign the documents. Next thing they are saying we are 7 months behind and it went to a foreclosure lawyer. Never once were we told that we didn't accept it we would get butt ** for those 3 months.
Reviewed April 9, 2015
I have seen many reviews bashing this company for some their practices. My experience has been just the opposite. Central Mortgage has done everything correctly on my home mortgage from paying real estate taxes and my homeowner's insurance a month ahead of schedule. Automatic payments are posted correctly. Their website clearly shows how the payment is posted for principal, interest, and escrow. Escrow reviews are clear. Expect your payments to go up as property taxes and insurance increase. Central Mortgage does not make any money out of this. In fact they will pay you some interest on extra money if there is a surplus.
Looking at the complaints appears to be largely with homeowners with shaky financial situations. Never start missing payments or defaulting on your mortgage. This is worst thing that a homeowner can do. Your house can be seized in as little as 3 months of non payment of your mortgage. The deck is stacked against you if you slip up. Every mortgage company had the right to do this. It is in the documents you sign. If you can't afford the mortgage you should not be in the house.
Reviewed March 28, 2015
Central Mortgage had left me a pain that would linger for the rest of my life. The company and RE/MAX Signature connived together, broke into the house while the foreclosure processing was Pending in court. They changed the lock, ransacked the whole house, vandalized our things and cast away with many value items. I fell hard seeing what they did to us. Falling hard left me with neck dislocation till today.
Reviewed March 13, 2015
Trying for nine years to get rid of PMI. We owe 168000 my assessment. We just got the house - is worth 200000 but Central Mortgage wants us to pay for a appraisal. That's wrong.
Reviewed Feb. 18, 2015
I have received a package from you via FedEx and also an E-mail inducting my property has been referred to foreclosure department because my mortgage is been delinquent. Let me put these facts in front of you. I never been late on making my monthly payment since I have been with your guys at all, your company are refusing to take my payment of $18677.66 specially for last two month. So I am depositing my monthly mortgage payment on a trust account at a bank to prove to them I have paying my mortgage on time.
Also check your customer service of all calls I have been making every month before the due to date. I am at a point to take this case to Los Angles superior court for the game and harassment your guys playing to take over my property. In order for you to understand what is going on with my situation, you have to refer to more than 50 E-mails I have been send to following people, ** and hundred of calls I already made.
Reviewed Feb. 6, 2015
Central Mortgage Company Little Rock Ark Lou ** conspired with Elisa ** at Nationwide Title Palm Harbor FL also with Elizabeth ** at PLM Lender Services Inc in Campbell Ca & GB iNLAND Properties, Ticor Title Riverside CA together knowingly carried out a unlawful default and unlawful foreclosure sale on a current loan by fraud in real estate transactions. CMC was only servicer.. CMC hired Ca law firm of Adleson, Hess & Kelly, Wright, Finlay & Zak to escape Liability and conceal fraud! CMC Collected nearly $100,000 in Attorney fees taken from my surplus funds!
Reviewed Dec. 7, 2014
I am an attorney in the Los Angeles area with a pending action against Central Mortgage. The case arises out of improper servicing and placement of force placed insurance. However, during the action, Central has been wrongfully charging its attorney's fees to my client's account. I have added another cause of action to the complaint to address the attorney's fees issue. If you have also had Central's attorney's fees charged to your account, please contact me as soon as possible. Thank you.
Reviewed Nov. 20, 2014
I experienced a slow income month due to surgery. I was not late or in trouble with debt. I called to ask if they would take one late payment or none that month and let me make it up. They said that required a loan modification, that the Government said so, and that I had to be late two payments. They said they would also convert my ARM to a fixed. So, against better judgement I skipped 2 payments and then got their loan mod package. That was the beginning of over a year of constant lies, lost paperwork, changing terms, etc until they turned me down. They didn't use a legal method to turn me down. We fought back and forth and they gave me lies about how much I had to give upfront for the mod, etc.
Months went by with another turn down and another request for a mod package. About that time, courts were hearing cases about such nonsense and states were putting safety programs into place, so Central said they were giving me another chance. Then they started a foreclosure! They had purchased my loan from a dead savings and loan, and used MERS to do it. Funny thing was they never transferred the loan to their own name until JUST before the foreclosure. Some of the documents were pure fraud. Based on all the evidence, the judge threw their foreclosure out of court. THAT started 2 years of nothing. Some paperwork once in a while and they repeatedly sent back due paperwork to us instead of trying to loan mod.
9 months ago they changed to JUDICIAL FORECLOSURE and filed suit on us. We requested a loan mod process and were approved. The court trial was extended. We were told that our second mortgage and a judgement lien by a horrible ambulance chasing lawyer named Daniel ** in lower Oregon made no difference, that Central could do the new loan without anything from them. I have them RECORDED twice, telling me that SO, I was told I had to make THREE TRIAL PAYMENTS before they would start on my paperwork. We did. Then at the end we were told there were title issues. We paid for a 4th month. Now they say that all liens and judgements have to subordinate or be paid off or they will not loan mod. They just SCREWED US AGAIN for $4800 in payments, and maintain that nobody there told us to A: stop making payments, B: That nothing was needed by title from the junior mortgage and judgement!
Now the judicial foreclosure trial is set for 2.5 months from now and the only thing I can do is bankrupt and lose our house of 21 years. If, 5 years ago, they had just told me no about skipping a payment, I wouldn't be losing my house. I have a legal firm that wants to do a class action suit for people told to stop making payments, and for taking people's trial payments then turning them down. Anyone interested?
Reviewed Oct. 30, 2014
My loan servicer is Central Mortgage Company. I finally got the modification to save my house. But the Central Mortgage Company added all the legal fees ($26,000.00) on me. Which is unfair. Looking for lawsuit or joint class action lawsuit. Good luck guys!
Reviewed Sept. 9, 2014
We were also bought by Central months after closing and moving into our condo, this without any notification or choice. It was okay for the first year and then wham!!! we got a new coupon book out of the blue, mind you we never had a coupon book in the first place. I opened it to find they were raising our mortgage $550.00 a month and said it was to bring up the escrow to the new tax base. We struggled through this and modified with them at the same time. It was a struggle to get the extra money together and the process of paperwork lost, not read and payments held over days before crediting began.
We were able to modify and get back down but wouldn't you know it, we get a letter in the end of the fifth month of the six-month agreement stating the person who did the modification made mistakes and they were raising it again. They added another $600 onto the payment making our mortgage now $1070.00 higher for the next seven months. This was so distressing and so convoluted that we needed to take this to our lawyer. We are here in New York and our lawyer in practice for thirty plus years could not make heads nor tails of their system, payments were applied and unapplied to our account and fees added all over the place.
The escrow never reached the positive and Central had no explanation when you get them on the phone. They will tell you the person you dealt with before no longer works there and they made mistakes. My wife and I had a letter drafted asking them to commit to the payment once we finished the payment plan and they did not. We made every payment by wire transfer and had a solid record and still in July when we wired the last payment spent days on the phone with a new person telling us we need to have a new three-month repayment plan. Well we pressed and pushed them and finally all the money was found and applied properly to the mortgage and we are on track and at the payment amount we should be.
This is the most distressing and arduous experience we have ever had in our life. We have had several mortgages on properties in the past and never had anything this crazy. We have had a mortgage on another property with Chase for eight years and have never had any problem. Central seems to be a very unorganized and young staffed company, we have to believe this or we will feel that we have been ripped off and money taken from our pockets and as Christians do not want that. Be very careful with this company, keep detailed records and receipts and look over every letter you get from them thoroughly.
Reviewed May 15, 2014
My mortgage loan was sold to Central Mtg Co several years ago. Three years ago, I lost my job and was able to retire. I have never missed a payment or been late. I wanted to modify my loan just to get a better interest rate. I was sent the packet, filled out the paperwork but that still wasn't enough. After speaking with Manuela, I asked "what exactly do they want since I'm not in the banking field"? She put me on hold pretending to speak to her manager, came back on to say they were still reviewing my request. When she came back on the line, I was told I didn't qualify for a modification but I could do a forbearance which is pay half for three months and ruin my credit. I told her I see why people walk away from their homes cause we can't get any help from our mortgage companies after being loyal paying customers. It is very frustrating to know these people don't care about families homes. I'm in if there's a class action lawsuit.
Reviewed April 23, 2014
I was a victim of mortgage fraud in 2008. My loan was purchased by Central Mortgage Company shortly after closing. I had a balloon payment coming due and knew I could not afford it nor the $5000 monthly payments. I reached out to the bank for assistance. They informed me I would have to be delinquent prior to them helping me. Under their advice I let my account go delinquent and reached out again. I was then told because I was delinquent they could not help me. They sent me a HAMP Package to complete. I filled it out and promptly returned it. I followed up a few weeks later to be told they had not received it. I resent it and was declined. Over the course of several months I received numerous duplicate offers to apply for HAMP. The bank sent me four letters all dated the same date stating foreclosure process has begun. I reapplied for the HAMP program only to be denied yet again.
It has been three years, $35k of legal fees, default and foreclosure letters every two months and now they claim I owe $30k for their legal fees. That American Rule states each side pays their own fees. Don't be fooled. Opposing counsel is still dragging their feet and I still receive threatening letters regularly. This bank has single-handedly ruined my almost perfect credit score. I cannot even get a credit card with a $100 limit because of Central Mortgage. The case is still ongoing and racking up more legal fees. I just want to pay my mortgage and not live in fear of coming home to find an eviction notice on my door after owning this property eight years. Our home is central to schools, our jobs, and family. I cannot lose it because of a banks ineptitude. If you have a mortgage with them, move it promptly.
Reviewed April 19, 2014
I have mailed every single mortgage payment more than 10 days before the due date. They never process the check timely and claim to have not received 2 of 7. My mortgage payments were on time every time for 18 years with prior processor under same circumstances. They raised my payment when my RE taxes went DOWN! They are unable to be reached by phone and local processor NEVER returns calls. Do not allow you loan to be processed by this company! FRAUDULENT in every way!
Reviewed April 9, 2014
My loan also was sold to central mortgage. I have a fixed loan and my payment has gone up twice in the last 2 years. I too was told my insurance went up almost $300 last year. Now I just get another notice a couple days ago, mortgage up another 45.00. Also my insurance had been lost a couple of times. Just finished reading some of the other complaints, to many similarity. Please look into this company. We are hard working people and do not want to be take advantage of.
Reviewed March 31, 2014
I have tried to have my mortgage modified at least 5 times with Central. Each time I'm given incorrect information and thrown off to break deadlines. This last time I emailed all required docs to them at their 'singlepointofcontact' address. I called the next day and was told my case had been closed due to non-receipt of docs! After talking the wopman named LUPE into looking, she found them and said they had not been read. I asked how they could turn me down for non-receipt when they hadn't even looked to see if they were there. She couldn't answer that. Then I told her three emails were sent. She said they only received two. I resent the other email with the required docs and two days later, receives a letter saying I wasn't complete and past the deadline.
Lupe had told me I had ANOTHER ten days. Central lies and does everything they can to foreclose. Originally, they told me to stop making my payments to be able to modify - I had to be behind. I wasn't behind! I could have made payments. They dragged out my process almost a year then turned me down and demanded a huge back due including thousands in fees. I tried two other times and was told that I'd have to bring all the back due current. Now I'm told that wasn't true and they could have added it to the loan. They even apologized on the phone for whoever had told me that. I'm putting together a list of people who were told they should stop making payments - I am starting a class action suit.
Reviewed Feb. 19, 2014
So we are just a few days behind on our mortgage not even 30 days. So my husband calls to make our payment and they are very rude as usual. They asked him do you still live there? Is this your primary residence? And proceed to tell him we have a $11.00 fee to add that we must pay because they sent someone here to take pictures of our home. Now all of this was Monday night. Well on Wednesday at approx. 2:32 pm I see this man run on my porch and slap something on my door and run off. So I proceed to open the door and he's now in his vehicle taking pictures of my home from the road on some type of tablet and drives off. I'm sick of this harassment and can't take anymore. We have a lot of positive equity in our home and only a few days late on the payment. What can I do to stop this harassment and hatefulness?
Reviewed Dec. 15, 2013
Total unmitigated disaster dealing with this bunch of morons. They pass the buck, they never do what they say they will do and We have been trying to get Borrower Assistance for over 18 months and we are still back at square one - we have submitted two packages at the beginning of 2013 - we were told on the 4th December 2013 we have to submit all documents over again with a due date 4th Jan 2014. Considering they are just a mouthpiece of some bankers in California or wherever, it is a pity we could not deal with a REAL BANK!
Reviewed Nov. 3, 2013
I just received a letter informing me that I will be paying an extra $300.00 a month to escrow my taxes in. I did not want my taxes escrowed for this very reason. I pay my land taxes once a year. How can they change my term without my consent?
Reviewed Sept. 13, 2013
Central Mortgage did exactly what Nationstar is doing to me again. I tried to modify loan twice but they waited till close to sale date to requets former documents. I faxed documents over and over again. Last day of due date, voila, they're missing documents. I tried the third time and a month in the process with Credibility, I receive an email that Central had sold the house. They didn't give a crap about me being disabled, full blown AIDS, unemployed, minority, **. My 84-yo mother and I are homeless on the street now. I could have kept the house but first they annoyed my tenants and asked them to leave. They took my only income. They changed the locks and then forclosed and evicted us.
Nobody wanted to talk to me at Central and I was transferred from operator to operator. They had closed any communication with me. How can they lose papers, say they had not received faxes. I believe this is a tactic lenders are using to get rid of customers they think and don't want to deal with. Not respecting, caring of what people have to go trough. Things have gotten extremelly difficult with me and family. Something needs to be done in this respect. This institution does not give a damn about customers
Reviewed Aug. 23, 2013
Central Mortgage Company purchased my mortgage from a different company then started charging me $5 to pay online. I didn't choose this mortgage company. How can they legally charge me for making a payment if that wasn't part of my original loan?
Reviewed June 9, 2013
In March 2009, we requested a loan modification from Central Mortgage Company (CMC) due to our interest only loan term that was due in December 2009. After 6 months of submitting personal HARDSHIP information over and over, CMC sent a loan modification agreement in September 2009, instructing to pay a certain $$ amount for 3 months, if less or more than instructed would void agreement. After paying less than our original mortgage amount for 30 days in the trial period, CMC sent a default foreclosure notice. After contacting CMC regarding the notice, the CMC staff told me, “Keep paying on your trial period payment. The loan modification department doesn't communicate with the foreclosure department." Meanwhile, penalties and attorney fees ($25,000 +) were being added to the loan.
After 3 months (January 2010), I contacted CMC to be told they never received the documents (agreement). A balance of $8000+ was due to cure the default balance. Due to the HARDSHIP, we could not pay. CMC forced us to stop paying ALL creditors and forced bankruptcy when the foreclosure sale date came due. Since bankruptcy, CMC still has monthly penalties attached to loan until the $35,000+ in arrears is paid. CMC forced 28 years of building a 740+ credit score to go under 500 in 3 months. We have to STOP this type of BAD BUSINESS PRACTICE. Post your story to protect other Americans from this type of criminal behavior. I recommend to use the following departments to file complaints: Better Business Bureau of Arkansas, Inc.; Arkansas State Bank Department; Federal Consumers Agency; and State Attorney Generals Office.
Reviewed May 29, 2013
My home in Portland, Oregon was in the process of foreclosure and I had until May 5th, 2009 to settle accounts with Central Mortgage Co. or the foreclosure would proceed (I am relying on my memory here, but I think that date is accurate). Sometime earlier that week, I got an offer on my house for $650,000. That was well over $50,000 more than I owed on my first to Central Mortgage. I called and was told that if I faxed in all the paperwork so that it was there by the morning of the deadline, they would walk it through the steps and cancel the foreclosure sale.
Long story short, my realtor and I got all the paperwork faxed the evening before (I saved the confirmation of transmission). The next day I was unable to raise anyone at Central Mortgage so I called the trustee at NW Trustees to see if they had heard anything and they had not. Finally I got a person at CM on the phone and of course they couldn't find any of my paperwork. I tried to impress upon them the urgency of the situation but in the end got no action and my home was foreclosed. After I vacated the house, CM sold it for $750,000 to the same people who had offered to buy it from me. I have seen not one dime of the excess equity. Do I have a legal recourse? I know a lot of time has passed, but the emotional devastation is just wearing off and I finally have the strength to deal with this.
By the way, they refused to tell me who held the mortgage, saying that they had been forbidden to reveal that info. I finally got paperwork on the foreclosure that upon close reading revealed that JP Morgan owned the paper. Also, the mortgage was written in 2006 and I don't know if it was properly recorded.
Reviewed May 10, 2013
Our home loan was refinanced through Greenlight and then sold over to Central Mortgage Company. We have had homeowner's insurance through the same company for the past 10 years (cars, home all linked together). Never once have we ever had a problem until CMC came into the picture. It started with them signing us up for a homeowner's insurance that was way overpriced with very little coverage and not paying the one we had in place which caused it to terminate (never contacting us).
Upon finding this out, we were told they were never given the information. After numerous calls back and forth (with Greenlight and CMC), we were assured by Greenlight all information was given to them. CMC then changed their story to say we never authorized them to pay our homeowner's insurance and they needed our permission (but did not need our permission to sign us up for this other policy). After several more calls, and more change of stories by CMC, Greenlight received an email from CMC stating they have the info on file.
In the meantime, we lost our coverage and longtime standing with our prior insurance. We re-signed up with our prior insurance, got things straightened out and even received a letter from CMC stating they will make the next month payment to our insurance (the one we previously had which they caused to be cancelled and we had to restart). Well, we got a letter in the mail showing a partial refund of the money they took out of our escrow account to pay for the bogus insurance and new charges for the same insurance they signed us up for before!
Upon calling them again, we were told they do not have our insurance on file. After arguing to get a supervisor on the phone and finally getting one, I was told the same thing. I advised him that Greenlight had sent them the info; they had responded with an email to them; they had sent us a letter stating they have the info on file and now they don't? He put me on hold and came back and said, "Oh, it seems there was a lapse in coverage!" And I told him that if there was, it was due to their neglect and fraudulent tactics and they need to keep better records being we have proof! He said he needed to "investigate" and get back to me and, of course, I pointed out what was with the partial refund then on their end. He said, "Uh... I said I have to investigate."
This company is fraudulent and steals from people and needs to be investigated! We have looked into filing complaints with the insurance commissioner. They have no license to do insurance; they have no license to do realty. We have checked with about 6 agencies that we were directed to by all the agencies and were told there is no license to do business of any sort in our state (California) or their state (Arkansas) or others. How are they doing business? We are out $3,000+ and still fighting them.
Reviewed March 19, 2013
Central Mortgage Company (CMC) collects money on my behalf through an escrow (impound) account to pay my property taxes and homeowner's insurance. My homeowner's insurance was due 3/5 and didn't get paid until at least 3/11 and not until I spent three days on the phone and sending emails to get it corrected. I have had impounds in the past with different banks and have never had a problem until now. This bank needs to be examined by the federal regulators.
I was amused by all the complaints against this company regarding impounds. I will have to monitor these impounds closely now because this company's integrity is suspect. My wife and I have decided to discontinue our impounds with CMC as soon as possible. CMC says this can occur 12 months from the beginning of loan payments with a good history of payments. We will definitely be beginning this process as soon as possible.
Reviewed Feb. 28, 2013
My mortgage was recently sold to Central Mortgage Company. My first experience with them was them not paying my property taxes. This is after I proactively sent them the property tax bill I received from my township. When I received a delinquent notice, I contacted them immediately. A week and a half later, they still have not paid my property taxes. Stay away from this company at all costs!
Reviewed Feb. 12, 2013
I would not recommend this company to anyone. This company has done nothing but provide grief to my husband and I. We bought our home in 06/2012, and in a matter of a couple of months, this company has failed to pay my taxes on time, and they have also managed to charge us more than necessary towards our escrow. I don't know what else to do, so I filed a complaint with the Better Business Bureau, in hopes for some help. You email this company, and of course, you don't receive a response. I have never dealt with such an unprofessional company.
Reviewed Jan. 17, 2013
Our mortgage was sold to Central Mortgage, and like so many others, our insurance policy was not updated with Central Mortgage. We received notification from CMC that they were going to place a new policy on our house from a company of their choice. I contacted CMC and updated the policy and Allstate contact information with them. Three weeks later, I received a final notice from them saying that they were placing the new insurance policy on my mortgage in 7 business days. I contacted my Allstate agent and made them aware of the problem, and they kept my policy intact with no late penalties and said they would contact CMC personally to straighten it out.
CMC prolonged the situation for another 2 weeks, and after many more phone calls to them, they made the proper payments to Allstate. I believe this is intentional neglect on CMC's part with the intentions of dragging you into a higher insurance premium. Lessons learned include don't trust anything CMC says. They lied to me about updating the policy information. Allstate told me CMC said they had no record of me updating the insurance information. Also if you have this situation, contact your homeowner's insurance agent immediately. They don't want to lose your business so they are going to do everything they can to fix the situation. If all else fails, pay your premium directly to your agent. You don't have to pay it through your mortgage company. However, keep in mind that the escrow account is set up for this, and it is the responsibility of CMC to pay your premium through your escrow account.
One more complaint, we just refinanced through a trusted, local lender, and CMC delayed the payoff by a week because they claimed we owed them $500. Our records proved otherwise. The new lender went to bat for us and resubmitted the numbers for payoff showing that we did not owe that money. It is now complete, but it just shows more criminal like practices by CMC. Avoid them at all cost.
Reviewed Jan. 17, 2013
Central Mortgage failed to renew my homeowner's insurance. Then they bought a new insurance policy with my money from my escrow account. They denied getting the 3 letters to renew forwarded to them from Green Light. Green Light sold my loan to them. So now they want me to pay almost 6 times more money for an insurance policy that only covers the structure. I found about this almost 4 months later. Now my insurance policy is closed. I lost my multi-policy discount for home and car. The customer service keeps saying it's my fault for not sending them a bill. They received the bill 3 times. They were given all of my insurance info when they took over the Green Light loan. They also say it's my fault because I never provided them with my insurance info - the exact same info they received from Green Light.
Reviewed Jan. 16, 2013
I refinanced in late October from BofA to Wintrust Mortgage, who subsequently sold my mortgage to CMC. My first payment was to be due on December 1. So when December 5 rolled around and I didn't have my payment booklet, I called. I was told by Samantha, "Don't worry about it because I can't even see your loan number in our system." So January rolls around and yes, I finally got my payment booklet but decided I wanted to try setting up my account online first. I input my personal information on their website and it comes back that my name, SS#, and loan amount don't show up in their system. So I tried my wife's information. Well, that worked. Although it shouldn't have since I am the primary lender. So I mailed my first payment on January 6 and since, I have received two foreclosure documents because my first payment was more than 30 days late and technically, I'm in default. If you have a choice between having a mortgage with this company and renting, choose renting. Tomorrow, I will be on the phone with BofA refinancing back with them.
Reviewed Jan. 8, 2013
My insurance had lapsed and CMC was forcing insurance on me at 3 times the rate. I was able to get my Farmers Insurance reinstated at the same rate I had been paying all these years and am hoping it will keep CMC off my back. They also sent back my mortgage payments because I had missed 1 payment and was delayed with another. However, instead of applying the monthly payments that I had been making including the late payment charges they sent my payments back demanding 5 payments together, they also have now sent my account to their law firm for collection (which includes late charges and attorney fees). All this time I had been calling them, leaving messages, etc. (same as everyone else above) and could never get through or was put on hold/disconnected.
They have given me a deadline of January 15th to get my loan reinstated. I am not even sure if they will do so after I pay or try and force me into foreclosure as the property has equity. This company should be investigated for all these horrid practices.
Reviewed Dec. 23, 2012
My homeowners insurance got cancelled because my payment was not applied to my insurance. I did not find out until 2 months later, the policy was not valid. I got a new policy right away. Central Mortgage is trying to charge me 8 times my policy rate for the 2 months lapse in coverage. They are not willing to help me out one bit. I am okay with even paying double my normal rate, but what they want to charge me is more than what I pay for a year. If the government wants to help the middle class, protect us from this kind of white collar crime.
Reviewed Dec. 19, 2012
Our house was flooded and our family had to relocate to a hotel until the work was completed. Our insurance company sent our check for repairs to Central Mortgage, my husband and myself. Central Mortgage sent us the first check of only 1/3 of the total check, they said that after 50% of the work was complete, an inspector hired by Central Mortgage would inspect to ensure the work was complete and then send the next check. Once the work was completely done, we would receive the remaining balance. Central Mortgage sent the inspector, received their report stating we were 80% complete and they are still holding our money. We have had to pay everything out of our pocket to complete the work.
We are now 90% completed and have yet to receive the second check. The representative we are working with has been difficult and will not return calls. Her supervisor had the nerve to hang up on me. We have been out of our home since October. We have missed Thanksgiving with our family and now will be missing Christmas as a family. They are holding money that does not belong to them and they do not have any customer skills whatsoever.
Reviewed Oct. 19, 2012
Central Mortgage Company and their Loan Service tactics: I have read multiple complaints about this loan service company and the question is this, are they engaging in Predatory Loan Practices and/or fraud; Insurance being placed on accounts which already have insurance, lost paperwork or denial of receiving faxes, payments being made on time but not credited in a timely fashion? I'm reading all of that on this site and on other Internet review sites also. The head of the Consumer Financial Protection Bureau is attempting to change the way mortgage lenders and loan services operate and hold them a bit more accountable. My feeling, lenders and banks are always resistant to operations change, especially if the customers obtain more control.
The problem facing consumers and loan servicing companies like Central Mortgage Company is despite the "laws," the consumers are put in a position of disadvantage. You are "locked" into a loan service company and not necessarily by choice and you can suffer under their poor customer service and/or the business model that they have in place. What concerns me are all the similar comments about Central Mortgage Company, not limited to just this site but other Internet sites as well. Put aside for a minute loan modification approvals or disapprovals, re-finance and foreclosures. But look at how they handle their basic day to day operations, which affects everyone (and we are all experiencing the same thing it appears from the comments). I too have experienced no return phone calls, no return e-mails, improperly trained customer service representatives at Central mortgage Company. How can any of those scenarios be advantageous to any customer at any level in the loan servicing process? This is why I believe, and there are grass root efforts with regards to this, consumers should have a choice as to who services their loan.
When Central Mortgage states on their website the following, and this is a quote (like a mission statement), We realize that you have a choice and that we have to earn your trust and confidence", that is not entirely 100% accurate. Many consumers don't have a choice but rather they get locked into a loan service company like Central Mortgage through re-finance or a loan sell off through another company/bank. Honestly, not everyone should be approved for a loan, modification or re-finance but their business practices are deceptive at best. I understand that in reality, you can't be a liberal hand out business to everyone who applies and then expect to stay in business. But when a loan servicing company does not return phone calls and e-mails on a consistent basis, we as consumers have a very large problem in front of us. And I agree in this day and age, Central Mortgages website is primitive at best.
It amazes me that companies like Central Mortgage Company, whom by the way is under the umbrella of ARVEST bank, fails to see the larger picture, and either wish to ignore their day to day operations or just don't understand what it's like to be a customer. These companies employ MBA's and individuals with various business degrees, but they still run their day-to-day operations as if no one is paying attention. For example, I can name 10 items that are deficient on their website. Look at their website, go under "Account Information" and scroll to "Escrow Information". Look at taxes on the right and what is displayed there; type, payee, parcel and amount. Where are the actual dates associated with each quarterly TAX bill? Where are the quarterly dates for the customer that pertains to each quarterly tax amount? The dates associated with each tax bill are absent.
In addition, you can have a negative charge on their website, which is labeled in RED and guess what, it doesn't state what that is, and instead they use the vague term "miscellaneous fee". What exactly is a miscellaneous fee? Why don't they state what that miscellaneous fee is specifically. How does a consumer defend the term "miscellaneous fee" in a court of law? So we have a company under Arvest bank and the website that is primitive, they don't always return phone calls or respond/return e-mails. How can any consumer rely on those aspects when dealing with their personal finances and lending? It doesn't matter if it's an individual who pays on time and/or in good standing or those that are trying to prevent foreclosure or obtain modification.
Again, like many of you, I have experienced poorly trained customer service representatives, no return phone calls, and no return e-mails. I don’t blame people for questioning or being suspicious and asking this question: is there possible fraud taking place at Central Mortgage Company and among their employees when they don't return correspondence or verify documents or faxes received or lie to the customer? I received an e-mail 9 days ago that stated "We will contact you shortly". They never contacted me. Imagine many of us at our present jobs not returning phone calls or e-mails, or not faxing promptly or not having quick verification of important financial documents - we would be let go and fired from our employers.
And I see someone on here stated something else that seems to be stated in other internet threads - why are they placing hazard insurance on accounts that already have hazard insurance and consumers have to go to great lengths to prove they already have insurance. I understand placing hazard insurance on accounts that have lapsed or don’t have hazard insurance in place to protect the mortgage and home. But why are they placing it on individuals who already have it or who have already faxed or e-mailed their information to Central Mortgage Company? Why does the customer have to make numerous phone calls to prove that they have insurance or do repeated faxes of the same documents? Are there employees at Central Mortgage that are losing or ignoring important financial faxes? If this is occurring, why is ARVEST bank not pursuing these issues?
ARVEST bank needs to step up to the plate and do an extensive independent audit of how Central Mortgage employees do day-to-day business operations. I used their Contact Us section recently on their website (pull down menu) and no return correspondence from them. None. There are only several options for consumers. If possible fraud is occurring within Central Mortgage, an employee or employees would have to become a corporate whistle blower but in this economy, and especially in Arkansas, where unemployment is hard to come by. My guess is an employee will not come forward to share their experiences and training within Central Mortgage.
To take on a class action suit you need 4 essential things: a great lawyer who believes in the cause, time on your hands, money and solid documented proof not just hearsay. Has Central Mortgage lost court cases? Sure they have. I have taken an extensive amount of time to read the verdicts, judgments and cases in regards to Central Mortgage Company versus. In addition and important to note, if you are a plaintiff and lose the case, you may end up paying court costs. I like many of you are very, very suspicious of how this company operates. I’d like to know why one of the employees on his LinkedIn account stated this as a resume blurb online - holds the record for the number of phone calls taken in a day. Are they getting perks or incentives based on rushing through numerous phone calls with customers?
Start documenting every single detail you do with them - phone calls, e-mails, online transactions because it appears that the comments made on this site and other Internet sites are occurring with many, many, many Central Mortgage customers. Just remember, Wells Fargo was just hit with a very large Mortgage Fraud law suit from the Federal Govt . These Mortgage Companies and banks are not untouchable, more and more of them, including the CEOs, CFOs and COOs and employees are being investigated and suspended. Refer to the recent Allied Home Mortgage fraud case and how they performed their day-to-day operations.
UPDATE: Yesterday they did something else; they paid my town taxes twice within a 3-week period, leaving my escrow short. This is a tactic of mortgage fraud. It is not a mistake in my opinion and when I read the complaints on this board, it only reinforces all my suspicions on how they are operating as a loan service company. Start filing BBB complaints, Attorney General Complaints, Consumer Protection under FTC. I have already met with an Attorney to review all the documentation that I have and it is overwhelming.
Reviewed Sept. 24, 2012
This company failed to complete their due dilligence when purchasing my home loan. As a result, they had no proof of insurance on the property. This proof was submitted twice at closing and by fax; nonetheless, Central Mortgage force placed insurance on the property at an outrageous rate. Their customer service representatives failed to meet the requests of them to attempt to go back to the original lender to get the proof of insurance. Instead of calling me back, they decided to find insurance on the home. It was only after my continuous calls and repeated demonstrations of proof of insurance did they cancel the redundant policy. After reading other complaints about this organization, I am underwhelmed and have lack of confidence in their professionalism.
Reviewed Aug. 23, 2012
I was told by Central Mortgage previously that I could make my monthly mortgage payment to Arvest Bank because they were the parent company for that bank. Subsequently, I have worked with Arvest Bank on all my mortgage activities. On August 14, I made my monthly mortgage payment to Central Mortgage Bank at Arvest Bank. Today, I received a notice that my payment has not been received and that I owe a late charge of $114.32. However, my account paid Central Mortgage my payment on August 15, a day before the deadline. The customer service department spokesperson stated that this late payment would not be able to be removed from my mortgage account. What can I do to get this taken off my mortgage account? Is there any way I can get my mortgage company changed back to the company which sold it to Central Mortgage? Please help.
Reviewed Aug. 15, 2012
Like so many other people here, we were mislead and lied to through the modification process. CMC chopped up and bundled our mortgage, God knows to whom or how many times. They did not record these transactions properly (MERS/robo signing) and the Oregon Supreme court has stopped foreclosures that were not recorded properly. Basically, they cannot find the paper and I still hold the deed. I ordered the weatherization company to stay off my property and have been renting the property. This standoff could resolve in months or go on for years. I can only hope they will be forced to become reasonable and make an honest effort to make things right.
Reviewed July 21, 2012
We have been trying to modify my loan with Central Mortgage since October 2011. I was pleading and following their lead for them to help me, us, with our loan, as we where struggling and going through financial hardship; reduction of hours at work for me, and my wife doesn't have employment. Her unemployment was exhausted and gave illness in the family. We were faced with hardship and trying to manage our mortgage payment. We pleaded and follow lenders orders, and provided all the documents we were requested by them, in hope of getting a modification.
We were in constant communication with Central Mortgage on a weekly basis and there was week that we did not skip calling them, even though there were no updates. There were times that Central Mortgage lost our files and documents and we still worked with our lender and sent them as soon as possible all the documents we were requested to provide. Our main point of contact was Mr. Jake ** at **. All conversations we had were the same that no documents needed and no sale date. We were never notified on the phone or received a trustee sale notice. Otherwise, we would call the lender right away to see what was happening. We contacted Jake ** on a few occasions from 06/19/12 to 07/05/12 to see what was happening and why he never notified us of the sale date, since we were in weekly contact. His answer was that he did not see a sale date. The sale date was according to Central Mortgage 06/12/12 or 06/13/12.
Every time we called the lender, we would not get a straight answer. We feel this was done on a purpose and they were just leading to believe, they wanted to help us. After the property went on sale, Jake ** and Central Mortgage sent us a letter 15 days later, stating they wanted to help us and look for other options. I am not sure if the Trustee company and central mortgage were in contact with each other. But when we called the lender and Trustee Corp at 949-252-8300, they where both putting the blame on the other, and we never got a straight answer.
Through all this time, we were never notified that the property was being foreclosed. Also, we were under the impression that Central Mortgage was working with us, since we did the whole effort and only followed their instructions. We just recently found out that they foreclosed on us. I have my ill mother and people and agents sent by Central Mortgage and a painter was saying that we had to move out. A real estate agent was intimidating us. We are scared as we do not know the process. And on top of that, Central Mortgage led us to believe it was not their fault but something we went wrong at the Trustee lever.
Basically, they are bouncing us around everywhere. Central mortgage representative keeps harassing us and attacking us. We are sad and scared that our lender and all this parties on behalf of Central Mortgage tricked us all this time in order from them to keep the property. We are asking for help. We are victims of lies and fraudulent activities by our lender. The lender workers were stating that they would help us but they were leading us to think that they would help us. If any one out there can help us, please, we do not want to lose our home. We have two elderly and young children. It is not easy to move away from our home and not to have a place to stay. I think we were misguided and abused by Central Mortgage company which was making us believe that they where helping us and stating on every conversation that there was no sale date on the property, during our weekly calls. All Central Mortgage Company are doing is that they are taking advantage and using us as a tool for reducing assess and value of the property, while they wrongfully foreclose on us.
I would like for the lender to review my file as I cooperated with the lender in all forms and beg the lender to help me and was following on all their instruction. I would like to be able to reverse the sale of my property or at least be able to stay in my property for 6 months. The lender led me to believe and influenced me to go through the process of possible work out with them with a loan modification and they said we had to wait for a decision and then if that is not an option, we had other options. In order to prevent foreclosure, they never follow through with their promises. I don't think this is fair play from the lender.
Reviewed July 3, 2012
In 2011, several calls and applications requesting to modify existing 6% loan fell was denied over and over again or completely ignored. I was even told by CMC staff as long as we are current on mortgage payments, all requests would fall on deaf ears. Delinquent made no difference so we filed Chapter 13 for assistance. Things got worse because of significant changes (income decreased by half). CMC said they are unable to talk to us without an attorney release. The release was sent to CMC more than 15 times by law firm executed by the attorney, yet CMC bankruptcy department said "we have nothing". Since CMC told me that, I have since, personally sent the same document to CMC via facsimile and mail multiple times. CMC claims they have received nothing. Lies covered by lies.
There are so many other more critical points such as our current payment should be $900 based on adjustable (libor) mortgage, but yet CMC and their legal counsel (far from impressive) are collecting $1,700 from Trustee. They are not paying property taxes and homeowners insurance as they have demanded (impound account). As a result, we were without homeowners insurance. Thankfully, we learned of this, by accident, before a big lapse of time. This company needs to be audited and legal actions should follow. I trust that all that will be happening this year. CMC cannot get away with this. Let’s all stick together and keep others from this stress. Regrettably, my husband with MS has to deal the consequences as stress completely affects his health. Thanks staff of CMC.
Reviewed June 15, 2012
I was so close to losing my home! I have a negative amortization loan and it reset at over 2 times the original payment. Many requests for help were unheard and then mishandled by CMC. I talked to them at least once a day for months. Documents were sent in over and over again. I was so scared and CMC denied me assistance and said that there was not enough income to be approved for a modification, which was not true, but they continually miscalculated my income. Finally, I talked to someone that worked with an attorney that handled CMC files and she explained to me about modifications, California regulations, federal regulations and had me research more information. She was so right about everything CMC was doing wrong! I started asking the right questions. I sent a qualified written request and when I looked at the documents, including the SEC filing of the trust my loan had been sold into, I found many errors with my loan file.
My file was finally, with help, approved for a modification and the day after it was approved, they filed an NOD. Again, I asked for help and "dual tracking" was explained to me. I sent a letter to CMC for an explanation of why my file was dual tracked and an NOD was filed after my modification approval. Of course, I have had no answer to that yet, but my first modification payment is due on July 1.
Basically, I would have lost my house without the help and knowledge of facts first. It’s sad to say, but trying to learn everything that I needed to know to help myself was more than a full-time job and with working my regular job there is no way I could have navigated through the mess of CMC without help. This company is perfectly horrible and the people that work for them lie. Keeping all correspondence, mail, email and notes from phone calls will catch them in their lies, so make sure you keep everything! Make good notes of who you talk to, when, and what they say because at some point what they say will be contradicted by someone else at CMC. No doubt about that! Get the help you need and fight back. Don't let them take your home. Don't let them deny you in error or by bad habit. And don't let them get away with ignoring laws and regulations on the state and federal levels.
Reviewed May 30, 2012
This company is a disaster and I warn everyone to steer clear. The stories I've read below mirror my experience. Because of the recession, we were unable to pay our mortgage payments. I contacted Central Mortgage immediately and told them this was a short-term situation and I would be able to not only catch up, but resume making payments within six months. I was told not to worry, that we wouldn't lose our home, but that we'd end up paying additional interest, however (which I fully understood and agreed with). We ended up losing our home. They lied. We filled out all their papers on time, properly. The left hand doesn't know what the right hand is doing (that's a direct quote from one of their loan processors, not me).
We made an application to refinance the loan. At one point, we were told we were approved, then that turned out to be a mistake. Then, we were told that the package had gone to the investor and that we'd know in a few days and then the processor disappeared for two and a half months! No one returned calls, letters, etc. We then received a foreclosure notice. It had a different number to call. I spoke to someone there and sent them a 9-page document (single spaced) listing all the screw ups. This woman, after reading my memo, said the processor had been "negligent". It gets worse. I had to completely resubmit all the documentation and then update all the financial statements. All this time, the clock was ticking.
It's my personal belief that no refinance application was ever filed else, why have we resubmitted the application rather than using the information Central Mortgage already had? I was able to make payments again and sent in a payment, which they returned because they said I was under foreclosure. I said I wanted to catch up on all the back payments and asked for a payoff figure. The number provided to me was double of what it should have been (they corrected it after I pointed out the error). One screw up after the other took place. I asked for and was given an exemption of 30 days. I asked for 2.5 months because that was for how long their processor disappeared, but was only given 30 days.
We submitted to offers to pay off the delinquent money. Neither was responded to. At this point, I got an attorney involved in one day. He was tearing his hair out with frustration. Time got really tight before the public sale and they demanded another piece of documentation. My CPA worked through the weekend to get it to them for me. They said it absolutely had to be in place Monday morning and Monday morning, I sent it on time. The processor did nothing with the documentation on Monday. She didn't show up for work the following day. On Wednesday, she gave it to someone else who "would call me and set up a payback schedule". This gave us hope. We were more than able and willing to get current, we just needed to know how, when, how much.
No phone call on Thursday. Nothing on Friday. Saturday morning, I saw an email sent to me by this person who said she'd tried to reach me but was not able to do so using the phone numbers she had on file. These, by the way, were the two phone numbers that everyone else at Central Mortgage I'd spoken to had used to contact us. This woman told me there was nothing we could do because I didn't return the documentation in time. I vehemently disagreed and read to her the record of all my submissions, email proofs, etc. included. She told me to hold, then I heard her say to a co-worker, "What are we going to do about this? They're going to blame all this on me!" She then came back, quite cold, said there was nothing she could do for me.
We raced around like crazy, with our attorney's help to try and save the house. But the sale took place less than a day later. We lost over half a million dollars in equity for $23,000. We will be filing suit against Central Mortgage. If anyone would like to discuss this with me regarding perhaps filing a class action suit (if feasible), I would be more than willing to speak with you.
Reviewed May 12, 2012
Central Mortgage paid my home insurance twice. Now, they say I have an escrow shortage that I'm on the hook to pay. They acknowledged it was paid twice and refused to lift a finger to get a reimbursement. It is my burden to contact the insurance company, get the money back and send the money straight back to Central Mortgage to make up for the escrow shortage they created. They've been okay until this, although their payment fees and methods are counter-intuitive. I did not select this company and I have no desire to bump into them in my future.
Reviewed April 20, 2012
I have perfect credit and went through Costco for a refinance. Fannie Mae sent me a letter stating they owned my loan, but when I called them, they claimed they did not own my loan and things remained that way for 6 weeks after they told me they did. Central Mortgage was hired as the loan servicing company. Central tried to get me to pay via their website and ACH. I refuse as they charge extra fees. I am paying via BILLPAY on a weekly basis. I am also sending them written instruction to pay off interest then principal even though that is the fault method in my note and deed. They claim I cannot do that, so I filed a complaint with the FTC. I will follow up with my state AG. If that fails, I will be ready to sue.
Reviewed April 12, 2012
I was on a repayment plan and was late. The payment was supposed to be paid on 2/27/12. I was late but when I turned it in, I sent two payments because I got some money - I thought that was good. They sent it back to me, and a few days later, they sold my home at an auction on 3/27/12.
Reviewed April 12, 2012
Flagstar Bank sold my mortgage to Central Mortgage Company (thanks for nothing, Flagstar). I have to pay $5 to them online and save them time not having to process a physical check. Outrageous! I recommend avoiding both.
Reviewed March 22, 2012
My mortgage pay-off to Central Mortgage Company - On the payoff letter from this joke of a company, they say you must call an 800 number prior to remitting funds. However, you cannot reach any living person! These people are crooks and need to be dealt with by any government agency that oversees corrupt companies like Central Mortgage!
Reviewed Feb. 17, 2012
I refinanced into a NEG am loan with Downey Savings at the urging of a broker in November 2005. My wife and I, and 4 kids, who had lived at this home for 10 years without issues, suffered grave hardship in that. I had six vocal operations and she was fired from her teaching position earning $60K per year plus insurance and other benefits worth another $20,000. It's hard to practice law without a voice. But I tried to retain my good credit rating borrowing against credit. Then finally, I was only able to pay interest only to credit card vultures prior to having to throw the towel in March 2010.
I filled out their modification paperwork in early June and received a letter from CMC on June 16th stating I had a loan modification. And the congratulatory letter was accompanied with a 30 plus page modification document with the first payment being due on July 1, 2010. I was being "dual tracked" as on June 29th I received two letters from two different departments: One gave me loan options (already had them finalized in the mod papers sent on the 16th). And the other was from the foreclosure department saying they were going to foreclose immediately and I had not yet had the chance to perform and make the July 1st payment. It was all very confusing as I shortly did receive the Notice of Default (NOD) recorded on 7/6/2010.
I tried to re-contact them in August through an attorney. But I was ignored, merely asking them to honor their mod agreement on June 16th. On January 11, 2011 we got a Notice of Sale and a scheduled date of Feb. 12th. I had the home listed and had a buyer for a short sale so they postponed to March and eventually April 11th. And they reneged on their written acceptance of his $450,000 offer, forcing me at the last minute to file a bankruptcy losing all my credit cards and in bad faith. After working through the documentation, it became apparent there may be other solutions (like suing them). So, it was voluntarily dismissed in mid July.
I sued them the next month for failure to follow CA law, CC section 2923.5 among others as they did not notify or try to work out the mod, especially when they unilaterally gave us one then foreclosed within 10 days of each other. They all (all 50 or so employees) sit in a small office above a Target store in Little Rock playing games and with people’s lives, lying, being obstinate as they would only tell me I had an investor loan but not info to contact them, as I had a third party legit buyer for the note.
I am still in a lawsuit with them and have been prevented from paying as they returned a payment in May 2010. They have never responded to my offers in settlement including paying six months in advance. And they won’t give me any principal reduction as they want over $660,000 from me while they would take $450 from a 3rd party. This seems wrong! Obama, the legislature, and Congress have given banks billions of dollars to save homeowners and they won't talk and hire a big, nasty firm to kick you out. The firm tried to insinuate in its papers that I made up the mod agreement, which is disingenuous at best but outright fraud on the court in reality as if I would do that.
I now had to file another 13 to stop the sale scheduled for last Friday, the 10th, after my temporary restraining order was denied before I could even be heard. This is in spite of their notice of sale being outdated and black letter law dictating the necessity of their reposting and republishing. And we had not even had a chance to conduct any discovery no matter that three (3) of my caused of action survived their Jan 12th, 2012 demurrer. We would certainly suffer irreparable harm if our house is sold the next day. "The horse is out of the barn at that point" and they'd get possession which is 9/10's of the law. I think their treatment of me is a course of dealing and pattern of conduct. I plan to conduct extensive discovery to show their bad faith, dual tracking, malicious spirit in deference to what all the government is trying to do and all the help they've been given and accepted.
Reviewed Feb. 9, 2012
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.
January 19, 2011 - A Central Mortgage Company representative spoke with Annette who explained their temporary financial hardship due to her sudden job loss
February 2, 2011 - Received $3,166.28 and applied to December payment as directed
February 11, 2011 - Regular payment received $3166.28
February 9, 2011 - A Forbearance Agreement was approved by CMC for months of February and March 2011.
March 4 and March 24, 2011- Forbearance amounts received and held in unapplied funds account by CMC. Total received $4,600.00.
April 11, 2011- Forbearance period as per CMCMay 23, 2011- Regular payment $3,166.28 received
June 2011 - Forbearance period as per CMC
August 2011 - Payment of $3,200 applied to forbearance period
August 11, 2011- Temporary Loan Modification approved
October 4, 2011 - Payment of$3,300 applied to forbearance periodOctober 13, 2011 - Loan Modification and Forbearance completed; Payment of $3,002.59 applied
October 21, 2011 - Regular payments $3300.00 applied to October and November 2011
November 8, 2011 - Regular payment applied to December 2011
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:"IMPORTANT INFORMATION ABOUT CREDIT REPORTING
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.
Reviewed Feb. 6, 2012
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.
Reviewed Jan. 13, 2012
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.
Reviewed Sept. 2, 2011
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!
Reviewed May 13, 2011
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.
Reviewed Sept. 1, 2010
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.
Reviewed Aug. 16, 2010
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.
Reviewed July 25, 2010
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.
Reviewed July 18, 2010
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.
Reviewed March 10, 2010
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.
Reviewed Jan. 6, 2010
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.I am now behind in my mortgage of $11,000.00. I have run in with them different occasions and find them to be lacking in dealing with customers. Everyone tends to tell you differently. Their service is unacceptable and something needs to be done. People are losing their houses and I don't think they care. I am doing a short sale on my house after living in it for 19 years. I owe more than its worth. I started from a $290,00 refinance and I am now owing $333,000.00. I have no choice. Thanks to Central Mortgage Company and Downey Savings Bank.
Reviewed Oct. 27, 2009
Reviewed Oct. 27, 2009
Reviewed July 19, 2008
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
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