Flagstar Bank Reviews

I received a letter stating that per mortgage agreement my escorw balance on my loan was below 1/6 of my total disbursements for the year. For 1) I do not have an escrow account 2) This came about because I am behind in my property tax 3) I am current on my house payment and I am not in forclosure. They then state that beginning March 2009 my monthly payment will increase by $700 a month making my payment $2788. Or pay my escrow shortage of $5915 in one lump sum. I have been trying to contact the escrow department since I've received this letter but my phone dies out each time because I am on hold for more then an hour each time I call. I am not in foreclosure but I will be soon because I cannot pay an extra $700 a month.

November 29, 2008 Dear Consumer Affairs,( The payment I sent to Flagstar Bank, that they said they had never received, ACTUALLY SHOWED UP ON MY EQUIFAX CREDIT REPORT AS LAST PAYMENT RECEIVED). My story goes as followed: I have been trying to fight Flagstar Bank for a while now. I sent my Payment to Flagstar Bank and they claimed they never received it, but it showed up on my credit report as last payment received. Simply put, with the approval of the of the default manager Supervisor, ( I have his name and all his contact information) he gave me permission to send in my payment late, and even waived the late fees because he understood that we were moving from so far away and had incurred large moving expenses. He also gave me permission to send in additional payments later, to catch up with my mortgage. Any way I sent off the first payment,(which was still within the the time frame of the 3 months) thinking that all was well, to my surprise, several weeks later I received a letter from a law firm( I have their contact info), stating that I was going into pre-closure because I did not send in our payment as agreed. I immediately got on the phone with (the default manager supervisor Mr. xxx) and told him I did send off the payment, and in fact, I have the registered returned receipt from the United States Post Office and had the returned receipt with the signature stamp of one of their employee’s on it. He told me to fax over a copy of the receipt, and I did. I waited several DAYS TO GIVE HIM CHANCE TO ACCUTUALLY LOCATE MY PAYMENT, BUT I DIDN’T HEARD FROM HIM, so I decided to give him a call. He said he had never received the fax, but I told him I did send it, and my facsimile transcript is also saying fax sent OK.( I have a copy of the facsimile transcript sent to his contact number on his business card). I then waited a couple more days and did not hear from him; I then began to get a little nervous and decided to go directly to the bank to hand deliver the registered returned receipt. I arrived at the bank and they call Mr. xxx on the phone and I spoke to him and told him I had the proof, he said okay I will be right down, well he himself did not actually come down as he said, but sent someone else in place, to get my proof. Well, I felt a lot better knowing the proof was in the banks possession and that there would be no way he could say that he didn't get the proof this time; all the security cameras in the bank would certainly prove that I was In the bank, and did hand over a envelope. Any way I never heard from him again. I then figured MY case must have been too far along, and that it was out of Mr. Xxx hands. I then tried to work with the law firm, and told them of my proof; they said that there was nothing that they could do at this point, unless I had all the monies owed. Now I know my case was too far along to stop it. My wife then decided to call the post office and spoke to a supervisor (I have all his contact and Id info) to indeed verify that the letter was sent to Flagstar and that it was signed by (Flagstar employee), and it was; then she even called Western Union Money Order, (the manner in which I sent off my payment), and they verified the money orders were purchased, but were not claimed (not cashed in). I let the money orders stay out unclaimed for 2 and a half months just hoping that Flagstar would locate my payment and credit it to my account (the purpose for this length of time, was, I felt, if I would have claimed back the money orders right away to resend to them, then I figured Flagstar would have then said, they tried to cashed them, however Mr. Williams, had claimed them back. I did not want to take this chance, then it would have looked like I was trying to pretend to send the money, then to reclaim it back; so I took my chances with letting the money orders stay unclaimed for a while). I also have the receipts and copies of the REFUND CHECKS sent back to me from Western Union, in the amount of $1,401.59 ( the amount of my payment). The date on the receipts and checks are 04/12/2004 that proves that it was indeed two and a half months before I was refunded my money back. I certainly cannot give you all the details in this email; however, I have information documented, with conversations, times, dates and descriptions of this whole ordeal. I wrote numerous letters, called numerous amounts of people, but to no avail. THEN IN JANUARY OF 2006, I THOUGHT I STRUCK GOLD. I RECEIVED MY CREDIT REPORT, AND ON THE REPORT, THERE WAS SITTING THE PAYMENT FLAGSTAR SAID THAT THEY HAD NEVER RECEIVED, BUT WAS MARKED DOWN, AS LAST PAYMENT RECEIVED. I knew for sure this would prove my case. I contacted a gentleman in Rahway New Jersey (where I had moved from) who is also the National Business Advisor, to see if he could help. Well this took some time but when he contacted Flagstar, they were uncooperative with him also. Therefore, I decide that maybe there is nothing I could do. Earlier this year I found out about the office Of Thrift Supervision and I sent all my documentation's so that they could forward this new proof To Flagstar. Again, to no avail, they said that they cannot pass a decision and suggested that I contact my personal attorney. The only problem there was that I had been contacting attorneys through out this whole ordeal and I would tell them a little about my case, they would then say, that at this point, there was not anything they could do, unless I now had they total amount that I had owed. I simply did not have $8,000.00 at one time to pay; as it was, I let the $1,401.59. stay out there two months unclaimed, to give Flag Star a chance to locate my payment and credited to my account. What was the most disturbing thing about all this; In Flagstar response letter to the Office of Thrift Supervision, they blatantly said we cannot exactly say what happened, PERHAPS WE MISPLACED THE MONEY ORDERS OR PERHAPS THEY WERE NOT INCLUDED IN THE LETTER. Then they had the audacity to say, it is unfortunate that Mr. Williams did not take immediate action when it was determined that the payment had not been made; knowing good and well that I tried to resolve this situation with them from the very beginning. Also I have a letter from Flagstar Bank with Proof that they were working with me, and even as far as February 27, 2004, which stated, for me to contact their office immediately to inform them of the date they could expect my payment,( my payment was already in their possession 17 days) and if I was experiencing any unusual problems to notify them immediately, AND I DID; she put me on hold, and when she came back to the phone she said I would now have to contact their attorneys, however, this letter had already been sent to me. In addition, I have the copy of the registered return receipt, that is stamped and dated, and again, that proved they had my payment in their possession 17 days before even sending me out this letter. Dear Consumer Affairs, I again did not know where to turn until one night my wife went on the internet to complaints against Flagstar Bank and read about several other people, who had sent in their payment to Flagstar and they claimed they had never received their payment, it wasn’t unto one customer who said she thinks that Flagstar Bank was purposely saying that have not received payments in order to collect late fees; does not sound like a lot, however if you charge late fees on several thousand of customers it all adds up; that’s when I decided to respond. Like I stated earlier, I have much proof to validate my complaint, and if you accept my case I can express mail you all the copies you would need in my defense. Please Help my family and I, we have experience much pain and sorrow including living in and out of hotels, and with people we hadn’t known for a long time; just to keep a roof over our heads.

Attempting to pay down to zero, a HELOC for months. Borrowers are required to mail in their pay off but are not allotted sufficient time to recieve the required paperwork and return payment before additional interest is incurred. This practice ensures that you will incur late fees and additional intrest if you attmept to pay off your loan this way. I've gone around with them on this for 4 months. As I type this I've a .03 (yes that's three cents) balance as a result of their either incompentence or greed, I'm not sure at this point but I suspect the later. My only option is to drive to one of their locations to pay them their .03.