African American and Hispanic customers of First Franklin Home Services were notified of a discrimination settlement late 2010. Suit accused First Franklin of charging both nationalities higher interest rates than they were charging whites in the same pay, income, etc. Case was finalized Mar 15, 2011 with class members being told that they are eligible to seek Loan Modifications from BofA who now service our loans. Well, what a joke. There were around 207, 000 class members who shared a little over $3M so of course we will receive something like $18 (that amount is a joke) but that’s no big deal to me. What is a big deal is that BofA pretends to care so much and are so willing to help with Modifications that they immediately tell you to submit the paperwork as soon as they took over the loan, even before the lawsuit was confirmed – I submitted for a Mod in Jan 2011 and they start the lost papers, send more certified, fax, etc. Now this is the kicker – there is a website maintained by the Settlement Administrator : www.firstfranklinclaims.com that gives updates on status with the last update being Apr 13 the same day that BofA supposedly called my house for some additional information from me but when they got no answer they supposedly denied my modification the next day Apr 14. I only found out on Apr 20 because they called me the night before and left a message to call so I retuned their call the next morning Apr 20. A guy told me that they were denying my modification for non cooperation & they are going to foreclose in June. I asked him how did I not cooperate? He said that my telephone number was my POC but they couldn’t contact me. Now mind you that First Franklin did a Modification in 2008 to include a Escrow account and said they were not modifying my 8% interest rate but would consider in 2011. As much as I disliked First Franklin they were working with me. I was a few months behind but that was because I moved to this house in Tx from California a year ago. I have owned it 5 years but just moved here last year and had to furnish everything living rm furn, stove, frig, etc. I still don’t have a bedrm set just mattresses on the floor, no frame. I missed a month here and there but not 3 months in a row. First Franklin seemed to understand and never really pushed me because I let them know that I would make it up when tax time came. The Making Homes Affordable program denied me also but only because I didn’t have a Tx driver license. I still go to CA to work sometimes as a substitute in a school district so I hadn’t applied for a driver license because the Making Homes Afforable didn’t tell me until Apr 20 that every paper I submit has to match my address. I was too through figuring out how they operate. The newest problem is that TX doesn’t honor other states driver license so they denied me a driver license because I don’t have a birth certificate or passport. I am 62 and from LA in a tiny community. I was born at home and about 35 or 40 years ago we tried to get our birth certificates with no response. Left it alone since I have never been asked for one since then but now I sit waiting again hoping LA has come up in the world and can locate it. Until then I have to wait on the birth certificate but I’m contacting a lawyer because I have my letter from 2008 when First Franklin said they would look at Modification this year. With an 8% interest rate since Feb 2006 when I bought this house for $168, 500 – I pay over $1100 a month plus I paid $25, 000 down. Now that’s somewhere in the area of 60 months at $1100 plus $25, 000 – I should have paid somewhere near $80-85, 000 but my mortgage has only went down to $160, 000. I have actually only paid it down $8500. I plan on having the lawyer look at that also. I understand my being behind but if they reduce my interest to what it should have been in the first place they would probably owe me $15-20, 000. I think I’ll see if the lawyer can see if the court that heard the case can hold BofA for what seems to be willfully denying me a modification based on the timing of the settlement update. Anyway I feel like BofA is not acting in good faith so I hope I can push them back. By the way I see that you guys are still referring to First Franklin. Are you not with BofA now? Sorry, I could go on and on and on. I’ll spare you all –
This complaint and/or review was posted on HolySmoke.org on 04:32 am, March 07, 2020 (CST) and is a permanent record located at: https://www.holysmoke.org/scam/first-franklin-financial-corporation/.
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