Consumer complaint received 2021-04-08
Company: Franklin Mortgage Solutions, LLC
State: FL
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Struggling to pay mortgage

Complaint:
XXXX XXXX and Franklin Mortgage Holdings , Inc. is Hard Money you DON'T want. They are located out of XXXX, Florida. XXXX XXXXXXXX XXXX NMLS # XXXX. 

I've opted to allow the CPFB to publish this complaint publicly. 
. 
In XX/XX/XXXX we took a hard money loan to buy a house at XXXX XXXX XXXX XXXX in XXXX XXXX XXXX. We had to put 30 % down and accept a mortgage interest rate of 10 %. The lender was Franklin Mortgage Holdings in XXXX. They are extremely unethical and known for predatory lending practices with the INTENTION of putting people into foreclosure and trying to take their homes. 

At the end of XX/XX/XXXX, we were defrauded by XXXX XXXX, XXXX XXXX from XXXX ( not related to the lender ). He's currently being investigated by XXXX of XXXX and looked into be several other agencies and financial institutions. Feel free to XXXX " XXXX XXXX - Racketeering through XXXX and XXXX XXXX. '' By XXXX of XXXX, we started falling behind on our mortgage because of me being unemployed and from being defrauded as mentioned above. I explained that to the lender hoping for some reprieve/empathy/modification. They declined. 

Furthermore, over the next couple of months, XXXX XXXX kept telling me that we were the only non-performing loan in his portfolio. He blatantly lied. He had 3 other houses in foreclosure at the time. XXXX XXXX and Franklin Mortgage Holdings, Inc. should be investigated. They've already had several complaints launched against them. There was a complaint filed against them with another agency in XXXX. Franklin Mortgage Holdings , Inc. didn't even respond. 

In XXXX of XXXX, my mother, XXXX XXXX XXXX, needed emergency XXXX to have her XXXX XXXX XXXX. We sold her apartment on XXXX XXXX XXXX and she moved into the house with me. We then paid 90 % of the balance in arrears to XXXX XXXX and Franklin Mortgage Holdings Inc. to show good faith. I then again asked XXXX XXXX again to modify the mortgage as we were paying a 10 % interest rate in basically a XXXX % interest rate environment because of Covid. They declined again. 

By XX/XX/XXXX, just one month after we got 90 % caught up on our mortgage, XXXX XXXX served us with a foreclosure proceeding in XXXX of XXXX as soon as the moratorium lifted. Absolutely disgraceful. 

Then in XXXX of XXXX, Franklin Mortgage Holdings, Inc filed a summary judgment with the court and literally tried to steal the house from under us. This forced my family and I to fire-sell our home. After penalties, interest, arrears, legal fees, moving costs and putting 4 months of rent down to get into a rental house, we walked away with peanuts. Now, we're literally at risk to being homeless. 

The Damage Report : We bought the house for $ XXXX in XXXX of XXXX. We had to put 30 % down and paid $ XXXX in points at closing. So, that's {$97000.00} upfront. We fire-sold the house in XXXX of XXXX for $ XXXX. After closing costs, penalties, legal fees, commissions and etc., we walked away with $ XXXX. So, that's a net loss of $ XXXX right there. The houses in our area are now selling for $ XXXX and above. We sold it for $ XXXX. That's another $ XXXX out the window. - Total loss is $ XXXX. That wiped us out. 

If an agency is willing to investigate, I'm willing to forward all my emails and documents with XXXX XXXX of Franklin Mortgage Holdings, Inc, and help the agency get all the texts between us. 

Sincerely, XXXX XXXX - XXXX XXXX XXXX -

Company public response: Company disputes the facts presented in the complaint
Company response to consumer: Closed with explanation