Flagstar Bank Reviews
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About Flagstar Bank
Flagstar Bank provides personal banking options such as checking and savings accounts, loans, mortgages, credit cards and investment services, as well as business banking options. It’s been in operation since 1987 and has grown to become one of the largest residential mortgage originators in the U.S.
- Large variety of mortgage options
- Over 395 branches across the U.S.
- Competitive interest rates on some accounts
- Large ATM network
- Can’t open accounts online
- Best savings account rates require large balance
- Customer service not available on Sundays
Flagstar Bank Reviews
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Reviewed Oct. 15, 2011
Very tricky strategy to make people lose their homes in Detroit, MI. In the month of October, especially on October 13, when they promised to work a repayment plan, they disappeared. Very arrogant policy, pure discrimination. The victims badly need to take a class action against Flagstar Bank to make them change their policy. The sooner, the better.
Reviewed Oct. 14, 2011
This takes the cake. I have held several loans with Flagstar and paid them off. My last loan was a no doc type of loan. My broker consulted with Flagstar during the application process and filled out the application according to their then policies and procedures. I had a catastrophic loss of income due to a client default in our business. I was unable to continue payments. I attempted to work with Flagstar to obtain a modification. They never responded. Foreclosure could has been avoided, but they forced the foreclosure. I believe it was because the property had value potential.
Now a month ago, I was contacted by the FBI. Flagstar turned me in for misstatements on my application that they advised me to fill out. I gave them permission to review my income taxes at the time and they chose not to, I guess. Now that the loan defaulted, they are saying they never would have loaned us the funds to refinance if they had known our income was not what was stated on the application. Their underwriters had every opportunity to review my finances. I felt that they were issuing the loan based on credit, money in the bank, and past history with them. This was our personal residence that we had for ten years.
Beware, Flagstar is crooked. I feel that they are now feeling the heat of the government looking into their business practices and they are now passing the blame onto the consumer. I am 55 years old and now after losing everything, Flagstar is trying to have the FBI prosecute me for their mistakes and practices. If there are any others in this same situation, please post so we may unite against Flagstar.
Reviewed Oct. 12, 2011
waited several months. Flagstar had all of our documents and it was in review ,but behind our backs, they sold our loan without notifying us. Then a month later, they sold the loan again. By the time I was notified, Flagstar had foreclosed on us and put the home up for Sherriff's auction. Flagstar does not own our loan but their fancy lawyers did have the sale. The home did not sell. If the home had been sold, Flagstar would have been paid twice for the loan. Double dipping ! Now, we have lost the home and have to be out by December 31. Happy holidays ! Thank you so much Flagstar. ** the home will sit unoccupied and ** ! Do not trust Flagstar Bank.
Reviewed Oct. 7, 2011
Flagstar Bank sent us two notices of the same content, stating that our loan is past due and we may be eligible for an alternative to foreclosure, when we paid our loan on time. We're current and never been late in our mortgage. I have the proof since we pay through our online banking. This is ridiculous,
I called the number 1800-393-4887 and spoke to someone from that number around 5:45 pm Los Angeles time. The lady was just so rude and hung up on me, I was able to call back, and she denied that I spoke to her. She told me that there is nothing in the system that shows Flagstar sent me a letter. This is really stressing me out. How could they send us this kind of notice when we are current in our loan and have never been late?
Reviewed Oct. 4, 2011
We are trying to buy a short sale handled by these clowns. Incompetence seems to be their motto. No one knows what anyone else is doing in their company--one group is trying to do a financial report on the owner of the house, another is handling a foreclosure of the property, one is reviewing our offer, and no one communicates with anyone else.
It has taken four months and they are still asking for information sent to them in the beginning and have not completed any review of any information or offer. We have now been informed that it could be another 30-45 days. This institution should be avoided, just like root canal. We are now renting month-to-month. Winter is coming and the house in question will need to be winterized or heated. The property is slowly deteriorating.
Reviewed Sept. 28, 2011
On or around Feb 2009, I lost my job and notified Flagstar to see if I qualify for the HAMP. I submitted documents to them and it took them 3 months to get back with me. By then, I was 4 months behind on my mortgage and eventually, I was given a forbearance plan; each being 3 months. Then I found out I could qualify for a traditional loan modification.
Reviewed Sept. 23, 2011
I fell behind with Flagstar about a year ago due to loss of income from my son who lost his job. He helped me pay the mortgage. I have submitted all the paperwork necessary, according to their instructions on their website. I waited over four months for them to contact me and got nothing. I called them and they stated they received all paperwork, and everything's fine and will let me know soon. Well, soon never came until five months later when I talked with a representative and was told my loan modification was declined due to not able to renew loan modification payment.
I asked how much the new mortgage payment would be? They replied $1621.00. My regular mortgage payment is $1725.00 including taxes and insurance. Of course, I wouldn't be able to make that payment, that's why I'm asking for help. How could my mortgage payment go down by only $104.00? The guidelines state that payment would have to equal with 31% of my gross income of $2100, which should be $651.00. The representative was an idiot and did not know what they were doing. I asked to give numbers on how they came up with that payment. They couldn't say. I asked to speak to a supervisor, but no one was available. This company is worthless and they are out to foreclose on your home with any means necessary.
Reviewed Sept. 15, 2011
I applied for a loan and Steve said I was approved for the loan. I sent Steve the information that he needed plus an insurance premium deposit of $650 by Moneygram to a Jessica ** in Miami, Florida.
I never received the loan or money in my account. Every time I call, Steve says "the money will be in your account tomorrow." Then he transfers my call over to James **. After talking to him, every time I call they would hang up on me.
Reviewed Sept. 13, 2011
After reading these complaints, I thought I'd better do some advocacy. I applied for a loan modification using NACA services. All documentation that was requested by the bank was submitted promptly-- always by priority mail. It was so that I could track it when it was received. I just called the bank. The representative told me that Flagstar received the documents on August 23, 2011. I told her that my priority mail confirmation said it was received on August 17, 2011.
Note that they requested the information by the 22nd, so in other words they intentionally sat on the documents for a week. Then she told me a letter was sent out September 10, 2011, requesting pay stubs and a hardship affidavit. When I informed her that the information was sent to them through the priority mail package, she stated, "Oh, indeed. I see here in the database that the information is actually recorded." And she added that she would make a note of it.
I then told her that as per the information given to me by NACA, a time frame of 30 days is what is listed that the bank is required to make a decision. Well, she informed me that the bank has to go through several processes before making a decision and that it usually takes about four months to receive a decision. Thus, I've managed to pay the mortgage, but have a drastic change in income. Instead of waiting until I am in a position of being months delinquent in mortgage payments, I was trying to do the right thing and prepare ahead.
As of this month, I will begin being late on the mortgage, and at some point will just be unable to keep up. Why do I feel that I'm about to be taken through the ringer? I'll be back with the outcome hopefully soon. If not, I'll keep everyone posted on how Flagstar handles this case.
Reviewed Aug. 3, 2011
In 2009, my husband was laid off due to sluggish economy in automotive field. I called to ask for a modification in the month of June. I was asked over and again to resubmit financial information. I was told that someone would be handling the file and the money that I submitted would sit in escrow until I close. Well this went on from 6/09 to 03/10 until I called and threatened law suit. They were putting late payments on my credit all of that time, yet money was sitting in escrow. Since then they have increased my escrow payments so that I pay more monthly. While my state taxes have been unchanged for two years. Flagstar are crooks, and use deceptive practices. They refinanced the loan by inflating the value of the home. Now I am underwater. The home is worth less than 50% of what is owed.
Reviewed Aug. 1, 2011
In August of 2010, after my husband lost his job, and had two major surgeries, his income was cut by nearly half (he was placed on LTD). During this time, he contacted Flagstar about a modification to reduce our mortgage payments. At the start of this process, he was told to not make payments, and to reserve his money for possible closing costs.
Time and time again he was told to send in documents that he had sent in numerous times before. He'd spend HOURS on hold waiting for a representative, just for them to tell him that they needed _______ and ______ which he already has sent in. Then they'd change their demands, and request documents that no mortgage company should ever need. Regardless, he promptly sent them every piece of information they needed.
We are still 'under review' a year after this all started. We've offered large sums of money in order to stop the foreclosure process; however, they have declined. Tomorrow our home goes up for auction, and today we were told that now they need MORE documentation from us. We have the government involved, and they're reviewing our case. We had been told that the house could not be sold without a determination on the modification, but they're doing it. So now we're facing a sale, eviction and having to pack/move. If the modification passes or the government finds a way to get us our home back, we could also face having to move back in somewhere from 30-60 days later-- after they take the home back from whomever purchases it at auction.
Is it stressful and wrong? Yes.
We've followed their directions. We've got record of every single document and fax sent. We've got phone records showing being on hold for hours. We've got everything, but a determination on our modification. We're fixing to lose our home.
No one should fall into their scams and lies. This is by far the worst mortgage company I have ever had to deal with. No business etiquette, and no compassion or empathy for their customers.
Buyer/borrower, beware.
Reviewed July 21, 2011
I opened an account only seven months ago because of high interest rate and I can get $100 back! I want you to know that they have brought my credit score down dramatically because they randomly put holds on my account for $100 more than the charges. They charged me $35.00 for NSF fees even though I have enough money in my account to cover all actual charges. Also, "Rewards" deposits clearly state that it was deposited every month. It's another lie; they do not deposit every month. They hold your dollar rewards for six to eight weeks and then deposit it into your account when they feel like it. It's not every month as clearly written on their website.
These bozos are not worth the aggravation. If anyone else wants to join me in fighting these liars, I'm considering a class-action lawsuit.
Seven months and I'm already gone, bye Flagstar. After all the bogus NSF fees they charged me, I made $12.02 out of my $100 cash back, high interest rate and dollar rewards which I am still waiting five weeks later, and she said that it will be another one to two weeks. It's not worth my credit score dropping because of liars like these.
Reviewed March 29, 2011
My husband has cancer and had to have most of a lung removed and half his stomach. During this time of course, he could not work and then had to go through chemotherapy and radiation. We got a year behind on our payments. Started getting letters threatening foreclosure, etc. I tried to work with Flagstar, sent them all the paperwork they wanted, bank statements, pay stubs, hardship letter, etc. and its like they wouldn't give us a break. Then, they said that they would put us on a forbearance plan where if we made the regular house payment, they would stop the foreclosure process and so we did it.
But now they did our modification and our payments are higher now than what they were. I don't understand this but if anybody thinking of going with Flagstar, please don't. Every time you call, someone different, never same person answers. This is just bad business and they don't seem willing to help no matter what. Do your homework before going with these people
Reviewed Jan. 19, 2011
Despite my excellent payment history, Flagstar Bank used trickery, deceit, and lies to swindle me out of my home. When I unexpectedly lost my job in December of 2008, I immediately contacted Flagstar Bank and asked how I should proceed. I followed their instructions, but in return was given the run-around.
No one "knew anything" about my account when I would call to follow-up and several representatives blatantly lied to me. I have documentation, names, dates, confirmation numbers, etc. My story is almost identical to the many other stories that I have been reading on this website about Flagstar. Something should be done about these crooks!
Reviewed Dec. 3, 2010
I have been working with Loss Mitigation department trying to modify my loan because my warranted left our family. I have faxed and worked with them in any manner they have asked but now they are foreclosing on my home. Irony understand how part of the company could be trying to help me and my three children and another part be trying to put us out of our home. Because of my husband deserting us with no support, my disability income cannot afford the mortgage and other household bills.
Reviewed Dec. 2, 2010
When I re-financed, my mortgage was sold to these lowlifes. They have decided, using some company's software from Austin, TX, that I should be rated in a more punitive flood zone and are threatening to purchase additional flood insurance on the private market, and bill me for it. This is despite property surveys, elevation certificates and, city and county backing that I am correctly rated.
They would not even return phone calls after promising the city flood plain manager that they would review submitted information and get back with him. Their attitude is that they can do whatever they want and there isn't anything I can do about it. I have told them that if they purchase this unneeded insurance, they can eat the cost because I won't pay for it. I will never do any business with this bank if I have a choice! Zero customer service or care!
Reviewed Oct. 17, 2010
In August of 2008, my personal file was stolen from Certigy Corp. As a result, I have been scammed and gone through identity theft for the past three years. I am currently under an extended seven year fraud alert with my reports frozen. In spite of this, the three major credit reporting agencies have continued to eat away at my credit score and not correct inaccurate information. At the same time as this started, I discovered I was with a predatory mortgage lender, Countrywide and subject to future negative amortization. I contacted various companies and remortgaged with Flagstar Bank. I had my payments automatically taken from my main bank, Fifth Third. No missed payments.
This year, 2010, I was contacted by the company who had set up this change in mortgage companies and offered a chance to remortgage again for a smaller finance charge-thus reducing my monthly payments. After weeks, months of calls I finally agreed to do this and the new mortgage stayed with Flagstar at the lesser rate. I met with mortgage personnel at the Grand Haven, MI branch and settled arrangements. At that time, the manager told me that my loan would not be sold and I would continue with Flagstar.
Due to the beating my credit score took due to fraud, I was now obliged to carry an equity account with my mortgage which I did supply the needed money and my taxes which were not due until Sept. 15 but had to make payment of them immediately. While difficult to do for a retired senior citizen, however, I also complied with this.
In a letter dated Sept.8,2010 from Freddie Mac, I received notice that my mortgage loan had been sold to Freddie Mac-- something I had been told would not happen. It stated, "As of this notice, the servicer of your mortgage loan is Flagstar Capital Markets Corporation. Freddie Mac does not service your loan. It is important that you send your monthly payments directly to the servicer of your mortgage, at the address on your mortgage statement and not to Freddie Mac."
My payments have been made directly to the Grand Haven, MI branch of Flagstar as the account to transfer my retirement checks has not been completed due to lack of receiving any statements in the mail. I have written checks to Flagstar for these payments. It was originally arranged that my payments would automatically be made from my account. This has not happened due to lack of Flagstart communication. I have, however, made all payments and as of this date, I'm not in arrears and have never been.)
I have just received a letter from Flagstar Bank telling me that my application for a loan from them has been denied. (I have not applied for a loan.) Information was received from TransUnion regarding my credit report. I have sent a request for my report from TransUnion and am filing a complaint against Flagstar. I have no knowledge of what this is all about but in the mortgage communities of today's economy, it has frightened me and caused extreme stress.
I have had financial expenses different and greater than explained to me by both the broker who set up the new mortgage and by Flagstar employees at the local branch. I have not received nor been kept current of what is transpiring and this is negatively impacting my credit report and score. I have no idea what the consequences to me may be. I am a single retired teacher and fear for my financial status and keeping my home as well as the continuing negative impact on my credit report with erroneous information and the impact on my health as a result of fraudulent assaults due to the Certigy theft. This all has resulted in a need for medication for high blood pressure and medication for severe depression and monthly visits with a psychiatrist who counsels me and write my prescription. (Again, added expenses due to heavy co-pays.) I need help desperately and have no one available to assist me.
Reviewed Sept. 23, 2010
My son was preparing to buy a home that was in foreclosure and was on a time frame. We went through Flagstar and the Underwriters there were very unprofessional, not returning call, not setting priorities. Asking for conditions (that were met) and then turning around and asking for something else. Promised he would close on Monday no. Promised closing on Tuesday nothing.
Promised closing on Wednesday more run around. The sellers were having investors come in today to pay the redemption fee. Now the Sellers are still willing to sell to him as long as he goes through Capital One (who already has given him a tentative closing cost amount) yet Flagstar could not do that and cost him the deal! What Flagstar failed to do, the Sellers and another mortgage company can do. I want Flagstar rated poorly. I would not recommend anyone to get there mortgage through Flagstar.
Reviewed Sept. 21, 2010
Flagstar increased my escrow payment in my July payment without my awareness. I was only advised of a concern regarding our flood insurance which we were told was due to a rezoning of our property. We were told by our insurance company that we were grandfathered in and thus satisfactorily covered. However Flagstar would not recognize this. Subsequently, I had to work with our insurance company to rework a more costly insurance policy in addition to obtaining a $350 flood elevation certificate to prove that we were above the flood elevation. While this was in process, Flagstar bought their own policy and added $309 to my escrow total. I did not intend to pay this until the flood insurance issue was entirely resolved (at the time I was still told my policy was grandfathered).
Despite my insurance company being in constant contact with Flagstar insurance, their collection agency starting contacting us daily in August. I told them that the matter was being worked on but they said they did not care and did not talk to other departments in Flagstar. After 3 weeks of daily harassment, I contacted customer service to have them deal with collections. They also established it was out of their hands and was against their policy. As long as I did not make my mortgage payments in the total amount now billed that adjusted escrow payments higher, then they were following policy. This includes reporting it to credit bureaus.
I have finally (after two attempts on my part) obtained a copy of Flagstars escrow reassessment and it included inaccurate and inflated 2009 tax assessments. It took me about 5 minutes to pull my records and identify this. I called Flagstar Escrow immediately, received busy for 10 minutes and then put on hold for 30 minutes before getting an agent.
We now have a matter where their assessment was incorrect and their collections matter was/is unfounded. Bottomline, discussions on the matter with escrow and customer service all result in the same story: the departments do not talk to each other. They do not have a single consumer representative that understands everything about the account and issue and they do not have a process to flag my account so that collections is not triggered while such matters are resolved. The matter could have been dealt with amicably and with much less resources if a customer service rep had contacted me in the beginning to discuss my account, versus my account going straight to collections.
Reviewed Sept. 21, 2010
I'm a realtor, have had an offer since Feb., way more time than necessary to act. They have asked for paperwork that was sent but they can't keep track of, and have now said they won't do anything with the house but go to foreclosure.
This is not very professional as I have a buyer. They would rather lose more time and money which cost taxpayers than to finish the short sale. I contacted Lee *** and was transferred to a Jeanette ****. I got a message she would return calls in 24 to 48 hrs. That was 9-16-2010 and so far there's been no response. I called again on the 27th and no response. I have contacted them on prior homes that have sat for almost two years after sheriff sale and was told not to hold my breath. They have no idea about anything and said it was up to the government as they get their money.
Are we not glad this is our tax dollars at work? This bank needs to be taken over by people that will not take eight months to respond and then say they wash their hands. As a realtor, it is very frustrating to wait and be able to have your client wait this long for nothing. They should do all they can to make this happen and keep this economy moving, not sit on it. I have sent out messages to all I know to try and avoid this bank as they seem to prefer to just let the inventory sit and blame the government.
Reviewed Aug. 14, 2010
Our journey began over 6 months ago when folks came to Auto Alliance in Flat Rock, MI to help consolidate your bills. Well, we were taken for about $1,500, to never be helped by them. We currently have gone to the attorney general and a lawyer is working on this to recoup our loss. We then had no choice but to reaffirm our mortgage and made adjusted payments with a third party. Flag Star hired Sterling, I believe their name was. They had no problems accepting our payments that we were aware of.
Well, we decided we had over $20,000 in debt and claimed bankruptcy in which our lawyer never stated to us this could lose our house! all of sudden the letters we were receiving from Flag Star and Trott and Trott ceased and we find out our house went to foreclosure in January. However we spoke to many many representatives at Trott and Trott who stated they didn't see why we were being foreclosed on?
We called many many people at Flagstar. We have all names, dates and time these conversations took place and always it was everything is ok. Things are moving along, this could take 6 months and they would not accept any payments? Well, next we know Flagstar states they approved us for modification and than we get letter on our door that Fannie Mae didn't qualify us and to call the Realtor! Folks google your address. Come to find out our house was sold for $160K at auction on 2-9-10! Flagstar was lying to us all along.
Do not believe these liars! Turns out you are discriminated against once your file bankruptcy! So be cautious. Well, we had our court date and trot and trot was there and he encouraged us to fight this as we should of not been foreclosed on! You know what, we are beyond stressed out and we may fight after we find a new home if we have the strength but there is a higher power that has pulled us out of this mess and I just stress to everyone out there if you don't get it in writing, they are stringing you along. They are like vultures swarming waiting to pick at your dead bones!
Economically, we are ruined physical and mental damage undischarge-able. A marriage of 27 years has suffered but hopefully we can mend. No thanks to all the government officials. I emailed senators congressman who did nothing! Where is our stimulus money? The courtrooms are packed with those being evicted from their homes. They are hiding/sugar coating what is really going on in the real world of us Americans! Anyone want to join us for a class action suit against Flagstar and others let me know! We never chose Flagstar to be our bank and we never would. Don't recommend anyone else either! National City now PNC has served us well so far. We can't wait to move out of Michigan.
Reviewed July 21, 2010
I'm getting harassment phone calls each month about monthly payments! They keep asking when am I going to make my payment and if I had mailed out the check already. They knew that I only make online payment! My husband and I both received many calls each month! I already told them to stop calling me and my husband but they continued to ignore my request! This month, the Flagstar Bank called my work and left a message with my boss to call them back!
When I came from lunch, my boss gave me the message. I was so upset because I don't want my boss to know about my business, now she does! I called Flagstar Bank again and complained about them having no right to call me at work! I told the representatives to remove my work number and stop harassing me at work! I also told the representative that I'm going to file a complaint about them! I don't know if they'll stop harassing me! Please help me. My husband and I are scared to pick up Flagstar Bank each time! We need this kind of harassment to stop so we can get on with our lives! I'm so embarrassed at work! All my co-workers knew about my business now!
Reviewed July 19, 2010
I applied for the government's 'loan modification' program. Four months later, I got a letter stating that I have been approved to participate in the loan modification process. Flagstar farmed out my loan modification to a 3rd party. I submitted all my required documentation in a timely manner, including my 1st trial payment! I submitted my 2nd and 3rd trial payment as requested by the 3rd party.
The problem is the 3rd party never sent my 1st trial payment to Flagstar, therefore, I was considered delinquent and breach of contract. I tried explaining that I met my obligations and how could I be penalized for a 3rd party that Flagstar assigned to my case! They said it was because I signed the contract not the 3rd party. Truly a nightmare! My file was submitted for foreclosure to a California Attorney. I had to come up with $22,000 to keep my home.
I told Flagstar that I did not have that kind of money and asked if there was an alternative. Well, how kind of them. They drew up a new contract which included the arrears plus all their fees. If I wanted to keep my home, my payment would now be 2 - 3 hundred more than what I originally started with! Now I am looking at retirement and can't even fathom the idea that I will lose my home because I cannot make a $3,000.00 payment with retirement!
Like everyone else, if I had the monies, I would not be asking for a loan modification. I am the sole provider for my family and now receive base pay which is not enough for what we need. I think Flagstar has a very bad rapport with its clients and are willing to take the monies the government gives them for the loan modifications but are not willing to help the home owners. I will never recommend Flagstar to anyone!
Reviewed June 30, 2010
This bank bought out my bank (Flagstar) and I've had nightmare after nightmare since day one. They had someone else's info on file for me so that each time I went to pay, my bank would flag the checks. After months of cat and mouse, I was put in foreclosure! I was given an apology after weeks of disputing but told that I had to come up with almost $5000 to get myself out of foreclosure. Furthermore, that I had fees incurring (legal) that I have to pay for. They then offered a modification to me. Well, obviously, I came up with the money but haven't gotten a CS rep to speak with me since.
Reviewed June 17, 2010
I am a beneficiary of my father's trust in which we have a home being sold. We recieved a letter dated May 26, 2010 from Christopher ** of Flagstar which stated the buyer's loan request had been denied but if we decreased the sale price by a set dollar amount, the buyer's "...loan can be re-submitted to underwriting for an expedient determination, due to the majority of prior underwriting conditions being currently satisfied, including the appraisal." My family agreed in writing to the decreased sale price with Flagstar on May 27, 2010.
Since June 1, we (my real estate agent and the title companies) have received nothing but complete runaround from Flagstar representatives Jane ** and Christopher **. We have had multiple requests to resubmit documentation that was already submitted and noted as received, unwillingness to provide completion dates to us so that arrangements with our attorney can be arranged, etc.
After re-submissions were complete on June 9, 2010, there was yet another repeat request which was confirmed complete by Christopher on June 15, 2010 and communication that the loan application was at underwriting.
Two full business days later, we still have no final determination; and our contract is set to expire at midnight on 6/18/2010 (Note: This is about the third time we have extended this contract due to delays with Flagstar.) We need 1) immediate confirmation that the buyer is approved, 2) a new proposal for a contract extension date before June 30, 2010 that Flagstar will actually meet, or (3) you to just admit that the buyer will not be approved (nor ever will) and let my family move on! I can submit documentation to support the claims above as needed.
Reviewed June 8, 2010
My wife lost her job for a couple of weeks, so we were keeping our checking account pretty close to the edge but still surviving. All in one week, our account started showing charges coming out of our account from gas stations and other little stores. Needless to say, the chain effect happened and one charge led to another and all of the overdraft charges that we were being charged kept building up.
We put a hold on our account to dispute these charges and Flagstar never stopped our account. The charges just kept going up everyday. Also, after waiting for 3 weeks to receive news of our dispute, we finally got an informal letter in the mail telling us that they were denying our dispute and that they were going to keep the overdraft charges and do nothing to help the situation. My wife has another job now but our account has been negative since.
Now, we are scrambling around to ask people for help so we don't lose the apartment we live in with our 2 kids because Flagstar kept over $1,000 in just overdrafts. I have to ask for rides to work because I can't even afford gas. And last week, a church was nice enough to donate some food to put in our fridge because we can't even afford to go grocery shopping.
Flagstar Bank is built on lies and deceit and they are getting richer everyday by screwing the American public. We have to put a stop to this! Shut down Flagstar! We have enough crooks in Congress making bad decisions. We definitely don't need any crooks in our communities to steal from our pockets.
Reviewed May 15, 2010
I bought my home in December, 2009 and my first mortgage company was Flagstar for just 2 months, then the mortgage was sold to BAC. I'm a 100% disabled vet, and in Texas, being 100% disabled, I qualified for exemption on home taxes which I filed with Denton Co. tax office and processed the paperwork with Flagstar to get taxes taken of mortgage of which they did right away. I then got a letter in February that my mortgage was sold to BAC and therefore my March payment would be paid to them and their paperwork reflected that the taxes were added to mortgage which Flagstar took off and Bank of America said my payment was $ll70 and some cents. I immediately called BAC and informed them I was exempt from taxes and so they told me my payment was $876.44 of which I've sent them early or on time. The payment voucher they have sent me since have never showed the $876.44 and I've had to call them each month that they had the wrong amount.
On April 1, I received a notice that my payment had not been received for March and I called them and it was paid on time. I again received a late letter in May. I called them and told them I was very unhappy with them not getting my payment and loan straightened out and that I again received another late notice, and they transferred me to Sandy in Tax Department who said she had to look over my paperwork and she said that Flagstar had notified them when loan was transferred that Flagstar Bank had not received my February 2010 payment. I told them that I had paid it and that I was very conscious of my credit and paid all my house payments early or by 1st. She told me I had to call Flagstar and have them fax that they did receive my February payment, which I did and in fact it was paid early.
Flagstar (I don't remember the name of the man I talked to) said he'd fax the information that the payment had been made and I asked him to send it to me in case I had the same problem again but haven't received it yet. I can't take the stress of having to call them constantly as I have blood pressure problems and I can't deal with these problems and want my loan straightened out. They said as soon as they received the paperwork from Flagstar, then it would be straightened out. I informed them I want an apology letter and a payment voucher for the correct amount of $876.44, which I have never received since they've had my loan. I asked for that when I received the first late notice and was told it was all straightened out and my payment was indeed $876.44. I was never told that the problem was that Flagstar said they never received my February payment until the lady (Sandy) looked over everything and told me that!
Can someone help me get this bank straightened out with my loan? It was a VA loan and I don't think it's right when I pay my mortgage on time and never can get anywhere with this bank. They don't document anything about your calls when you call. I spent 2 hours the other day on the phone with them and Flagstar about finding out February payment not received and don't know if they got it straightened out yet or not. But I don't feel it's right to go through this when I am doing right paying my payment! Can someone help me? Can I report them to FDIC or VA about going through this stress they are putting me through? I'd like to get some help please! Thanks.
Reviewed April 15, 2010
Flagstar is horrible. I went through a broker and the broker chose Flagstar. They approved the application, and just days before closing they came up with the fact that there aren't enough comparables in the appraisal and they cannot approve the PMI that I would require with 10% down. Do not go through them. They assigned my appraisal to LSI, and then LSI told me they have no idea what Flagstar wants. That's why the appraisers do what they feel is right, and if Flagstar doesn't like it, then they should submit an appeal.
All in all, you will be the one that will be charged, and have to sit there and not be able to do anything about it. Never, never Flagstar. Just do a Google search on Consumer Complaints if you don't believe my story. I'm not up on the entire loan lingo but this is definitely not how things should end up for the buyer. One can only appreciate the disappointment when they go through it themselves.
Reviewed April 13, 2010
2 years ago, I became unemployed and during that time I became disabled which took a while for my disability to come through. I did at one time receive help from Flagstar to make half payments on my house and then that stopped. They would not work with me and they had an auction right from underneath me without telling me. Auction to sell was held on January 28th, 2010 and I moved out on January 16th, 2010. This has been a nightmare. I received a letter April 13, 2010 asking me to change my insurance companies on the house. What a joke and I know there has been other complaints. Look them up. This has caused an economic and emotional damage because of having to move in with my mother.
Reviewed March 29, 2010
I have been reading these horror stories as I was having the same issue with Flagstar since 8/2009. They gave me the runaround as well. They told me It would first take 60 days, then they said 90 days and finally they told me it could take over a year. I found the website below and called them on 3/23/2010. Flagstar in turn called me back on 3/24/2010 changing their tune and telling me how I qualify for so many modifications. They were as sweet as pie! I received my loan modification documents today 3/29/2010. Call the number below (888)297-8685. They helped me tremendously.
You've done all your homework, explored workout options, talked to a housing counselor and tried to talk to your lender. But, the lender won't work with you. What do you do now?
For an FHA-insured loanYour lender has to follow FHA servicing guidelines and regulations for FHA-insured loans. If your lender is not cooperative, contact FHA's National Servicing Center toll free at (888) 297-8685, or via email. Whether by phone or email, be prepared to provide the full name(s) of all persons listed on the mortgage loan and the full address of the property including city, state and zip. We may be able to help you more quickly if you can also provide your 13-digit FHA case number from the loan settlement statement.
For a VA-insured loanFirst, visit the VA Foreclosure Alternatives page. If you need assistance or have additional questions, talk to a Loan Service Representative.
For conventional loansIf you have a conventional loan, first talk to a HUD-approved housing counselor at (800) 569-4287. They may be able to help you with your lender. You can also contact HOPE NOW or call the Homeowners Hope Hotline at (888) 995-HOPE to ask for assistance in working with your lender.
Reviewed Jan. 25, 2010
My husband and I both have full-time jobs, he works out of the home and I have a home daycare business. In February 2009, I lost 3 of my kids because one of their parents lost their jobs because of the economy. I was able to keep up with all our bills for a few months, but in June, things started getting bad. I couldn't find any kids to replace the ones I lost, things started falling apart at home, and of course needed to be fixed right away (water heater, broken window, vehicle repairs and more). In July I couldn't make the payment on time, so I sent a partial and called them to let them know that I would send the rest in two weeks when I got paid.
It was all "okay" and I would have to pay the late charges. Fine. I sent them the money. They cashed the first check, held on to the second one. I called and asked why they didn’t cash it and was told by yet another person (never the same one) that I couldn't send half payments. They only accept full payments and that they would be sending the money back? I asked them why and was told that that was their policy. So, of course I asked to talk to someone else and they said the same thing. I also was getting calls all the time because I was "late" with my payments and they couldn't "find" any records of receiving even the half payments, for which they had even cashed one of the checks.
I told them I got letters from them saying they got the checks and everything! From then on it all went downhill. They constantly harassed me and told me I needed to do one thing, then someone else would call the next day and say something different, and I would tell them that I had just talked to so-and-so the day before and they told me something different. Well, of course the first person was wrong.
I asked many times to talk to someone that knew what was going on and actually knew their "job", but of course they were always the right person to talk to. Then I was told to talk to Loss Mitigation, they were just as bad. After I was told to call them, I did. They asked for a bunch of paperwork to be sent or faxed, I faxed it. Then I didn't hear anything for a while, so I called and asked to talk to someone from that department. They told me it could take up to 90 days for them to get to help me! I got farther and farther behind in my payments. I finally had $4000.00 saved aside (which they told me I had to send $4100 in and I would be fine and they wouldn't start foreclosure) was all set to send in what they told me. I got a call from my personal bank on a Sunday morning. We were not home, so my daughter took the message. I got home and she told me they had called.
I thought I'll call them on Monday and see what they want. But then I thought some more about it and called them a few hours later. They had some bad news. They asked me if I had purchased plane tickets for Aruba and booked a hotel there; plus a few other plane tickets and hotels. I told them I did not. There was also some other charges on my account that we didn't make. I was then told that it was now a fraud case and that I couldn't do anything until these charges actually came through. For a month I was back and forth every day with the bank and also going in to sign papers to press charges and get our money back.
Needless to say, we barely got half back. The rest of it they can't trace! I immediately called Flagstar when this happened and told them not to cash the check I had sent them for $4100. Of course they didn't listen and "tried" to cash it, not once but twice! Then they charged me NSF charges from them and I got them from my bank, which my bank later dismissed because they had been notified about the check and said they would put a hold on it and not let it come through. Since then we have not heard from Flagstar and no one returns my calls. I received a letter from a lawyer in our area saying that I had 30 days to come up with the full loan of our house!
They wouldn't take my money these last months and now want $180,0000 to pay off the loan. Where do they think I can come up with that? These people are not nice people to work with. They make a lot of promises and say things to make you feel like they are going to help you, when in reality they are not. I am now dealing with a debt company and they are trying to help us to stop from losing our home. Hopefully, someone else reads this before they go to Flagstar Bank for a loan!
Reviewed Jan. 12, 2010
I had recently gone through divorce and was having a tough time getting through it financially, although let me say that I was not late on any of my home payments. Out of the blue, I was contacted by a Flagstar Bank representative (my home was currently financed by them) offering a fast streamline refinance without any appraisal so on and so forth. I was promise a rate of 5%. Long story short, after providing them information they asked for numerous times, finding out after the fact they didn't need it, finding out they lost the title to my manufactured home during the original loan process, hours on the phone, unanswered phone messages and emails, promises of call backs, and two formal complaints to their complaint department; ten months later, one day before closing I was told they couldn't give me the rate promised and the rate I was now getting wouldn't make the process worthwhile. I am totally disgusted and hate the fact that I have to send them a check every month for the next 27 years. I have never had service like this from any company. This resulted to hours of wasted time, lost money, hours on the phone and complete aggravation.
Reviewed Dec. 30, 2009
I was divorced in Dec. 2008. The court ordered all payments to Flagstar Bank be stopped and the temporary order requiring my ex-wife to pay half was dropped. Since then, I have been in constant contact with Lisa of Flagstar Bank. They told me they could do a modification and I told them at the time, my ex-wife would not sign if she was required to do so. Even so for eight months, I gave them all the information they requested and kept in contact. Flagstar finally said (after 8 months) my ex-wife's name would be required and I had told them repeatedly she won't sign anything. So now in Dec. 2009, Lisa said she spoke with my ex-wife, who refused any contact by phone, mail or personal contact with me.
My ex-wife said she would consider signing, and Lisa said I needed to take out homeowner insurance for her to complete the package to send to my ex-wife. So I got the new homeowner's policy; never to hear nor will they return my phone calls to let me know if they sent the modification package to my ex-wife or not. I am told they never sent it. My ex-wife was declared in default by the clerk of courts for not answering the original summons. I answered and did all I possibly could to work with Flagstar. They are very misleading and have extremely poor skills as to working with people. I can't believe there is not some way to get my ex-wife's name off the mortgage and refi, but they say no. They are deceitful and untrustworthy when it comes to working with them. So now, foreclosure looms very quickly in the next few weeks. I can't afford to keep paying rent so I will end up living with my daughter in Ohio.
Reviewed Sept. 24, 2009
Reviewed Sept. 12, 2009
Reviewed Aug. 28, 2009
In July I found out that Flagstar made two property tax payments of over $1500 apiece (total of $3,155.78) towards someone else's property out of our escrow account. I found this out when we received our escrow analysis and was informed that our escrow account was deficient and our monthly mortgage payments. When I called, the woman on the phone admitted they made the payments, that it was their fault and they scanned in the other owner's property tax information with our information. I have his APN and saw on his account when the payments were made from our escrow account.
Over a month later, they still have not resolved this issue and are expecting me to make the overstated monthly payment for September. This is ridiculous not only due to the fact that they owe me a refund on the surplus that should have been in our escrow account, but they are trying to get over $350 a month extra on their questionable mistake. Now, I also have to worry about filing amended tax returns for federal and state because of the overstated property taxes paid on my 2008 1099.
Reviewed July 28, 2009
Flagstar is requiring that I have a home insurance policy that is 20% of my home appraisal value. I have, on numerous occasions, provided them with evidence that my HOA has an inside/out policy which more than covers for their insurance needs, yet they still require me to purchase additional insurance. Most banks have accepted the HOA insurance policy as sufficient but not Flagstar. And they never provide any perspective of why the HOA inside/out policy is insufficient. They ask for inside coverage and HOA states that they are covered, yet they still make me purchase additional insurance. I know I shouldn't have refinanced with Flagstar because of their poor customer service, poor response time and just plain, poor overall reputation. I will never do business with Flagstar again.
Reviewed June 24, 2009
We were contacted by our mortgage company, Flagstar, about refinancing, after we had made a few late payments. We started the refinancing process about 6 weeks ago. We were constantly told we were going to get 5.5% which is a much lower rate than we currently have. We were also told we would be able to skip 2 months payments. As time went by, we were told the processing department was backed up. We are now getting ready to close in 2 days only to be told that rates have gone up and if we didn't like it we could wait for lower rates. The problem is that we were also told repeatedly, that we did not need June's mortgage payment so we spent it. Now we feel trapped because we don't have the cash to postpone the refinancing. I am still waiting to see the final papers, but I would not be at all surprised if there are a whole bunch of last minute fees and closing costs. If we don't go ahead with the refinancing, we will fall more than a month past due on our mortgage which will result in a potential foreclosure.
Reviewed June 3, 2009
Sadly, my FHA loan, that Flagstar purchased, should never have gone through! Four days after moving into my property, I experienced two major floods from both upstairs bathrooms, and the furnace fan runs constantly. The housing inspector obviously did a shoddy work. As a result, I could not make my first payment to Flagstar Bank.
Since the floods and furnace were not Flagstar's responsibility, I contacted them and offered to pay extra with every mortgage payment until the missed payment was caught up. They agreed to this. For the last six months, they call at least twice a month requesting full payment for the previous month. They fail to mention the extra money that I have already sent them. Flagstar put that money in a separate pot and fail to acknowledge it when they request the full payment. They continually harass me for a payment date and prefer that I use Western Union, thus authorizing them to charge me an additional $12.95 per payment.
They called today demanding to know when the June payment would be made and wanted to set up a payment. I refused to set up a payment and informed them to check my previous payments as they were made through on-line banking with Bank of America. Every time they call or I call them, I speak to someone different. Most are condescending, threatening, and they bully me to comply with their demands. They hold back on information that would allow me to be successful in navigating through Flagstar's policies. Angela is by far the worst! Last February, she called me and was difficult to work with because she kept bullying me.
hen I requested to speak with a representative whom I spoke with a few days prior to Angela's call, she told me that she would put a note in the computer that I was uncooperative. I was not uncooperative. I simply wanted to speak with Caroline because she had done an excellent job of explaining the bank's policies. Angela refused to let me speak with Caroline. Angela told me, "I am your account manager. Caroline is someone who just answers the phone. She can't answer your questions, I can." So, I gave up and gave Angela a date to use Western Union to remove money from my checking account. I never heard from my "case manager" until last Thursday when I returned Flagstar's phone call.
When Angela answered my call, I asked her why she hadn't called me to discuss payments. She denied being my account manager, then said that she is an account manager for accounts that end up in her queue. I accused her of lying to me last February to which her response was that she would note in the computer that I was being rude and uncooperative. I met her demand of a payment date for her to enter into the computer. I refused to use Western Union and said the payment would come from B of A. She said that she would note the date in the computer.
I received a call today requesting the May and June payments. I gave Delores an earful as Angela had been given a date by which the balance of the missed payment, $387, would be paid. Angela did not note the date in the computer last Thursday after she said that she would. Another obvious lie from Angela. She bullied me for what she wanted, then put Flagstar back on my back to demand a payment date. Again, and again, I have received threats of foreclosure. I have been consistently charged a late fee of $70 every month on the "missed payment", even though I have already paid $1,727 toward the missed payment of $2,100. Again, the balance I owe is $387.
Flagstar has also charged me an appraisal fee. Angela was unclear about the amount I was charged. It was deducted from the extra funds that I have sent for the missed payment. I was informed that an appraiser came out to my property to inspect for damage and to assess if the property was lived in. I have no idea when the inspector came out. I don't know who the appraisal company is. I don't know the exact dollar amount of what I was charged. I don't know what he could possibly do to inspect for damage. Since I am being charged an appraisal fee, it seems that I should be provided with a copy of the appraiser's report. I have not received it.
Today, I asked to discuss my concerns with the manager of Loan Counseling. I was put on hold for Clarence to be available. Then I was told that he was available, but was put through to his voicemail. I left a stern message requesting a return call, but did not receive one. I know that my credit is ruined. They have told me about their monthly reports that I am in default. I don't understand how they can do this when they have agreed to accept my inflated payments to make up for the missed payment.
Reviewed June 2, 2009
My mother and stepfather are disabled and senior citizens. I'm just finding out now that my parents are not making it and could possibly lose their home. They took out a second mortgage because they were told that was the only way for them to make it (financial). Then came to find out it was not the case. Please help. Thank you for your help in this matter.
Reviewed March 17, 2009
Reviewed Feb. 12, 2009
Reviewed Feb. 9, 2009
Reviewed Jan. 21, 2009
Reviewed Jan. 16, 2009
Reviewed Dec. 23, 2008
Reviewed Nov. 29, 2008
Reviewed Nov. 29, 2008
Reviewed Oct. 27, 2008
Reviewed Sept. 11, 2008
Applied for work out plan with Flagstar as I lost my job and started a new job that wasnt' paying as much. Applied in July and sent in all necessary paperwork. NOT ONE person called me regarding my file. Called all through August and it had not been assigned to anyone yet. I was already behind in payments and now they hired attorneys to proceed with forclosure. Called TODAY SEPT 11 and they said the file was just assigned to someone 2 weeks ago and they have not yet had a chance to get to it, meanwhile they are trying to forclose on my home after my applying for assistance. SOmeone seriouisly dropped the ball and I wonder how many other people are being screwed by this company!
Now I am stuck with attorneys fees as they are claiming they did not receive all of the paperwork (I saved everything I faxed) and are trying to take my home. Am also applying for HEMAP since I live in PA...
Reviewed June 17, 2008
We had our mortgage with Flagstarr and when I called them sos they set us up with the foreclosure dept. IN a program called Loss Mitagation . Well we did WE LOSS. They couldn't help us and suggested we sell the home . Like that was gonna happen right away. We ended up losing the home. We should have never been approved for this mortgage in the first place.
We have to move to a apartment and I also ended up filing bk.
Reviewed Jan. 22, 2008
On January 2008, I received a phone call from Flagstar Bank regarding my mortgage account. I was told that account was late in payment. I explained to the representative that the payments are made semi-monthly according to my payroll schedule and I have been using this method since May 2007. The account is paid up until March 2008. I then received a notice in the mail that the account was late and that I would be charged a $65.72 fee. I spoke to a representative by the name of Laurie on January 22, 2008 regarding the account. She was very rude and sarcastic and stated that they do not accept half payments and the funds sit in a limbo account although there is an account number on the payment instead of returning the payment to sender since according to the representative they do not accept partial payments. She then stated that one of the partial payments made in October 2007 was applied to the principal instead of the mortgage and because it had been more then 60 days they will not apply the payment properly. I then asked to speak to a manager and said that I would have to leave a voicemail and someone would get back to me. There was no notification or late charges for the month of November 2007 or December 2007 so I can not understand why now the payment was applied to principal and not to the mortgage. I also find it difficult to understand that if Flagstar Bank does not accept partial payments because they don't know were to apply it, why do they cash the payment and hold on to the funds without notifying the customer? Flagstar contradicts the policies they claim to have and have poor customer service to add to there poor banking.
I was charged a late fee of $65.72, my account is now showing as late or delinquent and I am forced to make an additional $870.00 payment.
Reviewed Dec. 18, 2007
My son and I put in an offer for the home we are in now. The owner balked over some repairs that needed to be done giving me a chance to mull over what we were about to get into. After seeing that the mortgage payment was going to be more than the rent we were paying and we were going to have other payments we were not used to I felt we needed to go back to the drawing board to look for a cheaper home. They were out there and there were some nice ones.
I kept telling the loan officer our payment had to stay around $500 and she knew I was not thrilled with the prospect of getting into a home I could not afford. The agent for C21 who was my agent said that if I backed out that the owners could and probably would sue me. The loan processor told me to go ahead with the loan and then after a year put it back up for sale. Just a little over a month ago I contacted the real estate agent and he didn't think he could sell it for us. So here we are stuck in a home we canot afford. It is either pay the loan payment or the Electric Bill which runs $200-$300 a month.
I am on Social Security and my son is on Disability. One more thing. with the insurance taking my premium out of my check this year I will be getting a SS check for less than it was last year. I really feel we were railroaded into a loan that we should have never been approved for.
We are currently behind in payments and in foreclosure. Our good credit is down the tubes. We filed paperwork with the bank with their loss mitagation dept but they have not gotten with us with any program except for us to let them know when we can bring the payments up to date. Hud tells me there is a program that they have to put missed payments at the end of the loan but they (Flagstar) are not telling me
about this program. I have requested paperwork to see what my sons and my loan to ratio was to qualify for the loan but so far they have not sent me this paperwork. We are in limbo right now.
Reviewed Nov. 19, 2007
Flagstar stopped taking money from my account at time of bankruptcy. The loan is a home equity line of credit initiated as part of the down payment on my house. After bankruptcy was discharged, they did not reaffirm. They claimed they weren't allowed to communicate with me and said the loan was charged off. They took payments, but didn't put them against the loan. All info I requested was in error. It still is.
I deferred payment until I built up good enough credit to refinance my house and pay them off. They blocked my refinancing by ruining my credit fot non payment. Bob Kacir signed a letter admitting to Flagstar's error, but didn't remove the bad credit report. To this day, Flagstat refuses to straighten out the loan and will not reaffirm. If they had reaffirmed at the time the loan was discharged, I never would have missed a single payment. I don't understand why they won't straighten this matter out, because they would get all thier money if I could refinance. What do they have to gain? To this day, they still hold that they did the proper thing in not communicating with me or reaffirming after the bankruptcy was discharged. Jerry Dahlka explained that to me by phone on11/14/07
I can't calculate the monetary damage, but it is thousands. I have bad credit and can't refinance my house.
Reviewed Sept. 12, 2007
I am a single mother with 2 children and also care for my 74 year old mother (who I might add is suffering from bone cancer). Every penny in my life is accounted for. Thanks to Flagstar and thier wonderful customer service I am unable to pay for my son's lunchs or buy sufficient grocheries. Thanks Flagstar...for NOTHING!
Reviewed March 31, 2007
I had a mortgage loan with Flagstar Bank. Included with the mortgage is an escrow account for which they are responsible for paying my property tax and insurance. The company paid only a portion of my 2005 tax amount (school tax only) in 12/05 and it was returned to them in 01/06. I brought to their attention that they paid the amount and it was not enough. The tax bill was $3,121.49. They said that they would handle it.
After several bad conversations with them, the tax amount was finally paid in 09/06. By this time, the account had incurred $1,236 in penalties and interest. They paid both amounts. In 12/06, I received a letter that my loan was sold and that the $1200 was deducted out of my escrow account. Extremely frustrated, I called them back and they told me that they deducted it because I failed to notify them that the tax was due. However, I notified them by fax and by mail. They exclaimed that they did not receive either.
My argument is How did they know the school tax amount without me notifying them of this and how did they know my taxes were due at the time that they paid them. I had to fax the original fax to them and because the confirmation was illegible (although they could see the date it was sent), that they are denying the refund. I'd like my money back and if this matter is not resolved through this method, I am prepared to go to small claims court as advised by my attorney.
I've lost $1,235.98
Flagstar Bank Company Information
- Company Name:
- Flagstar Bank
- Website:
- www.flagstar.com