Consumer Complaints and Reviews
Tribeca lending scammed with Franklin Credit. They have charged me 10.5 interest on home back in 2005, now they're showing WellsFargo Loan which is false WellsFargo Claim. They had never did any business with Franklin or Tribeca lending. This just show up.
We lost our home to them in 2009, we had gone through all the proper steps to re-modify, I have all the documents, emails saved and had no idea where to go with it. There is so much to write but I would rather be contacted with my info. I fought them all the way to going to court and they actually said I wasn't on the loan but on the deed, they had me saying that when you signed our documents and there were errors but they would fix it at the office and resend!!!!! Never did, I could go on and on but I would rather be contacted.
With Tribeca and Franklin was basically forced into agreement with 4.5 higher interest rate than what I was told if I would refinance with them it was suppose to be lower than 7.5 at the time. After all is said and done let's just say according to them I now owe $8,000 more than I did 21 yrs ago. I went through re-modification for a yr paid on it then they tell me it was never approved but, they waited a year to tell me, it was their fault along with penalty interest lawyer fees all the time. Would they answer my phone calls? No most of the time not or "You can leave a message we will call back." Never did they as I tried to work things out they only wanted to foreclose, all I wanted was to pay and not lose my home of 21 yrs! Then to get rid of the problem just sell your loan and you start all over with new people which thinks you are a dead beat and you try to prove once again, only thing I'm trying to do is keep my home.
I believe Franklin Credit Management Company and Tribeca lending scammed me as well. I won't get into all of the details since I have an appointment to see a lawyer this week. Bottom line, our closing was done in my kitchen with a notary public. The numbers for closing costs among other things were much higher than expected, particularly the Loan Origination Fee. We were back and forth on the phone and email with the broker from Tribeca Lending who lied and did whatever he could to get the closing papers signed since it was the last day of the month. He explained to us that the Loan Origination Fee was higher because I had only been out of college and working about 3 months.
Before that, I was a stay at home mom. He explained the difference in the closing fees were due to the fact that the loan was based on my husband's salary therefore the underwriters were requiring a 5 year term life/disability policy through the mortgage company to close the loan. It made sense, we really didn't think too much about it at the time. We certainly weren't expecting my husband to suddenly pass away. There were other mistakes on the original documents that the mortgage broker assured would be taken care of first thing Monday morning. We felt a lot of pressure to get it done on that day.
Needless to say, and legally I'm not sure if it is even relevant, but it is very upsetting to me that Wells Fargo would use the term Unknown Spouse and Franklin Credit would send correspondence in his name. This leaves me to believe Franklin Credit didn't give Wells Fargo all of the paperwork that goes with the mortgage. It is extremely upsetting and I plan to fight this. No one from neither Franklin Credit nor Wells Fargo has made any attempt to resolve this. It seems they just want to foreclose even though the house is worth much less than is owed. I have to wonder if Franklin Credit sold the loan to Wells Fargo to avoid having to forgive the balance of the mortgage.
When my husband passed we were in New York for my mother's funeral. She also passed away unexpectedly. Naturally, when someone close dies you tend to have a conversation about funeral costs and what would happen if one of us passed away. I distinctively remember him saying that if something happened to him that I would not need to worry about the mortgage since we had to have that insurance to pay off the balance in case of his death. My husband died thinking the balance of the mortgage would be paid and my children and I would have this house. Instead, we are being foreclosed on. We have lived here over 20 years and have lost so much already. My hope is that a lawyer will be able to make sense of the numbers that were changed and retrieve the emails from Tribeca Lending that would prove what the broker said about the insurance policy as well as the misrepresentation that we needed to sign on that day since it was the last day of the month and if we waited it could cost us hundreds more to close.
For a while when I failed to get any response, I was thinking that maybe someone made a mistake and didn't file papers correctly. Now, I'm forced to believe that we were intentionally misrepresented by the broker, who for whatever reason needed to have those papers signed and the loan closed before the end of the month.
After reading all the stories, I suggest going on the internet and looking up fraud resources. Find your state. It will give you all the departments. Fill out complaint forms and give all information. FBI, it is considered a white collar crime. Contact your local office. I am doing this in New Jersey. Would like to be joined by other Jerseyans in a class action suit.
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They are my second mortgage lender (20%). They took the loan from a company from WA that went bust in the 2006 debacle (I assume they took the loan because I was paying the note, which was at 13.35% interest). Total usury, but I needed to get the place and figured in a year's time I restructure the loan. But the crash happens and all bets are off. My primary lender offered me an interest reduction. Nothing from Franklin in the way of interest reduction. Then I got a call that they are lowering my interest rate to 4% for the 12 months. Out of the blue, why?
I know why. Because they were being audited like most financial institutions and couldn't have a 13.35% percent loan on the books without looking very bad. After the audit, or whatever they want to call it, they told me we are going back to the 13.35% interest. I said, "Like hell we are" and asked them to lower my interest rate to a reasonable percentage (anything better than 13.35%). They said I did not qualify to have my loan adjusted. I have not paid them a dime since. Does this sound familiar to anyone out there?
I had a loan with GMAC mortgage. I filed bankruptcy in November 2007 and the loan was discharged in bankruptcy in January 2012. I received collection paperwork from Franklin Credit in July 2012. GMAC had sold the loan to Franklin Credit. I contacted Franklin Credit and informed them of the situation and was told that it was resolved and no further collection efforts would take place. In November 2012, I pulled my credit after being denied a loan and was surprised to say Franklin Credit reporting me as 120 days late on the loan. I contacted Franklin Credit and I only got the runaround.
Franklin Credit Management Corp. is the most difficult and unreasonable company to work a short sale with. They will never settle an account as a 2nd position lender and demand an unreasonable amount to grant a lien release, causing buyers and agents to contribute large amounts in order to get short sale approval. Today we found out that when an extension on an approval is needed, they demand yet another $1000 in order to grant the extension - definitely not disclosed at the time of the original approval. When asked to request a variance approval from the investor on the loan, I was told that the investor had a "close personal relationship" with the short sale manager, Jim **, and he knew for certain what they would allow and would not request any variances.
Jim also stated that he had no problem letting the property go to foreclosure even if the 2nd would receive nothing but to "contact them again when an auction date was set and they would look at the file again at that time to see if they would be willing to do anything" even though the buyer would be long gone at that time. I felt as though I was dealing with extortionists when they continue to demand more and more money with each conversation. No other 2nd lender deals with their short sales this way! You feel as though you are dealing with crooks! This is very shady.
They took my $150,000 and did not uphold the agreement they made. My story is about my mortgage, how I got caught up in the subprime lending frenzy that has taken place. Most recently I entered into an agreement with my mortgage servicer and company, Franklin Credit Management (subsidiary of Franklin Credit Corp. which recently filed for chapter 11 bankruptcy in June of 2012) for a mortgage modification where the details of the agreement are as follows: $150,000 lump sum, six payments of $932.15 to start February 2012 for a period of six months till August 2012.
When I complied with these terms, I was to be given a permanent modification of my mortgage. I complied with all terms, have all cancelled checks to prove so. They tried to say I didn't comply, and to add insult to injury, they want more money up front again. This is not the first time this company has done this homeowners, the documentation I have accumulated about them and their unlawful acts is astonishing. Is this what the American dream of working hard is about? I need your help in stopping the fleecing of the American middle class.
I received a phone call today, 6.12.2012, from Franklin Credit telling me they are now taking over for Signature Bank for a loan that I never had, nor did I ever hear of Signature Bank. He told me to fax to a number for debt validation. He refused to tell me what this was about, who he was, or how much the alleged loan was for. He refused to tell me anything; he just wanted the last four of my social security number. I told him he would have to send me something in writing. I gave no information over the phone. He said he could not do that and promised to harass me more. I hung up on the caller.
I have on numerous harassment calls from this company. I have empirical data and verifiable proof that I do not owe a red cent. Their money was paid as part of my Chapter 13th bankruptcy program. I successfully completed. To this date, and the time period is from June 2000 until recently December 2010. The amount I have paid them in 10 years is $23,608.08. The "maximum obligation limitation" is $14,809.08. This includes the interest 15.75%, so what I signed was valued at $12,587.75, but the result still the same. This company owes me an overpayment of $8,799.08!
Franklin Credit Management Corporation sent my name to agencies collections and credit reports. All three (3), that I can't get any credit for high risk and delinquency! The state of North Carolina Chapter 13 bancruptcy rules state that a creditor may no longer pursue collection activities when a debtor files for bankruptcy. I want this company to clean my name from credit reports, cease to harrassment in calling me, and reimburse me the amount I have overpaid to them in the amount of $8,799.08.
My husband and I do need assistance in helping us prove we are being scammed into paying off a loan, where the money that we acquired from that loan was not used to pay off our previous debt with Franklin Credit Management Corporation. It was used to pay off a loan in which we had previously received a Satisfaction for dated March of 2005 stamped paid in full, and we also received the IRS 1098 Mortgage Interest Statement to file with our taxes in January of 2006 for interest paid to Franklin Credit Management Corporation in 2005.
The first loan was given to us by an institution named Franklin Credit Management Corporation and the second loan was given to us by a loan institution named Tribeca Lending Corporation and we found out that they are the same company, one the parent company (Franklin Credit) and the other a subsidiary (Tribeca Lending). Please note that Franklin Credit Management Corporation and Tribeca Lending Corporation are the same lending institution who presented themselves as separate lending institutions not related. This happened after requesting Franklin Credit Management Corporation to reconstruct the loan and we were turned down.
I have lived in this house for 51 years, and my parents bought it in 1960 for $6,000.00 (Six Thousand dollars) and in 2006, our property had been assessed at $323,000.00 (Three hundred and twenty-three Thousand Dollars. We live in Brewerytown, a choice and upcoming neighborhood 35 minutes walking distance of Center City Philadelphia near Museums and all sorts of tourists attractions, and the bank wants it. You see, once the housing market becomes lucrative again, it can be worth as much as $500,000.00 (Five hundred thousand Dollars).
As you know, banks are brought out and the loans that they handle are transferred to the new lending institution that is handling it. Franklin Credit/Tribeca Lending has changed hands several times since we acquired the loan with Franklin Credit and is now Wells Fargo. Home Eq, our original debtor, also has changed hands several times and is also now Wells Fargo, which makes it even harder to trace if the trail of banks and transfers are not followed carefully, the scam gets harder and harder to prove.
The attorney we acquired, Mr. Brian ** of Mildenberg and Staulbaum seemed to be in our favour when we acquired him. In fact, he quoted to us that this is a slam dunk, and we felt we could trust him, but later he turned the tables on us and started working with the lending institution, which is no longer Franklin Credit or Tribeca, but it is now Wells Fargo. Our original debtor is Home Eq Servicing, who we went into foreclosure with in 2005. Franklin Credit Management Corporation paid off Home Eq in 2005, and we have a Satisfaction, paid in full document registered and recorded with the Commissioner of Records City of Philadelphia dated March 1st 2005.
Please tell me how we can you pay off the loan in 2005 and make payments to Home Eq a second time in 2006 as Tribeca Lending Corporation and produce another satisfaction in 2006 for a loan that was paid in 2005, and pretend that we never had a loan with Franklin Credit Management Corporation. Another point that is crucial to this case is how after almost five years, Home Eq now Wells Fargo, never said or admitted that they were paid or returned the money to Tribeca stating that they had been paid by Franklin Credit Management Corporation in 2005 the $152,000.00 that was owed. The payment in 2006 of $170,000.00 should have been returned to Tribeca, and why was this payment almost $20,000.00 more than was originally owed?
Another document we have in possession of is a Letter from Home Eq dated May 23rd of 2005 stating that Home Eq has assigned our account a unique account number: a Home Eq account Number ** and a AMC Mortgage Services Account Number ** This letter also serves as a Notice of Service Transfer and has been found to be a useful tool in covering up the scam if not discovered. Both numbers appear on the two Satisfactions enclosed with this letter. Our mistake was to allow Mr. Brian to hold on to our original paper work, so that his secretary could copy them.
This allowed him, at a later time, to claim that he no longer had our paper work and after several attempts by my husband to no avail, we weren't able to get the originals back. I realized he had scanned the paperwork into his computer and claimed he no longer had our originals. This also allowed our attorney to work with Wells Fargo's attorney in trying to scam us by saying that we never had a loan with Franklin Credit Management Corporation and the only loan we had was with Tribeca when Franklin Credit Management Corporation was the original institution that paid off the loan that was paid twice, at two different amounts, (Home Eq) Mr. Brian did not use his proof to help us but he used it to defeat us through collusion with the bank.
Please forgive me for such an involved description of this complex predatory lending and bank fraud case. The circumstances surrounding this case are so intricate that describing all that occurred is nearly impossible to put it all in this document. We can provide you with much more during the investigation, which I hope you will assist us with. There may be many more families that may be experiencing this type of scam.
We have tried the Philadelphia courts and have been threatened with jail for six months and or losing our home if we did not sign a General Release to pay this fraudulent loan. We feel backed up in a corner and we now need your help to supply us with an honest entity to assist us, and hopefully help us and maybe someone else who may be in the same predicament. Along with this blatant show of bank fraud is several forged documents, letters generated by Tribeca Lending Corporation to make it look as though we could afford the loan.
Please Fox News Investigators, we need someone who can help us and wont side with the bank, and someone who is not afraid to go up against Wells Fargo and help us to reveal the truth. We are in the process of abiding by the judge's orders but we want to uncover this type of predatory and bank fraud scam that others may be experiencing the same situation and we want it known. We need someone on your staff or from your news agency to help. We know we are not crazy or foolish, but they have played with the account numbers and forged records to make us pay for a loan that has been paid twice.
We want you to know that we appreciate the job you are doing to reveal scams of this nature by presenting the evidence and allowing the truth to come out and bringing justice to home owners and make public the crimes against unsuspecting victims. Thanking you in advance for helping us uncover this injustice and we hope this will help others who are going through this type of scam especially when it seems no one will help or listen.
I am in the process of refinancing my current mortgage and have been approved for a FHA loan. I have requested the payoff amount of my current mortgage with Franklin Credit. In addition to the principle balance, there are interest charges due as well at the rate of 11.6%. Upon calculating the interest stated on the payoff document, I realized that in addition to the actual interest that should be charged, Franklin included my monthly payment amount as interest as well.
How can they charge me an additional payment with the principle amount and interest? All previous payments made have been applied to interest, with little going to the principle. If interest is calculated on the principle, how can they ADD an additonal payment in the payoff figure? I have had three different payoff amounts over the last three months with the only difference being the interest amount which goes up every time due to the inclusion of a monthly payment amount. When I contacted them, they couldn't explain it to me.
The longer it takes for me to get the correct figures, I risk losing my FHA approval and I cannot afford Franklin Credit's interest rate any longer. I need the lower interest to avoid financial hardship
Franklin Credit Management Corp Company Profile
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