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Franklin American Mortgage - Terrible Company Review 879216 Jul 08, Coatesville, Pennsylvania @ Pissed Consumer

I refinanced with Franklin American back in 2014. The mortgage officer gave me a rate of 3.65 % but when I went to closing the rate was now 3.75% , we tried to call the mortgage officer but he wouldn’t answer his phone he would only respond via email and said the rate was 3.75%, he basically was saying tough luck. I decided to go ahead and sign the loan papers even though I thought what Franklin American had done was very unprofessional to say the least.

About 1 year into the loan I received my mortgage statement and the payments had gone up $300.00 a month. I contacted Franklin American to see what had happened and the person I spoke with said the taxes had gone up, mmm… taxes went up $3,600.00 a year, sure. When I asked why I wasn’t notified about the increase the person just said it was “weird” that nobody contacted me. I contacted the country treasure about the taxes and was informed the taxes had gone up but only $10.00

a month.

I contacted Franklin American again and got the run around but they said they would send it to review but of course I never heard back

An acquaintance that is very familiar with mortgages looked over my paperwork and was shocked that the loan made it past the underwriters. They said that the taxes being put into escrow were so low that the escrow had finally been tapped out. My friend said that only taking out a small amount for taxes was common place for some companies because it makes the loan more appealing because it gives the appearance of a low payment but then they hike the payment up later on.

This review is a subjective opinion of a user.

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Reason of review:
Poor customer service
Review category
Loans and Mortgages
review #879216byanonymous

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Helpful?1 Yes 11 No 1

Had the same issue1 Yes 1

Category: American mortgage

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